Bitcoin (BTC) and Solana (SOL) were two of the biggest assets affected by last week's crypto market downturn. Meanwhile, Pepe (PEPE) saw a sharper price drop.
This price drop has impacted the entire cryptocurrency market, with the global cryptocurrency market cap losing over $280 billion in the last seven days, a massive 10% decline to $2.32 trillion at the time of writing.
Here's a look at how some of the most affected cryptocurrencies fared over the week:
BTC, SOL and PEPE Prices – April 14 | Source: Santiment
BTC slides to 1-month low
Interestingly, Bitcoin started the week on a positive note, trying to build on the momentum it recorded last week from April 3rd to 7th. The leading crypto asset crossed the $70,000 threshold for the first time in over a week on April 8, surpassing the $72,000 mark and closing the day with an impressive 3.25% gain.
However, bears took control of the scene the following day, pushing BTC below the $70,000 mark and triggering a 3.45% loss, essentially erasing the gains recorded on Monday. Hotter-than-expected US inflation data exacerbated the downward spiral. Bitcoin made a comeback as it fell to the support level of $68,318 at the 21-day EMA.
A resurgence of strength saw Bitcoin rally above the $71,000 zone, but the resistance that followed protected against further recovery. The remainder of the week saw continued price declines as tensions surrounding the looming Iran-Israel conflict added to bearish pressure.
Bitcoin experienced three consecutive days of declines from April 11 to 13, culminating in a shocking plunge to a one-month low of $61,596 on April 13. Despite recovering from this floor, BTC remains in a downtrend, falling 8% over the past two days as it struggles to recapture and hold onto the $65,000 territory.
SOL breaks below the 50-day EMA
Solana's start to the week was not as significant as Bitcoin's, but the subsequent price decline was much steeper. Although BTC only saw a modest 0.67% increase on April 8 as BTC led the market into a short-term rally, SOL plunged 4.63% the following day as BTC initiated a downtrend.
Likewise, the April 10 rally only saw a 0.56% increase, while the rest of the week saw one of the biggest price drops for Solana this year. From April 11 to 13, Solana recorded a discouraging 21.19% decline, abandoning Fibonacci support levels at 0.618 ($171.09), 0.5 ($161.11), and 0.382 ($151.14). .
More importantly, Solana's three-day downward spiral resulted in a break below the crucial 50-day EMA, located at $162.30 on April 12. SOL closed below this level for two consecutive days. The last time the asset witnessed this event was in September 2023.
Solana has also abandoned the psychological supports at $150 and $140 and is trading at $139.94 at the time of reporting. The cryptocurrency is down 24% this week after losing $19 billion in market capitalization since April 8.
PEPE CCI falls to 9-month low
Pepe also couldn't escape the carnage that hit the broader market this week.
The frog-themed meme coin eventually fell to a one-month low below the $0.000004 support. Its gains earlier in the week exceeded those of Bitcoin, but also exceeded its losses – evidence of the increased volatility in the meme coin market.
The meme coin rose 4.30% on April 8, reaching a high of $0.00000796 before ultimately falling 9.28%, erasing not just Monday's gains but most of its value as well , which he won last week, gave up again.
After two days of a slight recovery, Pepe saw a more significant intraday decline of 19% on April 12. This plunge marked the largest intraday decline in almost a year (the last time Pepe saw such a price drop was when it fell 30.47%). May 8, 2023, shortly after launch).
After plunging 19% on April 12, Pepe plunged another 14.86% the next day.
Despite a slight price increase today, Pepe is still trading below $0.000006 and is changing hands at $0.00000525. The meme coin fell 29% this week, and its Commodity Channel Index (CCI) plunged to -245, its lowest reading in nine months.
Such a dramatically low CCI suggests that Pepe is largely undervalued and has plenty of room for growth. The last time the asset's CCI reached this level, it experienced three more months of sustained declines, falling to a low of $0.00000061 on October 19, 2023, before eventually recovering.
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