We have just concluded an eventful week in the cryptocurrency market. The data from the United States played a crucial role in shaping the dynamics of the market, including the renowned cryptocurrency Bitcoin. Interestingly, three altcoins managed to impress investors and enter the top 100 in terms of market value, as reported by Coingecko.
Let’s delve into the analysis of these altcoins:
WIF Graphic Analysis:
WIF, a popular memecoin project in the Solana ecosystem, made a significant impact last week. It delighted investors with a remarkable 20.5% increase and achieved a total trading volume of $611,462,804. The breakout in the downtrend line is expected to fuel WIF’s upward trajectory in the near future.
On the four-hour chart, it is crucial to monitor the support levels for WIF, which are $3.25, $3.07, and $2.84 respectively. A bar close below the $3.07 level, intersecting with the EMA 200 average, could trigger selling pressure on WIF’s price. As for resistance levels, keep an eye on $3.48, $3.92, and $4.35.
PEPE Graphic Analysis:
Another notable memecoin project in the cryptocurrency market, PEPE, made a significant impact last week. It saw an impressive 11.4% increase and achieved a weekly trading volume of $868,406,062. PEPE’s price recently surpassed the EMA 21 average, marking an important milestone.
On the two-hour PEPE chart, the key support levels to monitor are $0.00000838, $0.00000804, and $0.00000778. A bar close below the $0.00000838 level, intersecting with the EMA 21 average, could trigger selling pressure on PEPE. The crucial resistance levels to watch for PEPE are $0.00000897, $0.00000916, and $0.00000937.
W Graphic Analysis:
W, the native token of the Wormhole protocol in the Solana ecosystem, faced significant selling pressure after an airdrop event. However, it gained momentum with the formation of an ascending channel on the two-hour chart, experiencing an 11.4% rise over the past week. Unfortunately, W encountered selling pressure once again after touching the resistance line of the formation.
On the two-hour chart, it is essential to keep an eye on the support levels for W, namely $0.673, $0.633, and $0.577. A bar close below the significant support level of $0.673, observed in recent bar formations, could create selling pressure on W’s price. As for resistance levels, watch out for $0.698, $0.743, and $0.776.
Disclaimer:
Please note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.