- 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.
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.
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.
