PEPE Coin Plunges 5% Daily, Bitcoin Might be Preparing for a Huge Move: Market Watch

8 August 2023

in HBAR

Reading Time: 3 mins read

The cryptocurrency market continues to trade in a range, and major coins have failed to chart any notable differences in the past 24 hours. PEPE – the leading meme coin, has been taking a beating lately.

On the other hand, prolonged periods of inactivity are rather bizarre in the crypto industry, and it might as well be the case that Bitcoin has something cooking.

Bitcoin Price Preparing a Huge Move?

Many analysts have expressed their views that the Bitcoin price is in for a huge incoming move. This is mainly because it’s been squeezed within a very narrow range for a prolonged period of time – something considered widely unusual for BTC.

As we reported, the BTC price has also painted a very rare bullish golden cross – a pattern where a lower timeframe moving average crosses above a higher timeframe moving average. This has only happened twice so far, and both times it was a precursor to a bull market.

Regardless, the past 24 hours have produced little activity, as neither bulls nor bears seem to have a clear direction.

Source: Binance via TradingView

Yesterday, the price did drop toward $28,700, but the bulls were relatively quick to interfere and brought it back to where it currently trades – at around $29K.

PEPE Coin Tumbles 5%, Altcoins Flat

PEPE coin has come to prominence in the past few months, but its rally has far cooled down. Throughout the past 24 hours, the cryptocurrency lost around 5%, and it seems lost for support.

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The altcoin market remains flat for the day, but at least it’s not all red.

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Source: Quantify Crypto

Today’s best performer is Hedera’s HBAR, up 7% in the past 24 hours. It’s followed by EGLD (MultiversX), which is up 4.2%.

Kaspa is the worst performer – it’s down 11%, followed by GMX (-5%), and PEPE (-5%).

It remains interesting to see if the volume will remain this low or if the momentum will soon pick up.

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Cryptocurrency charts by TradingView.

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