Top Crypto Trends of the Week: BTC, PEPE and HOOK
Journalist
- The weighted sentiment of PEPE and Bitcoin fell despite massive price increases.
- Both BTC and HOOK market indicators suggested a price correction.
The market witnessed some volatility as several cryptos showed commendable performance in the last seven days. According to a tweet from CoinMarketCap, PEPE Bitcoin [BTC] and Hooked Protocol [HOOK] were the three trending coins of the week.
Since these coins were trending, AskFX took a look at their social metrics.
Our analysis of the Santiment chart found that PEPE’s social volume actually increased last week. However, the weighted sentiment dropped sharply, indicating that bearish sentiment around the token was increasing.
A similar trend was also noticed on BTC’s chart. The coin’s social volume increased on February 28, but its weighted sentiment decreased, indicating a more bearish sentiment.
Source: Santiment
What’s on the price front?
The increase in social metrics of these coins that made them trend on CoinMarketCap can be attributed to their price movements.
According to the tweet, the price of PEPE has increased by more than 144% in the last seven days. At the time of writing, the memecoin was trading at $0.000004393 and had a market cap of over $1.85 billion.
The coin’s outflow rose sharply last week due to high buying pressure. Other metrics also looked optimistic for next week.
For example, the MVRV ratio recorded an increase. Additionally, network growth also remained high, meaning more new addresses were created to transfer the coin.
Source: Santiment
Even though things were looking good for PEPE, BTC’s metrics told a different story. In the last week, the price of the king of cryptocurrencies increased by over 20%.
At press time, the trading price was $61,811.45. The coin’s open interest fell while its price rose. Whenever the ratio goes down, it indicates that the probability of a trend reversal is high.
Additionally, BTC’s Binance funding rate also declined slightly after a rise on February 29th. This meant that derivatives investors were not actively buying the coin.
Source: Santiment
The market indicators also looked bearish for BTC. Its Relative Strength Index (RSI) was in the overbought territory, suggesting that selling pressure on the coin may soon increase.
Additionally, Chaikin Money Flow (CMF) also recorded a decline. This suggests that there is a high probability that the price of BTC will decline in the next week.
Source: TradingView
Read Bitcoins [BTC] Price Prediction 2024-25
HOOK’s scenario was also similar to that of BTC as most indicators continued to be in favor of sellers. Its RSI was also in overbought territory.
Additionally, the price has reached the upper limit of the Bollinger Bands, suggesting that investors could see a price correction due to high selling pressure. At press time, HOOK was trading at $1.32 and had a market cap of over $169 million.
Source: TradingView
