Anxiety continues to be the dominant sentiment in the cryptocurrency sector; a factor that has been affecting most major coins and meme currencies. For example, alongside its internal issues, the risk-averse climate has Ethereum’s price still trading beneath the short and medium-term MAs. Conversely, stable investor trust has favored Bitcoin and Solana.
Meanwhile, astute investors are searching for chances in new crypto initiatives. As the inaugural Bitcoin meme ICO, Bitcoin Pepe is one of the new contenders that have attracted investors’ interest. It aims to bring the meme culture back to the reliable Bitcoin network; promising meme enthusiasts a dependable platform, reduced fees, and transaction speeds reminiscent of Solana.
Ethereum price stagnates as ETH ETFs, OI indicate diminished investor trust
Ethereum’s lackluster performance remains an issue for many crypto advocates. The leading altcoin typically reflects Bitcoin’s price fluctuations. However, as the primary cryptocurrency works towards recovery, Ethereum’s price persists below the short and medium-term MAs of 25 and 50 days.
Additionally, a drop in its Open Interest (OI) and net inflows in spot Ethereum ETFs suggest low investor demand. This is particularly notable as substantial institutional interest has previously been a significant draw for Ether.
Statistics provided by SoSoValue revealed zero net inflows in Thursday’s session. Indeed, the top 9 spot ETH ETFs all reported zero flows. Since early April, there has been a series of outflows with only one inflow session and another recording zero flows.
Moreover, at the current $18.26 billion, its OI is considerably below its peak of $32.3 billion from late January. As a performance indicator, OI monitors an asset’s options and futures contracts to highlight investor involvement.
As illustrated on its daily price chart, Ethereum’s price is likely to remain within a range between the support level of $1,515 and the key support-turned-resistance level of $1,750. Even with potential rebounds, the altcoin is expected to stay below $1,850 in the near term.
Rising interest in Bitcoin Pepe drives success during the presale’s first 10 weeks
As the first Bitcoin meme ICO, Bitcoin Pepe has built the long-awaited connection between the domain of meme coins and the stable Bitcoin network. Undoubtedly, it is this unique amalgamation that has propelled the project’s popularity even before its public release.
In the initial 10 weeks of its presale, the venture has garnered over $6.8 million. Furthermore, 8 out of the total 30 phases have sold out; providing 40.5% in profits for early investors.
By the conclusion of the presale in Q2, long-term holders are expected to attain up to 311.4% in cumulative returns. Additionally, through its mission of “constructing Solana on Bitcoin,” the project is anticipated to yield further rewards post-launch. Act quickly and purchase Bitcoin Pepe here.
Solana price maintains recovery amid elevated investor trust
Solana has emerged as a prominent blockchain, playing a crucial role in NFT and DeFi sectors. In spite of ongoing macroeconomic uncertainties, it stands out as one of the top-performing major cryptocurrencies as investors maintain confidence in its prospects.
A review of its daily chart illustrates the altcoin trading above the 25 and 50-day EMAs as it experiences steady recovery. In the short term, the range between $123.82 and the current resistance zone of $141.88 is significant to monitor. With an influx of more buyers, the bulls may get a chance to breach the resistance, targeting $150.25.
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