Cryptocurrency markets took another rollercoaster ride this week. Bitcoin saw a bearish trend due to the US Securities and Exchange Commission’s (SEC) decision to delay approvals for a Bitcoin exchange-traded fund (ETF) application. The move was a disappointment for major players like BlackRock and VanEck, who’ve been eagerly expecting the SEC’s go-ahead. As a consequence, the EC’s prolonged review period has driven Bitcoin’s price down by over 5.5% in just two days. Bitcoin now stands below a significant threshold of $26K.
On the other side of the fence, the meme coin sector is thriving amid Bitcoin’s regulatory challenges. The rising star in this arena is Shiba V Pepe (SHEPE), whose popularity raises a tantalizing question: are Wall Street Memes set to be the next big thing in the crypto world?
Bearish trends seem to dominate Bitcoin’s future, especially having breached the notable support level of $25,900. The prospects of Bitcoin dipping down further strengthens with factors like a bearish engulfing candle on the four-hour chart and a bearish crossover below the 50-day exponential moving average. A sell zone is suggested by both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicator, hinting at possible ongoing bearish momentum.
Nonetheless, if Bitcoin crosses the $25,400 mark, support could be found around the $24,600 line, with $24,150 acting as a robust foundation. Although, the $25,900 mark could pose as substantial resistance towards any bullish inclinations. A bullish crossover beyond this mark might lead to a climb towards $26,400, potentially even $27,000.
A significant meme coin to focus on is SHEPE. Derived from the Shiba and Pepe coins, SHEPE embodies a battle between these two communities. Within four days of its launch on Uniswap on August 29th, it ranked 6th on DEXTools’s Hot Pairs List. The SHEPE coin saw an incredible 1943% rise within the first two days, which was then followed by a 48% drop. Yet, despite this volatility, it remains in the spotlight. The market capitalization of SHEPE currently stands at $2.66 million, and it has already garnered an impressive 1.91 thousand holders.
Beside SHEPE, Wall Street Memes (WSM) is another emerging cryptocurrency. The project has managed to raise over $25 million within the presale phase of three months. This impressive figure is partly due to large investments and clever advertising strategies that have increased its visibility. WSM’s tokens are presently available for acquisition at $0.0337.
As the crypto world continues to evolve, these dramatic developments remind us to carefully weigh potential investments. As new coins like SHEPE and WSM rise in the horizon, it might be worth considering them as new additions to our crypto portfolios. But as always, tread carefully; as much as there’s potential for great gains, significant losses are also possible in this high-risk asset class.
Source: Cryptonews
