Cryptocurrencies Price Prediction: DOGE, PI & Crypto – European Wrap 2 December

Meme coins Dogecoin, Shiba Inu, and Pepe extend losses amid bearish sentiment

Meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), are facing intense selling pressure as the broader cryptocurrency market sentiment shifts bearish. Dogecoin, Shiba Inu, and Pepe log a bearish start to December, extending November’s correction, while the technical outlook warns of further decline. 

Pi Network rebounds as whale interest signals potential recovery

Pi Network (PI) ticks higher by 2% at press time on Tuesday, after a steady decline over four consecutive days, marking a downcycle within a larger consolidation range. However, a persistent demand from large-wallet investors, popularly known as whales, flags the range as a potential accumulation zone, suggesting an upside breakout. 

Crypto on thin ice

The crypto market is walking on thin ice, stabilising at levels just below $3T (+0.5% in 24 hours). However, this is a dangerous lull following a downward momentum, with the risk of reverting to a sell-off at any moment. All attention is now focused on whether the bulls in the crypto market will be able to defend the late November lows near $2.83T. The strength of the bears is evident in the fact that the market did not even linger at its 200-day average, as it did in the previous downturn at the end of 2021.