Bitcoin (BTC) and Solana (SOL) were two of the leading assets impacted by last week’s crypto market downturn. Meanwhile, Pepe (PEPE) experienced a steeper price drop.
This price crash reverberated throughout the entire cryptocurrency market, with the global crypto market cap losing over $280 billion over the last seven days in a massive 10% drop to $2.32 trillion at the time of writing.
Here is an overview of how some of the most impacted cryptocurrencies performed over the week:
BTC slips to 1-month low
Interestingly, Bitcoin began the week favorably, attempting to build on the momentum it recorded from April 3 to 7 last week. The premier crypto asset reclaimed the $70,000 threshold on April 8 for the first time in over a week, surpassing the $72,000 and closing the day with an impressive 3.25% increase.
However, the 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. The hotter-than-expected U.S. inflation data exacerbated the downward spiral. Bitcoin mustered a comeback when it dropped to the $68,318 support at the 21-day EMA.
A resurgence of strength saw Bitcoin recover the $71,000 zone, but the resistance that ensued hedged against any further rally. The rest of the week was marred by a consistent price decline, as tensions surrounding the looming Iran-Israel conflict contributed to the bearish pressure.
Bitcoin saw three consecutive days of declines from April 11 to 13, culminating in a shocking crash to a one-month low of $61,596 on April 13. Despite recovering from this floor, BTC remains in a downtrend, down 8% over the past two days as it struggles to reclaim and retain the $65,000 territory.
SOL breaks below 50-day EMA
Solana’s start to the week was not as significant as Bitcoin’s, but its subsequent price decline was much steeper. Despite only seeing a modest 0.67% rise on April 8 as BTC led the market to a short-term recovery, SOL crashed 4.63% the following day when BTC triggered a downtrend.
Similarly, its April 10 recovery only saw a 0.56% increase, with the rest of the week introducing one of the biggest price slumps for Solana this year. From April 11 to 13, Solana recorded a discouraging 21.19% drop, giving up the Fibonacci support levels at 0.618 ($171.09), 0.5 ($161.11) and 0.382 (151.14) in the process.
More significantly, Solana’s three-day downward spiral resulted in a collapse below the crucial 50-day EMA stationed at $162.30 as of 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 relinquished the psychological supports at $150 and $140, trading for $139.94 at the reporting time. The cryptocurrency is down 24% this week, having lost $19 billion from its market cap since April 8.
PEPE CCI drops to 9-month low
Pepe did not escape the bloodbath recorded in the broader market this week.
The frog-themed meme coin eventually dropped to a one-month low below the $0.000004 support. Its gains at the start of the week surpassed Bitcoin’s, but so did its losses — a testament to the heightened volatility in the meme coin market.
The meme coin surged 4.30% on April 8, reaching a high of $0.00000796, before it eventually dropped 9.28%, giving up not just the Monday gains, but most of the value it picked up last week.
After two days of a mild recovery push, Pepe saw a more substantial 19% intraday drop on April 12. This collapse marked its largest intraday decline in nearly a year (the last time Pepe saw such a price crash was when it dropped 30.47% on May 8, 2023, shortly after its launch).
Following the 19% collapse on April 12, Pepe slumped by another 14.86% the next day.
Despite a mild price increase today, Pepe still trades below $0.000006, changing hands at $0.00000525. The meme coin has dropped 29% this week, with its commodity channel index (CCI) crashing to -245, the lowest value in nine months.
Such a dramatically low CCI suggests that Pepe is largely undervalued, with ample room for growth. The last time the asset’s CCI hit this level, it witnessed three more months of consistent declines, dropping to a low of $0.00000061 on Oct. 19, 2023, before it eventually recovered.
