Today marks a significant milestone in the cryptocurrency landscape with the launch of the BlockDAG mainnet. This event is pivotal, as it transitions from a developmental phase to a fully operational network, allowing users to engage with a functional system. As the market anticipates this launch, established cryptocurrencies like Pepe Coin and Avalanche are experiencing notable downward trends.
The price of Pepe Coin is currently around $0.0000038, reflecting a minor uptick of approximately 1% over the past week. However, the overall trend remains bearish, with the asset trading significantly below its moving averages (MA-20, MA-50, and MA-200). This indicates persistent selling pressure. Technical indicators, including the MACD and ADX, align with a continuing sell signal, while the Relative Strength Index (RSI) sits near 35, suggesting the coin is nearing oversold territory. Analysts forecast that the price will likely fluctuate between $0.00000345 and $0.00000395 this week, with a less than 20% chance of a breakout. The chart”s pattern shows lower highs and lower lows, reinforcing the ongoing downtrend.
Support for Pepe Coin is identified at around $0.00000345, while resistance levels are noted near $0.00000395 and $0.00000500. For any substantial recovery, a move above these resistance points will be essential. In the current climate, most traders anticipate continued sideways movement amid weak momentum.
Meanwhile, Avalanche has slipped to approximately $9.06, marking a decline of over 2% in the last day, contributing to a weekly decrease of nearly 9%. The trading volume has also seen a significant drop of about 50%, suggesting a decrease in market activity. Chart patterns reveal that Avalanche has been forming lower highs and lower lows for several months, keeping it in a persistent downtrend. Analysts have identified resistance levels between $10 and $11, aligned with key Fibonacci retracement levels, while support is projected around $8.35. The RSI remains under its previous trendline, indicating weak momentum persists.
Despite the emergence of a new ETF for Avalanche on Nasdaq, which has attracted attention from institutional investors, the price action is heavily reliant on the market”s ability to establish stronger support in the near future.
The launch of the BlockDAG mainnet represents a crucial moment for the project. This is not a test phase; the network is officially active, and blocks are being generated on-chain. The next 72 hours are critical as they will set the foundation for BDAG”s public market entry and influence how early participants position themselves ahead of trading. The Token Generation Event (TGE) scheduled for February 11 will be a key moment for the project, as it marks the transition of allocations from dashboards into user wallets, thus kicking off the launch phase.
It”s important to note that holders of BDAG will have staking capabilities, which directly impacts their access to reward mechanics from the outset. Currently, the final access price stands at $0.00025, and this opportunity will close permanently at the TGE, with no extensions available. With a confirmed launch structure in place, many are focusing on the substantial potential gap between the final access price and post-launch market valuations.
In conclusion, while Pepe Coin continues to grapple with selling pressure and Avalanche trades in a weakening state, the excitement surrounding BlockDAG is palpable as it steps into a new phase of operation. The transition from preparatory measures to a live network positions BlockDAG favorably compared to other assets still navigating uncertain market conditions.
