Top cryptocurrencies to watch this week: BTC, SOL, PEPE

 Among the top assets affected by the decline in the cryptocurrency market last week were Bitcoin (BTC) and Solana (SOL). Pepe (PEPE), however, saw a more significant decrease in price.

The whole cryptocurrency market was affected by this price collapse, as the total value of all cryptocurrencies fell by nearly $280 billion in the last seven days, or 10%, to $2.32 trillion as of this writing.

An assessment of the week's performance for some of the most affected cryptocurrencies is provided below:

BTC, SOL and PEPE prices – April 14 | Source: Santiment

Coin drops to a one-month low

Remarkably, Bitcoin started the week strongly, trying to maintain the gains it made from April 3 to April 7 of last week. On April 8, the top cryptocurrency asset crossed $72,000 and ended the day with a noteworthy 3.25% gain, regaining the $70,000 mark for the first time in more than a week.

But the next day, the bears took over and drove Bitcoin below $70,000, resulting in a 3.45% loss that effectively erased the gains from Monday. The declining trend was made worse by the hotter-than-expected U.S. inflation statistics. When Bitcoin fell to the 21-day EMA's $68,318 support level, it managed to rally. 

Bitcoin experienced a spike in strength that allowed it to regain the $71,000 region; however, the ensuing resistance prevented any additional gains. Bearish pressure stemmed from fears around the impending Iran-Israel confrontation, and the rest of the week was characterized by a steady decrease in prices.

From April 11 to April 13, Bitcoin experienced three days in a row of losses, which culminated in a startling collapse to a one-month low of $61,596 on April 13. Bitcoin has bounced back from this floor, but it is still in a downward trend. In the last two days, it has lost 8% of its value and is unable to hold onto the $65,000 mark.

SOL deviates from the 50-day EMA

Although Solana's week began less significantly than Bitcoin's, its subsequent price slide was significantly more severe. SOL had a slight increase of 0.67% on April 8 as BTC drove the market into a brief upswing, but the next day, BTC started a downward trend that caused SOL to plummet by 4.63%.

In a same vein, the recovery on April 10 only saw a 0.56% increase, and the remainder of the week brought one of the largest drops in Solana prices this year. Over the course of the week ending April 11th, Solana saw a depressing 21.19% decline, giving up the Fibonacci support levels of 0.618 ($171.09), 0.5 ($161.11), and 0.382 (151.14).

More importantly, on April 12, Solana's three-day bearish trend caused a breakdown below the critical 50-day EMA, which was trading at $162.30. SOL closed two days in a row below this threshold. The asset last saw this incident in September of 2023.

Additionally, Solana gave up the psychological supports between $150 and $140; at of the reporting time, the stock was trading for $139.94. Since April 8, the cryptocurrency's market capitalization has dropped by $19 billion, and it is down 24% this week. 

Drops to a 9-month low in PEPE CCI

Pepe was not spared this week's carnage that was witnessed in the larger market.

Eventually, the meme coin with a frog theme fell below the $0.000004 support level, reaching a one-month low. Its early-week gains exceeded Bitcoin's, but it also saw losses, which is evidence of the meme coin market's increased volatility.

On April 8, the meme currency saw a jump of 4.30%, peaking at $0.00000796. However, it subsequently fell 9.28%, forfeiting not just the gains from Monday but also the majority of the value it had gained during the previous week.

Following a modest two-day rebound, PEPE had a further significant intraday decline of 19% on April 12. The biggest intraday decrease that Pepe has experienced in almost a year occurred with this collapse (the last time it suffered such a price crash was when it plunged 30.47% on May 8, 2023, just after its inception).

After plummeting 19% on April 12, Pepe plummeted a another 14.86% the following day.

PEPE is still trading below $0.000006, changing hands at $0.00000525, even with today's slight price gain. With its commodities channel indicator (CCI) plunging to -245, the lowest level in nine months, the meme currency has experienced a 29% decline this week.

With so much potential for growth, Pepe appears to be significantly undervalued, as indicated by the remarkably low CCI. When the asset's CCI last reached this level, it continued to fall for three more months, reaching a bottom of $0.00000061 on October 19, 2023, before beginning to rise again.