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

FXStreet Team FXStreet

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.

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

XRP stuck in tight range as whale demand, on-chain activity strengthen

Ripple (XRP) declines for a second day in a row, trading around $1.07 at the time of writing on Tuesday. The remittance token has continued to sustain a bearish outlook, aligning with the broader cryptocurrency market.

Bitcoin rises toward $64,000 as Coldcard exploit, strategy sales recede – ADA advances

Bitcoin rose 1.6% over the last 24 hours, climbing as high as $64,160 to the highest since July 31 before retreating. The rebound followed a selloff spurred by an exploit that targeted a cold wallet over the weekend and bitcoin sales by the world’s largest corporate holder.

Crypto Today: Bitcoin, Ethereum, XRP shows recovery signs as Ethereum and XRP struggle

Bitcoin (BTC) advances above $63,000 on Tuesday, buoyed by increasing investor risk appetite. Ethereum (ETH) continues to trade under pressure below the supply range at $1,900 and above the short-term $1,800 support. At the same time, Ripple’s (XRP) upside is constrained under the pivotal $1.10 level while support at $1.00 remains intact.

US Yen intervention puts Bitcoin, risk assets on notice for liquidity flux

Washington’s growing coordination with the Bank of Japan (BoJ) points to a potential boost in global dollar liquidity — even as it runs up against a yen carry trade unwind that could squeeze liquidity if it deepens further. Last week, the US and Japan conducted a rare joint intervention to prop up the yen, which had slid to 40-year lows of 164 per dollar — the first of its kind since 1998.

Bitcoin: Bulls hold the line

Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.