BNB, Pepe plunge from recent ATHs as analysts highlight Raboo as prime pick

BNB and Pepe see declines amid market challenges, while Raboo’s presale raises $2 million, attracting over 10,000 users and gaining traction.

BNB recently hit a new all-time high but declined due to decreased BNB Chain engagement and regulatory challenges in the US. Similarly, Pepe’s price dropped following reduced whale transactions.

In contrast, Raboo, a new presale token, has raised over $2 million and attracted over 10,000 users, breaking records with its upward trend. Analysts now tip Raboo as one of the leading altcoins to invest in 2024 due to its strong profit forecasts.

BNB declines amid market fluctuations

BNB recently reached a new all-time high (ATH) of $720.67, after increased activity on the BNB Chain inspired a price rally.  However, since hitting this peak, BNB has witnessed significant declines. Consequently, BNB remains stuck under $600, casting aspersions on claims from BNB’s supporters that the token is still one of the best cryptos to buy in 2024. 

Despite the recent dip, technical indicators suggest that BNB remains in a bullish zone, with some predicting a surge to $1000. However, overbuying signals suggest a possible correction before any significant upward movement resumes. This forecast is supported by positive sentiment and past market patterns.

The decrease in BNB’s price and activity is linked to diminishing engagement on the BNB Chain evidenced by a notable reduction in the total value locked (TVL) and decentralized application (DApp) volumes as well as ongoing regulatory challenges in the United States that have impacted Binance’s market share negatively, leading to decreased trading volumes and market presence.

Pepe set to rise amid bullish patterns but faces risks

Pepe’s price might be on track from a rebound after a drop from its recent ATH caused a streak of losses. Currently trading at $0.00001173 representing a 4.3% decline over the past week, technical indicators now indicate that Pepe might be set for a rebound. Furthermore,  The stabilization of Bitcoin at $67,000 and steady whale holdings of over 203 trillion Pepe tokens could contribute to an upward movement.

Traders have identified bullish patterns in Pepe’s recent price action, including staying above the 100-day Exponential Moving Average (EMA) and forming a falling wedge chart pattern, which it has broken above. Additionally, Pepe has formed a hammer candlestick pattern, typically a bullish signal, supported by a rising trading volume of $865 million and increased open interest in futures markets to over $134 million. 

However, recent data indicates potential risks for Pepe, with significant liquidations and decreased whale transactions. Over the last 24 hours, Pepe experienced nearly $1.51 million in liquidations, with whale transactions dropping to $48.7 million from a peak of $190 million on July 5th. This decline in large-scale investor interest could lower market confidence and potentially lead to a sharp price drop.

Raboo emerges as 2024’s leading AI-powered memecoin

Raboo is a unique AI memecoin designed to create a vibrant community of meme enthusiasts through the integration of Social-Fi and Artificial Intelligence. Built on the Ethereum ERC-20 network, Raboo (RABT) presale token combines cutting-edge technology and AI wizardry with a focus on community engagement and real-world rewards. Analysts predict a 233% growth during its presale and a 100x increase on launch day, setting the stage for Raboo to become one of the leading altcoins to invest in 2024.

Raboo is developed on the Ethereum blockchain, featuring a fully audited contract to ensure maximum reliability. The Raboo community, dubbed “meme assassins,” is encouraged to unite across social media platforms to form a resilient and engaged group. This strong community foundation is essential to the Raboo movement’s success, fostering a sense of belonging and shared purpose among its members.

Marketing efforts for Raboo are set to go viral, employing a range of tactics to make the coin unforgettable and propel it to the top of the memecoin market. In addition to robust marketing, Raboo will host exciting prize draws and giveaways, offering participants the chance to win free tokens. These initiatives aim to generate buzz and attract a dedicated following, solidifying Raboo’s position as a leading memecoin.

Conclusion

BNB declined recently as a result of decreased engagement on the BNB Chain that has kept its price below $600. On the other hand, Pepe seems set for a potential bullish breakout despite a decline streak over the past four weeks.

In contrast, Raboo is gaining traction as one of the leading cryptos to buy in 2024. Its unique features and significant profit potential are driving its adoption and investor interest, positioning it as a top altcoin to watch in 2024. 

Interested users can participate in the Raboo presale here, or check out on Raboo’s Telegram and Twitter.

This article first appeared at crypto.news