- WIF and PEPE are up 11% and 4% respectively in the last 24 hours
- Market indicators pointed to possible price corrections in the charts
The hype around Bitcoins [BTC] The halving fueled bullish sentiments in the market, causing most cryptos, including memecoins, to post gains. As the top values of memecoins skyrocketed, dull with hat [WIF] And PEPE also registered promising performance after the halving.
WIF in the spotlight
Thanks to the trend reversal in the market, top memecoins are popular Dogecoin [DOGE] And Shiba Inu [SHIB] appreciated in value. To be precise, the prices of both cryptos have increased by more than 5% in the last 24 hours.
However, WIF surprised investors according to CoinMarketCap, the price has increased by 11% in the last 24 hours. At the time of writing, the meme oin was trading at $2.85 with a market cap of over $2.8 billion.
As the price of the memecoin rose, trading volume also increased by more than 12%, indicating that investors have been actively trading the crypto.
Thanks to the significant price increase, WIF became a topic of discussion in the crypto space when social volume peaked on April 20. Bullish sentiment around the token also increased, evidenced by the improvement in weighted sentiment.
Source: Santiment
Not everything seemed optimistic, however, as WIF’s funding rate rose slightly. In general, prices tend to move in the opposite direction to financing rates. This suggested that the possibility of a short-term price correction cannot yet be ruled out.
AMBCrypto then checked the memecoin’s daily chart to better understand whether a price drop is coming. We found that WIF’s Chaikin Money Flow (CMF) recorded a decline below the neutral line.
Moreover, the Relative Strength Index (RSI) also followed the same trend and fell. Both indicators implied that investors could see a price correction soon.
Source: TradingView
What is PEPE up to?
While WIF registered double-digit growth, PEPE also turned bullish as its stock rose nearly 4% in the past 24 hours. At the time of writing, PEPE was trading at $0.000005194 with a market cap of over $2.18 billion.
AMBCrypto’s analysis of Hyblock Capital’s data found that if the uptrend continues, PEPE near $0.000006 could be in trouble as liquidations would rise, often contributing to price declines.
Source: Hyblock Capital
Realistic or not, here it is WIF market capitalization in terms of BTC
On the daily chart, PEPE’s Chaikin Money Flow (CMF), although above neutral, still recorded a slight decline. This suggested that PEPE, like WIF, could soon fall victim to a price drop.
However, the technical indicator MACD predicted the possibility of a bullish crossover. Such a finding could help PEPE maintain its price uptrend on the charts in the coming days.