- The global cryptocurrency market cap dropped 1.24% over the past day of trading.
- During this time, LUNC and ACH were able to achieve substantial daily gains.
- Meanwhile, SHIB and PEPE followed the same negative trend seen in the market.
The global cryptocurrency market cap dropped 1.24% over the past 24 hours, bringing the total down to $1.05 trillion at press time according to CoinMarketCap. During this time, LUNC and ACH delivered stellar performances. However, the popular meme coins SHIB and PEPE seemed to have followed the over-dominating trend in the market over the past 24 hours.
One thing that the four cryptocurrencies had in common was that they were all challenging key resistance levels on their charts at press time. Subsequently, LUNC and ACH may continue to rise if they are able to overcome their respective barriers in the next 24 hours, while SHIB and PEPE may finally escape their long-standing negative trends.
Terra Classic (LUNC)
LUNC recorded an outstanding 24-hour gain of 8.81%. This impressive increase throughout the past day of trading elevated the altcoin’s price to $0.00006255 at press time. Along with the increase in price, LUNC’s trading volume surged more than 300% as well. Subsequently, the total was estimated to be $46,612,274.
Daily chart for LUNC/USDT (Source: TradingView)
From a technical standpoint, a medium-term negative trend line had formed on LUNC’s charts. This was after the altcoin’s price consistently printed lower highs throughout the past few weeks. As a result, LUNC’s price will need to break above this line before traders and investors may start considering entering into a long position for the cryptocurrency.
A potential early indication that LUNC’s price may break above this negative trend line will be if it closes a daily candle above $0.00006550. This is a significant level to watch as it was also confluent with the 50-day EMA line at press time. Subsequently, a daily close above this barrier may lead to a positive shift in LUNC’s medium-term momentum.
Should this bullish thesis be validated, LUNC’s price may attempt a challenge at the next threshold at $0.00008310 in the following couple of days. On the other hand, a rejection from the $0.00006550 benchmark in the upcoming week could invalidate the bullish thesis. In this scenario, LUNC may drop to the immediate support at $0.00005490.
Investors and traders will want to take note of the fact that the 9-day EMA line was attempting to cross above the 20-day EMA line. This suggested that momentum over the past 9 days has been more bullish than LUNC’s momentum throughout the previous 20 days. As a result, LUNC’s price may continue to rise in the next few days.
The 9-day EMA line crossing above the 20-day EMA line may signal that short-term momentum has shifted in favor of bulls. Thereafter, the altcoin may have the support needed to overcome the aforementioned $0.00006550 mark.
Alchemy Pay (ACH)
ACH also saw its price rise by a staggering amount during the past 24 hours. At press time, the cryptocurrency was up 10.45% – boosting ACH’s price to $0.01611 as a result. Similar to LUNC, ACH also recorded a 300+% uptick in its daily trading volume. Notably, the altcoin was trading closer to its 24-hour high of $0.01633 than its daily low, which was situated at $0.01459.
Daily chart for ACH/USDT (Source: TradingView)
A positive price channel had formed on ACH’s daily chart over the past 2 weeks. During this period, ACH crossed above the 9-day, 20-day, and 50-day EMA lines, and continued to trade above these technical indicators at press time as well.
If this bullish momentum continues, then ACH may flip the resistance level at $0.01650 into support within the next 24-48 hours. Thereafter, a daily candle close above this benchmark could pave a path toward the altcoin climbing to the next key resistance level at $0.01920 within the following 2 weeks.
However, a rejection from the $0.01650 barrier in the next 48 hours may invalidate the bullish thesis. This may induce a sense of fear amongst ACH traders – leading to an influx of sell pressure. If this sell pressure forces ACH below the 0-day EMA line, which was situated at $0.01536, then the altcoin may be at risk of falling to $0.01250 in the proceeding 2 weeks.
Technical indicators on ACH’s daily chart suggested that its price may continue to rise in the coming few days. Firstly, the 9-day EMA line was positioned above the 20-day EMA line. This signaled that short-term momentum was in favor of buyers.
Furthermore, the 9-day EMA line was attempting to cross the previously-mentioned 50-day EMA line. If these 2 lines cross, it will serve as an early sign of a potential positive shift in ACH’s medium-term momentum.
Pepe (PEPE)
The popular meme coin PEPE suffered a 24-hour loss, according to CoinMarketCap. At press time, the altcoin that has been a hot topic in this bear market was down 1.87%. This dragged the meme coin’s price down to $0.0000006129.
Daily chart for PEPE/USDT (Source: TradingView)
PEPE was attempting to break out of its medium-term trend at press time. This was evident in the fact that the meme coin was trading at the upper limit of the multi-week-long negative price channel that had formed on its charts.
PEPE breaking above its 9-day EMA line at around $0.0000006444 may indicate that the cryptocurrency has broken out of this long-standing negative trend. This may then be followed by PEPE’s price attempting to break above the next resistance level at $0.0000007545. A daily close above this level may then clear a path for it to continue to rise to $0.0000009225.
On the other hand, if PEPE fails to close a daily candle above the 9-day EMA line within the next 48 hours, then it may continue to drop in the following week. This could then lead to PEPE dropping below the immediate support level at $0.0000005905. Thereafter, continued sell pressure may force the cryptocurrency’s value to its OKX listing price of $0.000000500.
There was 1 technical indicator on PEPE’s daily chart that suggested that the bullish thesis may be more likely to play out throughout the course of the forthcoming week. At press time, the daily RSI line was closing in on the RSI SMA line. If these 2 lines cross in the coming few days, then it will signal that buyers have gained the upper hand.
Shiba Inu (SHIB)
The meme coin market seems to have entered into a temporary negative trend, as SHIB also experienced a loss over the past day of trading. At press time, SHIB was down 0.97%, bringing its value down to $0.000007288. Notably, SHIB was trading at its 24-hour low. Meanwhile, the cryptocurrency’s daily high stood at $0.0000007428 at press time.
Daily chart for SHIB/USDT (Source: TradingView)
Similar to PEPE, SHIB was being held down by the 9-day EMA line on its daily chart. Therefore, failure to break above this technical indicator, which was situated at $0.00000734, within the next 24-48 hours may result in the altcoin dropping to $0.00000700 in the coming few days.
Continued sell pressure may then lead to PEPE’s price breaking below $0.00000700 to potentially retest the subsequent support level at $0.00000633. This bearish thesis will be invalidated if PEPE is able to close a daily candle above the 9-day EMA line.
In this scenario, the meme coin’s price could have the support needed to flip the resistance level at $0.00000755 into support in the following 48 hours. A daily candle close above this barrier may then give PEPE the foundation needed to continue climbing toward $0.00000847.
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