Cryptocurrencies Price Prediction: Meme, Crypto & Bitcoin – European Wrap 17 February
|Meme Coins Price Prediction: Bears push Dogecoin, Shiba Inu, Pepe to the ropes
Meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), are under pressure on Tuesday, extending Sunday’s decline. The derivatives data show substantial outflows from DOGE, SHIB, and PEPE futures Open Interest, primarily driven by long-side-skewed liquidations. Technically, the meme coins are facing downside risk as selling pressure resurfaces.
Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand
The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.
Bitcoin holds above support at $67,000 after attempts to push above $70,000 stalled, highlighting a persistently weak derivatives market. Meanwhile, Ethereum remains in a narrow range, with support around $1,937 and resistance in the lower $ 2,000s. XRP, on the other hand, tests Monday's low at $1.45 amid mixed market signals.
Bitcoin dips below short-term support
The crypto market cap stood at $2.35 trillion on Tuesday morning, roughly the same as it was yesterday and seven days ago. The leaders in growth among the most liquid coins over the past week are the anonymous Zcash and Cosmos, which are widely involved in the tokenisation of debt assets, adding over 20%. At the same time, the leaders in decline during this period are Ethereum (-1.7%), BNB (-1.5%) and Bitcoin (-1.1%). The decline of the largest coins is an ominous sign for smaller ones, as it may soon pull them down with it at an accelerated pace.
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