PUPS Price Finds Footing: Bull Run on the Horizon or Another FalAt press time, the PUPS price was trading close to $111.23, recording a swift intraday loss of 0.23%.
The 4 hour chart witnesses a consolidation after a sharp fall in the last 24 hours.
The PUPS price seems to be stabilizing near the 20 day exponential moving average after a sharp fall from the highs. The bears seemed to be dominating in the last 24 hours as a sharp fall in the PUPS (Ordinals) crypto was observed.
The price experienced a sharp selloff after suffering rejection from a round level of $200 in the second half on Saturday and has fallen near $110 level. At the time of writing, the crypto was trading close to $111.23 recording a swift intraday loss of 0.23%.
Earlier, the Bitcoin memecoin has experienced immense volatility since its debut five days ago. The PUPS price has hit an all time high of $452.66 on 9th April and hit its all time low of $33.09 on the very next day on 10th April.
The short term trend outlook seems to be bullish. Even after a sharp drop in the previous session, the crypto is yet to break it daily low which indicates strength in the trend. However, the breakout or breakdown of the consolidation of the consolidation may indicate a clear direction.
What is PUPS (Ordinals) & How It Works?
PUPS (Ordinals) is a memecoin linked to digital art of pixel pups on the Bitcoin blockchain. It uses Ordinals, a method that embeds data into Bitcoin transactions, giving each piece of data a unique number and making it viewable to all.
The Pups team plans to switch from BRC-20 to the more decentralized Runes protocol in April, coinciding with the Bitcoin halving. This move is seen as aligning with Bitcoin's decentralized ethos.
As the Bitcoin halving approaches, excitement grows, potentially boosting related networks and tokens. Market experts anticipate positive trends for technical and memecoin projects around this event.
PUPS Crypto Volume Analysis
The volume analysis shows that the PUPS cryptocurrency received nearly $25.45 Million volume in the past 24 hours which is 13.78% less than the previous day’s volume. PUPS’s current market capitalization is $600.09 Million and ranks 218th among the overall crypto market.
The volume to market capitalization ratio is 4.34% suggesting low volatility. The number of PUPS tokens in circulation is 7.77 Million which is also the total supply.
Technical Indicators Imply A Mixed Outlook.
The technical indicators imply a mixed outlook on a combined analysis. The PUPS crypto currently seems to be stabilizing above the 20 day exponential moving average suggesting a slightly positive outlook as per the EMA
Also, at the time of writing, the MACD line as well as the signal line were hovering above the zero line suggesting a positive trend prevailing. However, a divergence is observed on a 4-hour chart, which indicates weakening of the trend.
PUPS Crypto Forecast 2024
The analysts have a wide range of price targets for April 2024. The most optimistic view of analysts assumes the PUPS (Ordinals) price could advance to a high of $200.68 suggesting a potential gain of over 86.7%. The lower price target which the crypto could attain as per the analysts is $73.16 if it breaks the consolidation on the lower side.
Conclusion.
PUPS, which is a Bitcoin memecoin, is showing signs of stabilization near the 20-day EMA after a steep decline from its peak. Despite a recent bearish 24-hour period with a drop to around $110, the price has not made a breakdown of the previous day's low.
Since its launch five days ago, PUPS has been volatile, reaching a high of $452.66 and a low of $33.09. The market cap stands at $600.09 million, with a low volatility as observed from the volume-to-market cap ratio. Technical indicators present a mixed but slightly positive outlook as per the EMA and MACD indicator analysis.
Technical levels:
Support levels: $95.7 and $73.14
Resistance levels: $131.5 and $200.68
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
