- PEPE and Bitcoin’s weighted sentiment dropped regardless of huge worth rises.
- Each BTC and HOOK’s market indicators instructed a worth correction.
The market witnessed fairly some volatility as a number of cryptos displayed commendable performances during the last seven days. As per a tweet from CoinMarketCap, PEPE, Bitcoin [BTC], and Hooked Protocol [HOOK] have been the highest three trending cash of the week.
Since these cash have been trending, AMBCrypto took a take a look at their social metrics.
Our evaluation of Santiment’s chart revealed that PEPE’s social quantity did rise final week. Nonetheless, its weighted sentiment dropped sharply, hinting that bearish sentiment across the token elevated.
An analogous pattern was additionally famous on BTC’s graph. The coin’s social quantity spiked on the twenty eighth of February, however its weighted sentiment dropped, signifying extra bearish sentiment.
What’s on the worth entrance?
The hike in these cash’ social metrics, due to which they trended on CoinMarketCap, might be attributed to their worth actions.
As per the tweet, PEPE’s worth surged by greater than 144% within the final seven days. On the time of writing, the memecoin was buying and selling at $0.000004393 with a market capitalization of over $1.85 billion.
The coin’s trade outflow spiked final week, reflecting excessive shopping for strain. Different metrics additionally regarded optimistic for the subsequent week.
For example, its MVRV ratio registered an uptick. Moreover, its community progress additionally remained excessive, that means that extra new addresses have been created to switch the coin.
Although issues regarded good for PEPE, BTC’s metrics instructed a special story. Over the past week, the king of crypto’s worth rallied by over 20%.
At press time, it was buying and selling at $61,811.45. The coin’s open curiosity dropped whereas its worth surged. At any time when the metric goes down, it signifies that the opportunity of a pattern reversal is excessive.
Moreover, after spiking on the twenty ninth of February, BTC’s Binance funding fee additionally went down barely. This meant that derivatives buyers weren’t actively shopping for the coin.
Market indicators additionally regarded bearish on BTC. Its Relative Energy Index (RSI) was within the overbought zone, suggesting that promoting strain on the coin would possibly improve quickly.
Moreover, its Chaikin Cash Move (CMF) additionally registered a downtick. This indicated that the opportunity of BTC’s worth taking place through the subsequent week is excessive.
Learn Bitcoin’s [BTC] Worth Prediction 2024-25
HOOK’s state of affairs was additionally just like that of BTC, as most indicators remained in sellers’ favor. Its RSI was additionally within the overbought zone.
Furthermore, its worth has touched the higher restrict of the Bollinger bands, indicating that buyers would possibly witness a worth correction because of excessive promoting strain. At press time, HOOK was buying and selling at $1.32 with a market cap of over $169 million.