Altcoin investors have seen some rebound in June and July this year after last year’s harsh bear market. New reports suggest that some coins are in the midst of heavy profit taking, meanwhile.
Investors liquidate these 2 altcoins instead of waiting for higher prices
According to current on-chain reports, a large number of Shiba Inu (SHIB) have been moving in deposit addresses of major exchanges lately. The data revealed a sudden influx of transactions on platforms like Coinbase and Binance. This high volume of activity was a sign that many investors were now cashing in.
Coinbase in particular hosts the largest SHIB transfers. This indicates that there is probably a significant US-based activity. This funding move, unsurprisingly, coincided with the price performance of the Shiba Inu. Recently, the price of SHIB has lost about 8.7%. Technically, it is experiencing a slow but noticeable downtrend.
Pepe (PEPE) price also extended its downtrend
On the other hand, PEPE price is also weakening, retesting the end-June lows. Despite being a top performer about a month ago, it hasn’t been keeping up with the developments in recent weeks.
Technically, PEPE fell 12% yesterday. Thus, it became the worst performer in the meme token category. Along with this decline, it broke the 50-day Moving Average (MA) at $0.0000014923.
The 50-day MA usually acts as a trend filter. Therefore, investors who want to profit against an uptrend expect the price to close below this moving average.
Altcoin investors are losing their confidence
This trend was particularly evident around PEPE. On the other hand, Dogecoin is leading the market gains for the week. Dogecoin price had an opportunity to rise above 5% at one point today. This hype was probably linked to the latest news from Elon Musk’s new super app X-App. cryptocoin.comAs we reported, some experts predict that Dogecoin will appear on X-App very soon.
Meanwhile, Dogecoin’s market cap approaches $10.5 billion, resulting in a 370% increase in 24-hour trading volume.
Technical indicators point to a sustained uptrend as Dogecoin price consolidates in an ascending parallel channel. Specifically, the Relative Strength Index (RSI) is heading north, showing increasing momentum. The Awesome Oscillator (AO) also sank green and rose into positive territory. This turns the odds in favor of the bulls. According to technical analysis, Dogecoin price may continue its uptrend unless profit takers start looking for profits.
