In the past two days, XDC, PEPE, and SOL have been among the top losers according to CoinMarketCap. With the help of our analyses and insights from top traders, we aim to understand the reasons behind this pullback in prices for each of these coins and why it might potentially be the time to sell them.
For each of these coins, the momentum is decidedly bearish.
What you'll learn 👉
XDC: A Bearish Momentum
Renowned Twitter analyst and technical analysis expert, Captain Altcoin (@CaptainAltcoin), has provided some valuable insights on XDC. The coin ended the day as a top loser, with the price down over 20% in the last 24 hours, inching closer to the strong $0.06 support level. This appears to be a typical profit-taking move after a surge.
If this momentum continues, we might see the $0.06 support level broken. However, if it holds, we can expect a consolidation phase after the pullback, offering nice entry levels for the next bull run, especially if the price dips below $0.06.
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Source: CoinStats
The XDC/USD chart shows the token trading below the Moving Average Convergence/Divergence signal line, indicating a bearish momentum as XDC sheds previous gains. The RSI at 46.75 suggests the asset is approaching the oversold region. Moreover, bears have formed stiff resistance at the $0.0851 level, ready to push XDC down to lower lows if the bulls fail to regain momentum.
You can review our XDC price prediction here.
PEPE: The Meme Coin Dump
PEPE is currently trading at $0.00000115, with almost a 30% price decrease in the last seven days. This is a typical dump momentum for meme coins. Meme coins are known for their volatility and are often subject to massive price swings based on social media trends and investor sentiment.
Another reason for the PEPE price dump is the market’s shift towards two more popular meme coins, SHIB and DOGE, in recent weeks. As we noted in our report, DOGE might be back in the game as a payment coin for X platform, while it remains Elon Musk’s favorite coin. On the other hand, SHIB is awaiting Shibarium and is one of the hottest coins on the market at the moment. SHIB is a top gainer on CMC today with almost a 10% price increase, showing a strong bullish momentum for this meme coin.
Source: CoinStats
PEPE still holds the $0.000001 strong support line that was broken only once in June, but the coin recovered afterwards. However, top traders are selling PEPE. For instance, Trader 0xa54 deposited the last 3T $PEPE to Binance at $0.000001155 ($3.5M) today. If truly sold, this trade would result in a loss of -$988K (-15.3%).
You can review our PEPE price prediction here.
SOL: Nearing Support Zones
SOL is currently trading at $22.56, with a decrease of over 10% in the last seven days. As we mentioned in our recent article, Solana (SOL) has been demonstrating resilience by holding its position at the $20 to $30 structural support level. This steadfastness has sparked a flurry of discussions among analysts and investors, with many closely watching Solana’s next move.
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Show more +The current technical analysis suggests two potential wave counts should the price break below $22.30. The first scenario, which is the more favored, suggests a wave one to the upside into the January highs, followed by an A wave down into the June low, an overshooting B wave, and a potential C wave down. This scenario hinges on the key pivot point of $15. Any sustained break below this level could dampen hopes for further upside in the third-wave rally, potentially leading to a shift in market sentiment.
Source: CoinStats
The second scenario paints a different picture with an A wave to the upside, a B wave down, and a potential C wave up. The next support area for this count lies between $20 to $20.50. As the price navigates these turbulent waters, analysts are keeping a close eye on micro-level reactions to determine whether a low is in place. However, the market is yet to show signs of reaching this low. This lack of indication suggests that investors might be trying to catch a falling knife.
The price trajectory may experience a temporary halt as market participants cash in on their gains, leading to selling pressures. A retreat to the support zone of $20-$22, which also aligns with the 200-day Moving Average, could present an appealing entry point for swing trading in an uptrend. Momentum indicators present a mixed picture. The MACD line is currently below the MACD signal line, suggesting a bearish outlook. However, the RSI is approximately at 50, indicating a neutral stance.
You can review SOL price prediction here.
