Schlagwort: crypto business

• The US dollar’s strength weighs on major cryptocurrencies
• A double top pattern at the $100 suggests more weakness ahead
• If the dollar’s strength persists, one should not exclude a move to the 2022 support area

The US dollar is trending higher lately, despite uncertainty surrounding the debt ceiling negotiations. The US Treasury warned that unless the debt limit is raised or suspended, it will have no more funds to pay its bills starting in June.

Ongoing negotiations between Republicans and Democrats keep the suspense, but even a short debt ceiling breach would have substantial negative consequences for the US economy. As for the US dollar, the opinions are split as to how such an event would impact the world’s reserve currency.

Regardless of the reason, the dollar is trending higher against both fiat and cryptocurrencies. For instance, the EUR/USD pair trades below 1.08 after trading around 1.11 one month ago.

LTC/USD is one of the cryptocurrency pairs where the recent dollar strength is visible. Sure enough, the pair is up over 24% UTD, but today alone, it gave up more than 5% of its gains when this article was written.

Moreover, the worse part is that it failed at horizontal resistance given by the $100 level. It means that a triangle as a reversal pattern might be in place, suggesting more weakness for the pair in the period ahead.

LTC/USD chart by TradingView

A double top pattern suggests more weakness ahead

One of the most powerful reversal patterns is a double top. It is even more powerful in this case because it formed at a round number – the $100 level.

A move below the rising trendline opens the gates to further declines toward the 2022 support area seen at $40. If the dollar strength remains, one should not be surprised for the support to give way sooner rather than later.

The post LTC/USD stumbles at horizontal resistance as the $100 level holds appeared first on CoinJournal.

• Pepe and other meme coins have been in a strong bearish trend.

• Its daily trading volume and social media volume has retreated.

Pepe price continued slipping as concerns about the token and volume slipped. The token dropped to a low of $0.0000014, the lowest level since May 17. In all, Pepe has crashed by more than 66% from the highest level this year.

Volume and volatility slipping

Pepe made headlines earlier this month as its popularity jumped during the so-called meme coin season. One of the biggest headlines was the fact that the token made several illiquid millionaires. This means that some of its wealthiest holders were not able to liquidate their tokens.

Pepe’s price action has followed that of other meme tokens that came before it like Bonk and Tamadoge. Historically, these tokens tend to jump in their initial days because of the hype machine. They then crash after a few days or weeks as initial buyers exit. 

Data shows that demand for Pepe is falling. For example, data by CoinMarketCap shows that the 24-hour volume of the token came in at $188 million. While this is a big number, it is sharply lower than its all-time high of almost $1 billion.

Other data shows that the number of Google searches on Pepe jumped to a record high on May 5 and have now crashed to the lowest level since April 28. This is important since meme coins tend to do well when the number of Google searches is rising.

The same is true when you look at its social media activity. At its peak, Pepe was the top trending coin in key social media platforms like Twitter, Reddit, and StockTwits. Data by LunarCrash shows that the number of Pepe tweets has continued falling.

This is not to say that Pepe is dead. Historically, we have seen some meme coins suddenly jump, especially when other digital coins have risen.

Pepe price prediction

Turning to the 30-period chart, we see that Pepe has been in a strong bearish trend in the past few days. The token is sitting at a key support $0.00000014, where it has struggled to move below in the past few days. It has also moved below the 25-period moving average.

Volume has been in a downward trend. The Average True Range (ATR) has continued slipping, which is a sign that volatility has dropped. Therefore, there is a likelihood that the token will have a bearish breakout as sellers target the next key support at $0.00000011. 

How to buy Pepe

The post Pepe price forecast as trading and search volume slips appeared first on CoinJournal.