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PepeCoin (PEPE) price action points to a potential 70% drop

Pepe (PEPE) price has dropped by more than 70% three weeks after establishing its record high of $0.00000449. And the memecoin could fall even more in the coming days, according to a mix of technical and fundamental indicators.

PEPE charts flash a classic bearish reversal pattern

From a technical standpoint, the price of PEPE could drop sharply from its current levels. At the core of this bearish outlook lies the classic head-and-shoulders (H&S) pattern.

Analysts who use technical analysi view the H&S pattern as a bearish reversal indicator for the unversed. It forms when the price forms three peaks atop a common neckline support; the middle peak, called "head," is higher than the other two, called the "left shoulder" and "right shoulder."

Head-and-shoulder breakdown illustrated. Source: Forex Academy

The H&S pattern resolves after the price breaks below its neckline. Meanwhile, as a rule of technical analysis, traders measure the pattern's downside target by adding the maximum distance between the head and neckline to the breakdown point.

On May 22, PEPE broke below its H&S neckline near $0.00000156. That puts its downside target near $0.00000041 in June, down around 70% from current price levels.

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Bitcoin played second fiddle as KAVA, XRP, TRX, RPL and RNDR led the crypto market in May

The cryptocurrency market experienced a dull month, with Bitcoin (BTC) dropping 7.37% — its worst performance since November 2022 — and Ether (ETH) losing 0.22% in May. 

The average loss across the market stands at 5.62% on the last day before the monthly close.

However, some outliers posted impressive gains thanks to popular investment narratives and the growth of the Ethereum staking sector.

In the first half of May, memecoins grabbed headlines, with Pepecoin (PEPE) leading the narrative. The memecoin cycle guzzled up a lot of gas on Ethereum in the first half of May.

PEPE’s market capitalization surged to a peak of $1.54 billion in the first week of May, according to CoinGecko. It has witnessed a sell-off since then, as tokenholders booked profit. However, the token still ended the month with over 300% gains.

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Bitcoin hodlers exited ‘capitulation’ above $20K, new metric hints

Bitcoin (BTC) is in a “transition,” which should pave the way to the next bull market top, new research has concluded.

In the latest edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode unveiled its latest tool for tracking Bitcoin’s resurgence.

Bitcoin hodlers in “transition”

After the 2022 bear market and signs of recovery in Q1 this year, on-chain metrics have undergone a broad transformation, many suggesting that a long-term BTC price bottom is already in.

With price action stagnating since mid-March, however, doubts have returned — along with downside targets that stretch toward $20,000.

For Glassnode analysts, however, Bitcoin’s long-term investor base is already preparing for better times ahead.

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Mad scientist’s NFTs degrade when they’re traded: 0xDEAFBEEF, NFT Creator

When NFTs first took off, it was Beeple’s digital art, CryptoPunks and Bored Ape Yacht Club PFPs that dominated the headlines and top sales — but one individual bucked the trend in a unique way, garnering attention with generative audiovisual art using just a C compiler. 

That individual was 0xDEAFBEEF, an artist and engineer based in Toronto, Canada who’s spent over 20 years experimenting with art, technology, music, generative art, computer animation, blacksmithing and sound recording. 

Using low-level computer code and a minimal toolset to craft raw information into audiovisual artworks has proven more popular than you might expect. A collection of six of 0xDEAFBEEF’s sold for $6.8 million in August 2021, and two weeks ago, “Series 1: Angular – Token 134” fetched $241,300 at Sotheby’s. It was auctioned during part 1 of “Grails,” a collection of highly desirable NFTs originally owned by the now-insolvent 3AC (Three Arrows Capital).

Trained on classic piano as a kid and somewhat of a mad scientist when it came to audio equipment, discovering a programmable blockchain in Ethereum was a revelation.

“I’d describe myself as a tinkerer, jumping around between many fields, overlapping art and technology. It just happened that the project that I commenced before I knew anything about NFTs, doing audiovisual work with code, happened to align with things that were happening within Ethereum,” 0xDEAFBEEF says. 

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Bitcoin risks ‘new lows’ into monthly close as BTC price retests $27K

Bitcoin (BTC) tested $27,000 on May 31 as weakness prevailed into the monthly close.

BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView

Analyst: Bitcoin reaching “crucial area”

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it continued to lose momentum after local highs near $28,500.

As early-week excitement faded, traders and analysts warned that now was a make-or-break point for the short-term trend.

“Crucial area approaching here for Bitcoin and dipped into it,” Michaël van de Poppe, founder and CEO of trading firm Eight, summarized.

“If this zone sustains as support & Bitcoin will be able to reclaim $27,500, everything looks like we’ll continue the upwards trend. Drop beneath $26,600 and we’ll see new lows.”

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Bitcoin on-chain and options data hint at a decisive move in BTC price

Bitcoin’s volatility has dropped to historically low levels thanks to macroeconomic uncertainty and low market liquidity. However, on-chain and options market data allude to incoming volatility in June.

The Bitcoin Volatility Index, which measures the daily fluctuations in Bitcoin’s (BTC) price, shows that the 30-day volatility in Bitcoin’s price was 1.52%, which is less than half of the yearly averages across Bitcoin’s history, with values usually above 4%.

According to Glassnode, the expectation of volatility is a “logical conclusion” based on the fact that low volatility levels were only seen for 19.3% of Bitcoin’s price history.

The latest weekly update from the on-chain analytics firm shows that Glassnode’s monthly realized volatility metric for Bitcoin slipped below the lower bounds of the historical Bollinger Band, suggesting an incoming uptick in volatility.

Bolinger Bands for Bitcoin monthly realized volatility metric. Source: Glassnode

Long-term Bitcoin holders metric points to a price breakout

The on-chain transfer volumes of Bitcoin across cryptocurrency exchanges dropped to historically low levels. The price is also trading near short-term holder bias, indicating a “balanced position of profit and loss for new investors” that bought coins during and after the 2021-2022 bull cycle, according to the report. Currently, 50% of new investors are in profit, with the rest in loss.

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Bitcoin price rejects at $28K as analysts eye CME futures gap dip

Bitcoin (BTC) fell into the May 30 Wall Street open as the return of United States equities failed to boost performance.

BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView

Bitcoin pauses into the monthly close

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD heading to $27,700, having briefly spiked above the $28,000 mark.

The pair encountered resistance below its local highs from around the weekly close, and stocks also treaded water after the opening bell.

The excitement around a possible deal to raise the U.S. debt ceiling, which had boosted crypto previously, also cooled as market participants waited for its first test in Congress.

“Bitcoin has been having a hard time reclaiming the weekend high,” monitoring resource Material Indicators summarized in part of an analysis on the day.

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Bitcoin is on a collision course with ‘Net Zero’ promises

Each year at the annual UN Climate Change Conference (COP), individual countries are pressured to ramp up their emissions reductions promises and showcase evidence they are taking steps to meet them.

With Bitcoin mining blamed for using as much power as an entire country, and politicians searching for easy targets to strike, the industry appears to be on a collision course with these global commitments to achieve net-zero emissions.

While it’s not possible to ban Bitcoin completely, lawmakers and regulators can tank the price and make life very difficult in the years ahead for the number one cryptocurrency.

There are signs it’s already happening.

A report from the European Commission at the end of 2022 stated that EU countries “must be ready to block crypto mining,” and the trading block’s new MiCA rules were at one stage set to include a ban on Bitcoin mining. The recently adopted legislation still leaves this door ajar, however, aiming to “reduce the high carbon footprint of crypto-currencies” by making service providers “disclose their energy consumption.”

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Bitcoin erodes 4% gains as BTC price downside targets stretch to $23K

A spike above $28,000 begins to fade as the new week begins, while a U.S. holiday means no external BTC price triggers from equities.

AI Eye: 25K traders bet on ChatGPT’s stock picks, AI sucks at dice throws, and more

Almost 25,000 investors have signed up to trade alongside ChatGPT as they follow the GPT Portfolio experiment from copy trading firm Autopilot.

The traders have bet a combined $14.7 million on the AI’s stock picks, which would average about $600 each if they all invested after signing up. They’re hoping to take even a small slice of a purported 500% return from one of the strategies backtested in academic research.

The GPT Portfolio gets the AI to analyze 10,000 news articles and 100 company reports to select 20 stocks for the $50,000 portfolio, updated each week. The initial picks included Berkshire Hathaway, Amazon, D.R. Horton and Davita Health. After two weeks, the portfolio is up around 2%, which is pretty much the same as the stock market. 

Interestingly the bottom five picks lost more in percentage terms than the top five gained — Dollar Tree lost 17% after it missed earnings — so it might be more sensible in future to only invest in GPT-4’s best five or 10 ideas, but we’ll see how it works out.

The smaller-scale ChatGPT Crypto Trader account is tweaking a similar strategy that gets GPT-4s advice on when to go long on Ethereum. He says it shows a profit of 11,000% backtested to August 2017, but in the real-world experiment since January, the portfolio is up by a third, while the Ethereum price has gained 60%.

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Mining difficulty passes 50 trillion — 5 things to know in Bitcoin this week

Bitcoin (BTC) starts a new week in an altogether different mood as the weekly candle close brings a move higher.

The largest cryptocurrency, still stuck in a narrow range, is at last showing signs of life after several spikes to two-month lows.

With volatility back in play, traders nonetheless remain conflicted. Can short-timeframe strength lead to an overall trend breakout?

Opinions differ as May ends and brings a macroeconomic showdown that is already making itself felt: the United States debt ceiling deal.

With an agreement to raise the ceiling and avoid a U.S. government default almost here, risk assets may see relief across the board. However, since stock markets are closed until May 30, it will be a game of “wait and see” for Bitcoin traders to start the week.

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Bitcoin reclaims $28K, and charts suggest ARB, XRP, EOS and AAVE could follow

The United States looks to avoid a catastrophic debt default after the White House and the House Republicans agreed upon a tentative deal on May 27. The U.S. equities markets rallied in anticipation of the deal on May 26 and the positive sentiment has rubbed off onto the cryptocurrency sector, which is attempting a recovery.

Buying is not limited to Bitcoin (BTC) alone as select altcoins are also showing signs of a short-term up-move. However, sustaining the rally at higher levels may prove to be difficult for the bulls.

Crypto market data daily view. Source: Coin360

After the debt ceiling deal, traders are likely to focus their attention on the Federal Reserve’s rate hikes. The hot Personal Consumption Expenditures data on May 26 increased the likelihood of a rate hike at the Fed’s June meeting. The probability of a 25 basis point rate hike has risen from 17% a week back to 64% on May 28, according to the CME FedWatch Tool.

Along with Bitcoin, what altcoins that are looking ripe for a short-term up-move? Let’s study the charts of these top five cryptocurrencies to spot the important levels to watch out for.

Bitcoin price analysis

Bitcoin has reached the overhead resistance zone between the 20-day exponential moving average ($27,146) and the support line of the symmetrical triangle. This zone is likely to witness a solid tussle between the bulls and the bears.

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FTX 2.0 coming up, Multichain FUD and Worldcoin raises six figures: Hodler’s Digest, May 21-27

Top Stories This Week

Binance suspends deposits for bridged tokens, seeks clarity from Multichain team

Crypto exchange Binance suspended deposits for 10 bridged tokens following days of uncertainty surrounding the Multichain protocol. Transactions on the cross-chain protocol have been delayed over multiple bridges in the past few days, with little information from Multichain’s team about the ongoing issues. In a tweet from May 24, Multichain said that some cross-chain routes were unavailable “due to force majeure,” noting that the time for service restoration was unclear. Binance was not the only company to take steps amid the unexplained downtime — the Fantom Foundation removed 449,740 MULTI ($2.4 million) from liquidity on SushiSwap. The MULTI token plunged during the week. On Twitter, rumors circulated that Multichain’s team had been arrested by the Chinese police, with $1.5 billion of smart contract funds under authorities’ control.

FTX 2.0 launching soon? Court filing shows a reboot plan in the works

Bankrupt crypto exchange FTX’s revival plans could soon become reality. According to court filing documents, FTX’s new management had a series of meetings with creditors and debtors in the past month, reviewing plans for restarting the exchange and finalizing the material required for its rebooting as FTX 2.0. The documents also suggest FTX could soon enter into a bidding process. Previous reports pointed out that a reboot could come as early as 2024, as the exchange has already recovered over $7 billion in assets.

Sam Altman’s Worldcoin secures $115M for decentralized ID

The bear market didn’t stop Worldcoin from raising $115 million this week in a Series C round led by Blockchain Capital. Funds will be used to support its decentralized World ID and recently released gas-free crypto wallet, World App. The project was co-founded by OpenAI CEO Sam Altman and built by Tools for Humanity developers to address issues emerging from the exponential complexity of artificial intelligence, such as proving personhood. Worldcoin’s token, WLD, is not available in the United States and some other countries.

Fahrenheit wins bid to acquire assets of crypto lender Celsius

Crypto consortium Fahrenheit won the bidding war for insolvent crypto lender Celsius Network. The bid incorporates Celsius assets previously valued at nearly $2 billion, including institutional loan portfolio, staked cryptocurrencies, mining unit, alternative assets, and over $450 million in liquid cryptocurrency. Behind the consortium are the venture capital firm Arrington Capital and crypto miner US Bitcoin Corp. While Celsius and its creditors have accepted the bid, regulatory approval is still required to complete the acquisition. Celsius filed for bankruptcy protection in July 2022, contributing to a prolonged “crypto winter” in the industry.

Earlier this week, the crypto community celebrated the 13th anniversary of the first Bitcoin transaction when developer Laszlo Hanyecz made the first documented purchase of a good with BTC. The exchange involved 10,000 BTC — worth $41 at the time — and two pizzas from a local restaurant in Florida. The milestone turned into an annual celebration for the crypto space, with community members reminiscing on how far the industry has come since the transaction. Over a decade on, the pioneer cryptocurrency network faces a new wave of disruption thanks to the advent of Ordinals, highlighting the need for developers and capital to build layer-2 solutions.

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Bitcoin holds 200-week average as trader says ‘inflection point’ is here

Bitcoin (BTC) held its most recent gains into May 27 as traders called for a change in “bearish” market sentiment.

BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView

Trader awaits “pretty major move” for BTC price

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it entered the weekend at around $26,700.

The week’s macroeconomic data from the United States had ended with a surprise, as a new Personal Consumption Expenditures (PCE) index print showed the economy weathering tighter financial conditions much better than expected.

Markets then began to price in a June interest rate hike from the Federal Reserve, which should form a headwind for risk assets but failed to dampen a BTC price rebound.

Despite the price comeback, however, the mood remained overly cautious for some.

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Bitcoin nears $27K despite ‘hot’ PCE data sparking June rate hike bets

Bitcoin (BTC) made snap gains at the May 26 Wall Street open as United States macroeconomic data delivered a nasty surprise.

BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView

Bitcoin shrugs off new U.S. inflation woes

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $27,000 on Bitstamp.

The pair rose unexpectedly after the day’s Personal Consumption Expenditures (PCE) data showed its first rises since October 2022.

Such a reading should present a headwind for risk assets, including crypto, as it implies that inflation remains persistent and that more financial tightening may be required to tame it.

“This is a major setback to the Fed’s fight against inflation,” financial commentary resource The Kobeissi Letter wrote in part of a response.

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Bitcoin reaches ‘decision point’ — 4 BTC price metrics to watch

Bitcoin bulls are sitting on their hands but need to combat short-term sellers rapidly losing profitability, Glassnode warns.

Chinese TV’s crypto ‘bull run’ report censored, Multichain crisis: Asia Express

News of HK legalizing crypto exchanges censored by state media after just two days, meanwhile, Multichain token plunges after police arrest rumors.

This bearish technical pattern hints at a double-digit drop in Bitcoin price

Inflation concerns and the U.S. debt standoff cast a long shadow over Bitcoin’s dwindling bullish prospects.

Ripe for the squeeze? Bitcoin mining stocks remain under attack from short sellers

BTC price has struggled for nearly a month, but Bitcoin miners revenue is up, calling into question the logic of short sellers betting against mining stocks.

Synthetix (SNX) trading volume overtakes GMX, but is the DEX token rally sustainable?

Volumes at Synthetix surpassed its nearest DEX competitor, but contracting user activity across decentralized exchanges could be a red flag.