WIF & PEPE’s post-Bitcoin halving hike – Is it sustainable?

  • 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.

WIF's social volume spiked

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.

WIF's technical indicators were bearishWIF's technical indicators were bearish

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. 

Screenshot 2024 04 20 at 12.08.18 PMScreenshot 2024 04 20 at 12.08.18 PM

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.

Next: Bitcoin – Here’s the true scale of halving’s impact on miners, mining rewards

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