Cryptocurrency Price Prediction: The cryptocurrency market has seen a decline since the first weeks of the sell-off, allowing the price of Bitcoin to reach $63,800 on Friday. Amid the renewed recovery, cryptocurrencies have been among the biggest gainers, highlighting the nature of this asset class that shows rapid movement during changes in market dynamics.
In a recent tweet, cryptocurrency analytics firm Santiment highlighted the ongoing negative sentiment towards major cryptocurrencies since Bitcoin’s halving on April 19. Contrary to expectations, this significant event did not lead to an immediate increase in market value. The tweet indicated increasing uncertainty in the market, indicating the withdrawal of small wallet holders from the cryptocurrency space.
Santiment notes that this reduction in the number of smaller, and perhaps more speculative, investors could serve as a beneficial cleanup for the market, potentially paving the way for a more stable recovery for Bitcoin and other altcoins heading into the summer.
Read also: The top two reasons why the price of Dogecoin 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 fun identity that promotes widespread use and greater accessibility than traditional cryptocurrencies.
Amid the recent market sell-off, DOGE price bounced from the $0.169 consensus resistance and downtrend line. This downward shift saw the asset’s value drop 10.8% within four days to currently trade at $0.15, while the market capitalization has fallen to $21.75.
For buyers to gain control of the asset, they must break the upper trend line. This breakout will signal the conclusion of correction patterns and possibly push DOGE price beyond $0.228.
On the contrary, if the dynamic resistance remains uninterrupted, DOGE price is likely to continue in the current correction phase.
Read also: Just in: BitMEX launches Bitcoin, ETH, SOL, XRP and DOGE options
2) Baby Queen (PEPE)
Pepe Coin (PEPE) is a memecoin that takes its inspiration from the popular Pepe the Frog meme, and has quickly gained traction due to its community-focused approach, which includes no pre-sale event, zero transaction taxes, and an initial liquidity pool created to avoid burnout. Big dumps.
Pepe price has witnessed a steady recovery since last week, which is evident by the formation of a higher high and a higher low on the daily charts. From a swing low of $0.00000393, memecoin has risen 124% to reach the current trading price of $0.00000873.
As of press time, PEPE has a market capitalization of $3.65 billion, while its 24-hour trading volume is hovering at $741.6 million.
If buyers can hold the recently reclaimed support level at $0.000008, buyers could drive a rally beyond $0.00001.
Read also: Pepe coin price analysis With trading volume down 20% to $742 million, is the 2024 rally over?
3) Book of Meme (BOME)
Book of Meme (BOME) is an innovative memecoin based on the Solana blockchain, designed to archive and perpetuate meme culture in the digital world. The project uniquely combines memes and 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, BOME coin price has been trading sideways and struggling to get past the intense supply pressure at the $0.0125 mark. However, as the emerging trend line gradually rises, the asset price rises and reveals the formation of an ascending triangle pattern.
The Book of Meme token is trading at $0.0117, while the market cap is $810 million. A potential breakout of the neckline at $0.0125 will accelerate the buying momentum and buyers will reach $0.0186, followed by $0.029.
Read also: The 3 best cryptocurrencies to invest in according to experts are ETFSwap (ETFS), Bonk (BONK), and BOOK OF MEME (BOME)
Key takeaways
Leading digital asset Bitcoin saw renewed demand pressure at the psychological level of $60,000, boosting the altcoin market to form 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.
Related articles