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Highlights
- The BTC Price may extend the current correction trend until the falling wedge pattern is intact.
- The formation of the flag pattern hints the SOL price is witnessing a temporary pullback before the next leap.
- The PEPE price projects long-wick rejection candles at $0.0000113 indicating the potential for fresh correction.
Crypto Price Analysis: During the US trading hours on May 15th, the Bitcoin price witnessed a notable inflow retesting its $65000. The BTC up 5.5% spark a fresh relief rally among altcoins. In the 24 hours, the top asset like Ethereum and Toncoin jumped up to 3%, while Solana and Avalanche showed around 7% surge. The top memecoin Dogecoin and Shiba Inu are up 1-2%.
Santiment, a leading crypto analytics firm, has reported a significant surge in crowd negativity among top crypto assets. This prevailing sentiment comes as major cryptocurrencies struggle to maintain sustained rebounds, leaving traders increasingly disinterested. The situation has been further aggravated by recent outages and withdrawal freezes on Coinbase, one of the largest crypto exchanges.
😒 Crowd negativity is very prevalent among top caps as they have failed to show sustained rebounds to keep traders interested. #Coinbase's outages and withdrawal freezes appear to be exacerbating this. #FUD could be big enough to propel a rebound soon. https://t.co/lntwhLetB1 pic.twitter.com/TRmSEM4LhX
— Santiment (@santimentfeed) May 14, 2024
The firm highlights that these events have intensified fear, uncertainty, and doubt (FUD) within the market, potentially setting the stage for a significant rebound.
Also Read: Michael Novogratz Turns Short-Term Bearish on Bitcoin, Ethereum, Solana
1) Crypto Price Analysis: Bitcoin (BTC)
Bitcoin, the decentralized digital currency, operates on a peer-to-peer network without the need for intermediaries, such as banks or governments. For over a month, the BTC price has witnessed a steady correction under the influence of a falling wedge pattern.
However, with an intraday gain of 2%, the BTC price teases a bullish breakout from the wedge pattern. The recent surge could be fueled by a significant net inflow of $101 million into Bitcoin exchange-traded funds (ETFs), marking the second day of positive inflows on May 14, 2024. This substantial investment into Bitcoin ETFs indicates a revival in investor confidence.
Currently, Bitcoin holds a market cap of $1.227, while the trading volume drops 1.9% to waver at $25.4 Billion.
If the buyer ends the current correction, the BTC needs a breakout from the overhead trendline. This breakout will favor buyers to lead a rally of $673240, followed by $73900.
Also Read: CoinEx Celebrates Bitcoin Pizza Day with “One Bite of Bitcoin” Campaign
2) Solana (SOL)
Solana (SOL) is a high-performance blockchain known for its exceptionally fast processing speeds and low transaction costs. The platform stands out due to its innovative consensus mechanism, Proof of History (PoH), which allows for greater scalability and efficiency, distinguishing it from other blockchains.
Robinhood’s European branch has initiated Solana staking, offering an annual yield of approximately 5%, highlighted by WuBlockchain. The investment platform notes that Solana (SOL) ranks among the most favored cryptocurrencies by its EU clientele.
Amid the last two weeks’ consolidation, the SOL price witnessed a notable downswing from $160 to $145 registering an 8.8% loss. However, with a market cap of $65.1 Billion, the Solana coin stands as the fifth largest cryptocurrency.
An analysis of the daily chart shows this pullback as the formation of a bullish continuation pattern called Flag. If the pattern holds true, the SOL price could breach the overhead trendline as a signal for uptrend continuation and aim for a potential target of $150, followed by $160.
Also Read: Is BNB and SOL Losing Its Spark? What the Data Tells Us About KANG’s Popularity
3) Pepe Coin (PEPE)
Pepe Coin (PEPE) is a cryptocurrency that leverages the iconic meme figure Pepe the Frog, aiming to merge internet culture with blockchain technology. What makes Pepe Coin stand out is its strong community-driven approach, often focusing on social media engagement and viral marketing to increase adoption.
Defying the current market uncertainty, the PEPE price shows a notable recovery from $0.00000789 to $0.000011, registering a 40% weekly surge. By press time, the Pepe coin held a market cap of $4.6 Billion, while 24-hour trading volume was recorded at $3.43 Billion. The recent rally breached the last-time high of $0.0000108, indicating the asset is poised for a prolonged rally.
If the breakout sustains, the pivot level indicator hints at potential resistance at $0.00001134, followed by $0.00001386.
Also Read: Diving into the World of Penguiana: A Memecoin Adventure on Solana
Key Takeaway
The sluggish market sentiment continues into the second half of May, with Bitcoin’s price hovering around $60,000. Despite the ongoing post-halving correction, market participants may still find opportunities to buy on dips, potentially capitalizing on a future rally.
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