Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»ALTCOIN NEWS»PEPE, WIF up 20% but start to diverge downward
ALTCOIN NEWS

PEPE, WIF up 20% but start to diverge downward

By Crypto FlexsJuly 16, 20244 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
PEPE, WIF up 20% but start to diverge downward
Share
Facebook Twitter LinkedIn Pinterest Email
  • PEPE token regains $5 billion market cap after two-week hiatus
  • With a trading volume of over $3 billion, PEPE has garnered attention by outpacing major altcoins such as BNB, SOL, and XRP.
  • Despite falling more than 50% from its highs, traders expect WIF to remain above $6.

Amid the market-wide rally, two major market cap meme coins were among the biggest gainers of the day. Pepe (PEPE) and Dogwifhat (WIF) surprised cryptocurrencies this Tuesday with daily gains of over 20% each.

PEPE is back in the spotlight

PEPE led the way with a 27% gain, surging back into the top 25 global market cap. The bullish breakout of PEPE on July 16, 2024 cleared up the chaos left by the bears since early July. PEPE broke below the $0.00001 support level on July 4, 2024.

Having bounced from a double bottom pattern at $0.000008 twice in July, PEPE holders and crypto analysts see the range between $0.000008 and $0.00001 as the focal point of the future price trajectory of the toad-themed coin. This was noted by crypto analyst Crypto Mechanic, who viewed PEPE’s weekly close in that range as a bearish signal.

$Pepe Weekly chart updates

The price has fallen below the major weekly high it previously held.

Unless price recovers this broken area, it’s not a very good weekly chart for me. pic.twitter.com/mrcZjIArkW

— Crypto Mechanic (@CryptomechanicX) July 15, 2024

Pepe started the week successfully breaking out of the “broken zone” as designated by crypto analysts. Having hit a daily high of $0.00001244, PEPE is now on the verge of entering a new support bubble between $0.000012 and $0.000014, which would significantly alleviate the selling pressure from the previous decline.

The aforementioned support bubble holds 8T PEPE coins among 12.46K cryptocurrency wallets, which is significantly less than the current cluster of 44.31T PEPE distributed across 22.51K cryptocurrency addresses.

According to CoinPaprika, the current gap between PEPE sells and executed bids is $1.3 million on the sell side. However, with 79% of current PEPE holders already in profit, a close above that would make it more likely that PEPE would rally back to its all-time high of $0.00001717, which was reached on May 27, 2024.

The price of PEPE is highly correlated with the RSI (Relative Strength Index), which creates a technical phenomenon known as a bearish divergence. Discovered by engineer and cryptocurrency trader Alexander The Hodler, a bearish divergence can mean a massive market correction if the bulls lose control of the steering wheel.

Analysts paint a bright picture for WIF

Meanwhile, Solana’s (SOL) Dogwhipheart (WIF) bounced to $2.25, a significant milestone for the token. After trading in a descending parallel channel for a month, WIF has not let up on the crypto bears, resulting in $2.11 million in short positions being liquidated in the last 24 hours.

When measured by the long-to-short ratio, cryptocurrency traders in the derivatives market are more bullish on PEPE than on WIF. The PEPE ratio of 1.0169 speaks volumes compared to the WIF ratio of 0.9654, concluding that PEPE traders are less willing to short the token.

As WIF successfully breaks the chains and completes the shaking phase, crypto analysts expect WIF to find the strength to make a new all-time high. Analyst Javon Marks sees Dogwifhat’s next target at $7.30 if WIF’s trend continuation continues after the bullish pennant.

Other analysts, such as World Of Charts, have outlined a bullish scenario where WIF holds above $3. The descending channel resistance is seen as the midpoint to reach $6, a price milestone that WIF has yet to see. According to CoinGecko, at the time of writing, WIF is changing hands at $2.22.

On the other side

  • Despite similar price performance, Pepe dominated the cumulative trading volume in both spot and derivatives cryptocurrency markets.
  • By comparison, PEPE has surpassed $3 billion in spot trading volume, surpassing major coins such as XRP (XRP), BNB (BNB), Dogecoin (DOGE), and Polygon (MATIC).

Why this matters

Meme coins often lead bullish rallies, as meme currencies are often portrayed as leveraged plays on their parent blockchains.

Check out DailyCoin’s top cryptocurrency news:
Solana’s POPCAT Soars 180%, Market Cap Surpasses $700 Million
Ripple vs SEC Lawsuit: One Year Later, Cryptocurrencies Await Verdict

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

SEI tokens have soared more than 100% in June -the highest catalyst explained.

June 26, 2025

$ 438m XRP Transfer Sparks Panic- Ripple?

June 19, 2025

Solana Price Eyes 103% Rally $ 300: Here is the reason.

June 12, 2025
Add A Comment

Comments are closed.

Recent Posts

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025
Most Popular

WLD PRICE is stopped at $ 1.32 -does breakout fall to $ 1.84 or next $ 0.90?

February 12, 2025

Trader issues warning on two AI-powered altcoins that rose more than 100x in two months, predicts 50% decline in best-case scenario

January 4, 2025

15 Golden Rules That Helped a Crypto Trader Earn $3 Million in Profits

April 25, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.