2 cryptocurrencies to avoid trading next week
INTRODUCTION
Meme coins surged for impressive gains year-to-date, dominating most of the cryptocurrency market’s top performances in 2024. However, the results cooled down in the past week while cryptocurrencies faced a major correction, threatening further losses.
Over $230 billion was wiped in a day from March 18 to March 19. The overall sentiment drastically changed from ultra-bullish to slightly bearish, which can put an end to the meme coin’s hype.
In this context, Finbold selected two cryptocurrencies to avoid trading next week, among the previously most traded speculative tokens.
Dogwifhat (WIF)
Second, Dogwifhat (WIF) had an even greater performance, attracting retail investors to the Solana (SOL) blockchain. WIF is up nearly 600% in 30 days while testing support at around $2.0 per token.
Like PEPE, dogwifhat investors may finally decide to realize part of their massive profits, which could create a liquidity shock. Losing the current region would potentially drive the price to its month-over-month lows at $0.29, for an 86% crash.
Pepe (PEPE)
Pepe (PEPE) has seen over 500% gains in the last 30 days, from $0.000000115 on February 22.
Now, PEPE loses momentum, back to a 55 Relative Strength Index (RSI), similar to one month ago. A bearish divergence appears to be surging in the daily chart, as the price remains high despite the strength loss.
Currently, PEPE has a market cap above $3 billion and no solid use cases besides price speculation and being a meme. There is price support at $0.000005927 but no other meaningful support between that and $0.000000115, for a 98% drop.
