Cryptocurrency Price Prediction: The cryptocurrency market saw easing from the first weeks of the sell-off, allowing bitcoin price to reach $63,800 on Friday. Amid the renewed recovery, meme cryptocurrencies were among the biggest gainers, accentuating the nature of this asset class that shows rapid movement during changes in market dynamics.
In a recent tweet, crypto analytics firm Santiment highlighted the continued negative sentiment towards major cryptocurrencies since Bitcoin's halving on April 19. Contrary to expectations, this important development did not lead to an immediate increase in market capitalization. The tweet signaled the increased uncertainty in the market, signaling the withdrawal of smaller wallet holders from the cryptocurrency space.
๐ The feeling towards #cryptoLarge cap assets are still quite negative. This has been the case since April 19. $BTC #halve did not immediately result in an increase in market capitalizations throughout #cryptocurrency. With great uncertainty, small portfolios leaving the sector may be... pic.twitter.com/7FXYheGnX0
- Sentiment (@santimentfeed) May 9, 2024
Santiment suggests that this reduction in smaller, possibly more speculative investors could be a beneficial market clearing, potentially setting the stage for more stable recoveries for Bitcoin and other altcoins as summer approaches.
Also read: 2 main reasons why Dogecoin price will rise soon
1) Dogecoin (DOGE)
Dogecoin (DOGE) is a decentralized peer-to-peer digital currency that started as a meme but quickly gained a large following. What sets Dogecoin apart is its vibrant community and joyful identity that promotes widespread use and greater accessibility than traditional cryptocurrencies.
Amid the recent market sell-off, the DOGE price reversed from the combined resistance of $0.169 and a descending trend line. This bearish move saw the asset's value drop 10.8% in four days to currently trade at $0.15, while the market capitalization plummeted to $21.75.
For buyers to take control of the asset, they must break the general trend line. This advance would signal the conclusion of correction patterns and potentially push DOGE price beyond $0.228.
On the contrary, if the dynamic resistance remains intact, DOGE price is likely to continue its current correction phase.
Also read: New Arrival: BitMEX Launches Bitcoin, ETH, SOL, XRP and DOGE Options
2) Pepe Coin (PEPE)
pepe coin (PEPE) is a memecoin that takes inspiration from the popular Pepe the Frog meme and quickly gained momentum due to its community-focused approach, including a no-pre-sale event, zero transaction taxes, and an initial liquidity pool that was burned to Avoid large landfills.
He pepe price has witnessed a steady recovery since last week, as evidenced by the formation of higher highs and higher lows on the daily charts. From a low of $0.00000393, the memecoin recovered 124% to reach the current trading price of $0.00000873.
At press time, the PEPE coin has a market capitalization of $3.65 billion, while the 24-hour trading volume hovers at $741.6 million.
If buyers manage to hold above the recently recovered $0.000008 support, buyers could push a rally beyond $0.00001.
Also read: Pepe Coin Price Analysis As Trading Volume Falls 20% to $742 Million, Is 2024 Bull Run Over?
3) Book of Meme (BOME)
Book of Meme (BOME) is an innovative memecoin based on solarium blockchain, designed to archive and eternalize meme culture in the digital realm. The project uniquely combines memes with decentralized storage solutions, with the goal of creating a permanent digital repository of meme content on the blockchain, accessible through platforms such as IPFS and Arweave.
Since last month, the BOME coin price has been trading sideways struggling to overcome the intense supply pressure at the $0.0125 mark. However, as the emerging trend line gradually rises, the asset price rises, revealing the formation of an ascending triangle pattern.
The token Meme Book currency is trading at $0.0117, while the market capitalization is $810 million. A possible breakout from the neckline of $0.0125 will accelerate the buying momentum and activate buyers at $0.0186, followed by $0.029.
Key takeaway
Bitcoin, the leading digital asset, has witnessed renewed demand pressure at the psychological level of $60,000 and has driven the altcoin market to develop a local bottom. As the ongoing correction begins to ease, it is likely to attract buyers looking for opportunities at lower prices, thus injecting new buying pressure into the market.
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The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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