BTC, SOL, and PEPE: The Must-Watch Cryptocurrencies of the Week
Bitcoin (BTC) and Solana (SOL) were among the cryptocurrencies hit hard by the recent market downturn, while Pepe (PEPE) experienced an even steeper drop in price.
This crash had a ripple effect throughout the entire crypto market, causing the global crypto market cap to plummet by over $280 billion in the past week, resulting in a massive 10% decline to $2.32 trillion at the time of writing.
Let’s take a closer look at how these cryptocurrencies performed during the week:
Bitcoin started the week on a positive note, attempting to build on the momentum it gained from April 3 to 7. It surpassed the $70,000 mark on April 8, reaching a high of $72,000 and ending the day with an impressive 3.25% increase. However, the bears took control the following day, pushing BTC below $70,000 and causing a 3.45% loss, wiping out the gains from Monday. The release of hotter-than-expected U.S. inflation data worsened the downward trend. Bitcoin managed to recover when it dropped to the support level of $68,318 at the 21-day EMA. It then regained the $71,000 zone but faced resistance that prevented further rally. The rest of the week was plagued by a consistent decline in price, with tensions surrounding the Iran-Israel conflict adding to the bearish pressure. Bitcoin experienced three consecutive days of decline from April 11 to 13, resulting in a shocking crash to a one-month low of $61,596 on April 13. Although it bounced back from this low, BTC remains in a downtrend, down 8% over the past two days as it struggles to regain and maintain the $65,000 territory.
Solana’s performance at the start of the week was not as significant as Bitcoin’s, but its subsequent price decline was much steeper. Despite a modest 0.67% increase on April 8, following BTC’s short-term recovery, SOL plummeted by 4.63% the next day when BTC triggered a downtrend. Its recovery on April 10 only saw a 0.56% increase, and the rest of the week witnessed one of the biggest price slumps for Solana this year. From April 11 to 13, Solana experienced a discouraging 21.19% drop, breaking through Fibonacci support levels at $171.09, $161.11, and $151.14 in the process. More significantly, Solana’s three-day downward spiral caused it to fall below the crucial 50-day EMA at $162.30 on April 12, and it remained below this level for two consecutive days. The last time this event occurred was in September 2023. Solana also lost psychological supports at $150 and $140, currently trading at $139.94. The cryptocurrency is down 24% this week, with its market cap decreasing by $19 billion since April 8.
Pepe did not escape the market downturn this week. The meme coin dropped to a one-month low below the $0.000004 support level. While it initially gained more than Bitcoin at the start of the week, it also experienced greater losses, highlighting the increased volatility in the meme coin market. Pepe surged by 4.30% on April 8, reaching a high of $0.00000796, but eventually dropped by 9.28%, giving up not only the gains from Monday but also most of the value it had gained the previous week. After a mild recovery push for two days, Pepe suffered a significant intraday drop of 19% on April 12. This collapse marked its largest intraday decline in almost a year. The following day, it slumped by another 14.86%. Despite a slight price increase today, Pepe is still trading below $0.000006 at $0.00000525. The meme coin has experienced a 29% drop this week, with its commodity channel index (CCI) crashing to -245, the lowest value in nine months. Such a low CCI suggests that Pepe is undervalued and has room for growth. The last time the asset’s CCI reached this level, it experienced three more months of consistent declines before eventually recovering.
In conclusion, Bitcoin, Solana, and Pepe have all been heavily impacted by the recent market downturn. Bitcoin is struggling to regain its previous highs, Solana has experienced a significant drop in price and lost crucial support levels, and Pepe has suffered a sharp decline in value. The overall crypto market has been shaken by these events, losing billions in market cap in just one week.
