Situasi Aset Kripto Terkini: PEPE Semakin Tertekan, SOL Hendak ke Mana? dan BlockDAG Network Rangkul Borussia Dortmund
Release: 2024/08/29 18:04 Reading: 973
Global Cryptocurrency Market Struggles, While PEPE and SOL Draw Attention
Since August 27, 2024, the global cryptocurrency market has been under increasing pressure. In particular, the current cryptocurrency market situation for PEPE has deteriorated further, and the movements of SOL continue to concern traders. Meanwhile, BlockDAG Network has announced an official partnership with the renowned football club, Borussia Dortmund.
PEPE Remains Bearish After "False Rally"
Data suggests that the price of the meme coin PEPE has continued to decline in the "bearish" territory, following a false rally a few days ago. This aligns with the overall cryptocurrency market situation, where the global cryptocurrency market capitalization has dropped back to $2.17 trillion on Thursday, August 29, 2024, from its previous peak on Tuesday, August 27, 2024.
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The price of Pepe Coin (PEPE) currently faces a bearish outlook and is near a critical support level. To avoid a further decline of 22%, the price of PEPE must stay above this level.
On August 28, 2024, a net outflow of 1.16 trillion PEPE (equivalent to $8.96 million) from whale wallets was recorded. Data from IntoTheBlock shows that large PEPE holders have been consistently moving their assets in recent days.
The daily candlestick for August 28, 2024, indicates an intense "tug of war" between buyers and sellers, with a long upper wick suggesting aggressive selling.
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Meanwhile, data from Coinglass shows a net inflow of $4.19 million worth of PEPE into exchanges, signaling that whales are moving their crypto holdings to exchanges for possible selling. According to data from Coinglass Crypto Derivatives Visual Screener (CDVS), the open interest (OI) has decreased by 4.3%, while as of the time of writing, the price has increased by 0.14% in the last 24 hours, indicating indecision among traders.
Coinglass's Liquidation Map also suggests that short positions outweigh long positions, indicating bearish sentiment in the market. Traders and whales anticipate that the price of PEPE may fall further.
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Currently, the price of PEPE is likely to decline after a price increase that turned out to be a false rally, potentially leading to an aggressive correction and a 20% decrease in value. PEPE's price may find support around $0.00000700, a 10% decline from its current value. However, if this support fails, the price could fall by another 22%, down to the August 5, 2024, low of around $0.00000585.
Ongoing whale selling and rising short positions add to the bearish pressure, making the $0.00000700 support level less likely to hold.
If PEPE's price bounces off that support, holds the $0.00000700 level, and rebounds, it could signal market strength and invalidate the current bearish scenario. In that case, PEPE's price could rally above $0.00000900 to reach new monthly highs.
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Current Cryptocurrency Situation: Solana's Direction Uncertain
Continuing with the current cryptocurrency market situation, the price of Solana (SOL) has become increasingly uncertain. At the time of writing, the popular cryptocurrency is experiencing a downturn after briefly breaking above $155 and $150. Currently, the price of SOL is testing the $140 support level and struggling to begin a recovery phase.
SOL's price initiated a fresh decline below $150. It is currently trading below $148 and the 100-hour SMA. On the hourly chart of SOL, it is in a short-term bearish channel with resistance at $145.50. Breaking above $148 could start a recovery wave.
Similar to Bitcoin and Ethereum, Solana's price started declining from above $155. SOL moved quickly and traded below $150, even testing the $140 support. The price bottomed out at $140.53 and is currently consolidating losses. There was a minor rally above $142 and $143, with the price rising above the 23.6% Fib retracement level of the decline from the $161.95 high to the $140.53 low.
Solana is now trading well below $150 and the 100-hour simple moving average. On the upside, the price is facing resistance near $146. There is also a short-term bearish channel forming with resistance at $145.50 on the 1-hour time frame.
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The next major resistance is near $148. A successful close above the $148 and $150 resistance levels could trigger the next leg of a steady increase. The next key resistance is near $152 or the 50% Fib retracement level of the decline from the $161.95 high to the $140.53 low. If there is a further increase, the price could rise towards $162.
If SOL fails to rise above $146, it could start a further decline. The initial support on the downside is near $142, with the first major support at $140. A break below $140 could lead the price towards $132. If there is a close below $132, the price could decline towards $125 in the near term.
The MACD technical indicator is also showing a bearish trend, while the RSI is below 50. Major support is at $142 and $140, while major resistance is at $146 and $148.
BlockDAG Network Partners Officially with Borussia Dortmund
In other cryptocurrency market news, the new cryptocurrency project BlockDAG Network has secured an official partnership with the renowned football club Borussia Dortmund. The partnership was officially announced by BlockDAG Network on X yesterday, as well as on the official Borussia Dortmund website.
"BlockDAG Network is now officially partnered with 'the black and yellow,' Borussia Dortmund, one of European football's greats," wrote BlockDAG Network on X.
In a statement via email, BlockDAG Network explained that this high-profile partnership aligns with the success of their presale, which has now reached $68.3 million.
"By partnering with Dortmund, BlockDAG not only increases its visibility but also connects with its fans across multiple nations, opening up a vast global potential. BlockDAG's $10 million partnership with Borussia Dortmund, a top-division club in German football, launches BlockDAG into the global arena," said BlockDAG.
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