Pepe's Momentum Grows with a 32% Pump; Is Bitcoin Minetrix the Next Investor Magnet?

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Pepe (PEPE) was one of the altcoins that benefited the most from the large capital influx the cryptocurrency market received over the past 24 hours. According to data from CoinMarketCap, the meme coin was up more than 32% at press time. This boosted its value to $0.0000009754.

Positive Investor Outlook

The blockchain intelligence platform Santiment, revealed in an X post yesterday that the exchange supply of PEPE has been falling. According to the post, this is a bullish sign and may indicate that investors have no intention of selling their PEPE holdings in the short term.

🪄🐶🐸 #Memecoins are on traders' minds as #altcoins enjoy the benefits of #Bitcoin redistributing as it climbs to $31K. Over the past week, $PEPE (+16%), $ELON (+57%), and $BITCOIN (+36%) are climbing as their supplies move in different directions. https://t.co/mO5kYhUkZC pic.twitter.com/3qfa8V5zg4

— Santiment (@santimentfeed) October 23, 2023

Santiment data also attributed PEPE’s impressive performance to the strong uptick that the market leader Bitcoin (BTC) experienced over the past few days.

Technical Overview

Daily chart for PEPE/USDT (Source: TradingView)

From a technical standpoint, PEPE was able to break above a medium-term negative trend line during the past couple of days. Traders reacted positively to this development and sent the meme coin’s price skyrocketing. PEPE overcame the $0.0000007545 and the $0.0000009225 resistance levels in just 48 hours.

The cryptocurrency continued to trade hands above these significant barriers at press time. Therefore, PEPE can establish a solid foundation before entering into another leg-up in the next few days. Should the altcoin close a daily candle above the recently-flipped $0.0000009225 mark, it could have the support needed to rise to $0.0000011570 in the following 48-72 hours.

If bulls continue to boost PEPE’s price, it may overcome this threshold soon and continue ascending toward $0.0000014885 the following week. This bullish thesis could be invalidated if PEPE closes a daily candle below $0.0000009225 within the coming two days.

In this more bearish scenario, PEPE may be at risk of dropping to the subsequent support level at $0.0000007545. In an extremely bullish situation, the meme coin could plummet to as low as $0.0000005905 in the next two weeks.

Investors and traders may want to monitor how PEPE’s price closes the next two trading sessions for the $0.0000009225 price point before entering a trade position. At press time, technical indicators on the altcoin’s daily chart suggested that the cryptocurrency’s price could go either way in the short term.

Contradicting Indicators

On one hand, the daily Moving Average Convergence Divergence (MACD) indicator hinted at the possibility of PEPE’s positive trend continuing in the next 48 hours. This was a contradiction to what the daily Relative Strength Index (RSI) indicator was suggesting.

The MACD line was in the process of breaking away above the MACD Signal line. This may indicate that PEPE’s positive trend was growing stronger, which could lead to its price rising in the next 24-48 hours. The positive gradient of the MACD Histogram also supported this bullish thesis.

However, the RSI line on PEPE’s chart formed a peak over the past 24 hours. This was after it had entered into overbought territory. This may be identified as a sell signal by traders, given that PEPE’s downside potential was far greater than its upside potential at press time. While traders sit on the sidelines to see what PEPE does in the next few days, Bitcoin Minetrix (BTCMTX) attracts most cryptocurrency investors.

Bitcoin Minetrix Introduces Decentralization Into the Cloud Mining Mix

Bitcoin Minetrix is an innovative BTC cloud mining platform that aims to address the high barrier to entry and the growing number of scams that the cloud mining industry currently faces. Through the implementation of decentralization, Bitcoin Minetrix is making it easier and safer for anyone looking to get started in BTC cloud mining.

#BTCMTX introduces an efficient cloud mining solution for the #Crypto community.

Previous concerns about expensive equipment and cloud mining deceptions held many back.

This decentralized strategy ensures a transparent and protected mining venture.⚒️ pic.twitter.com/FPZHxkB74j

— Bitcoinminetrix (@bitcoinminetrix) October 24, 2023

Stake to Mine Protocol

At the Bitcoin Minetrix platform’s core is a revolutionary protocol allowing users to claim physical mining power through staking. To get started, users must purchase Bitcoin Minetrix’s native token, BTCMTX.

Showing how #BitcoinMinetrix differs from typical cloud mining. ⛏️🪙

1️⃣ Using ERC-20 #Tokens removes the need for transactions.

2️⃣ Users control their mining power via earned credits from staking.

3️⃣ Smart contracts on #Ethereum automate security and decentralized staking. pic.twitter.com/EyxaQQ6EIR

— Bitcoinminetrix (@bitcoinminetrix) October 22, 2023

Once purchased, the BTCMTX tokens must be staked, rewarding the user with ERC-20 gas tokens. These rewards must then be burned to claim cloud mining power.

The recent iShares Spot Bitcoin Trust listing on the Depository Trust and Clearing Corporation (DTCC) has already boosted BTC’s price above $34,000. As more institutions join the cryptocurrency space, billions of Dollars are expected to enter the cryptocurrency market. This makes Bitcoin Minetrix the ideal platform to grow your BTC holdings.