WIF & PEPE’s post-Bitcoin halving hike – Is it sustainable?

  • WIF and PEPE hiked by by 11% and 4%, respectively, in the last 24 hours 
  • Market indicators hinted at possible price corrections on the charts

The hype around Bitcoin’s [BTC] halving stirred up bullish sentiments in the market, causing most cryptos, including memecoins, to register gains. While top memecoin values shot up, dofwifhat [WIF] and PEPE also registered promising performances post the halving event. 

WIF in the spotlight 

Thanks to the trend reversal across the market, top memecoins like Dogecoin [DOGE] and Shiba Inu [SHIB] appreciated in value. To be precise, both of these cryptos’ prices hiked by over 5% in the last 24 hours.

However, WIF surprised investors as according to CoinMarketCap, its price shot up by 11% in the last 24 hours. At press time, the meme oin was trading at $2.85 with a market capitalization of over $2.8 billion.

While the memecoin’s price increased, its trading volume also surged by more than 12%, indicating that investors have been actively trading the crypto.

Thanks to the significant hike in price, WIF became a topic of discussion in the crypto-space as its social volume spiked on 20 April. Bullish sentiment around the token also increased, with the same evidenced by the improvement in its weighted sentiment.

Source: Santiment

However, not everything seemed optimistic as WIF’s funding rate rose slightly. Generally, prices tend to move the other way than the funding rate. This suggested that the possibility of a price correction in the short term can’t be ruled out yet.

AMBCrypto then checked the memecoin’s daily chart to better understand whether a price downtick is around the corner. We found that WIF’s Chaikin Money Flow (CMF) registered a downtick under the neutral-mark.

On top of that, its Relative Strength Index (RSI) also followed the same trend and dropped. Both of these indicators implied that investors might see a price correction soon.

WIF's technical indicators were bearish

Source: TradingView

What is PEPE up to?

While WIF registered double-digit growth, PEPE also turned bullish as its price hiked by nearly 4% in the last 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 revealed that if the uptrend continues, PEPE might face difficulty near the $0.000006-mark as liquidations would rise, which often contributes to price declines. 

Screenshot 2024 04 20 at 12.08.18 PM

Source: Hyblock Capital

Realistic or not, here’s WIF market cap in BTC’s terms  

On the daily chart, though PEPE’s Chaikin Money Flow (CMF) was resting above neutral, it did register a slight downtick. This suggested that like WIF, PEPE might also fall victim to a price drop soon.

However, the technical indicator MACD projected the possibility of a bullish crossover. Such a finding can help PEPE sustain its price uptrend on the charts in the coming days.

Next: Bitcoin – Here’s the true scale of halving’s impact on miners, mining rewards

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