What Crypto is Showing Bullish momentum?-Pippin, Merl and more.

• The crypto market is on a strong downtrend, with Bitcoin trading below $90k, and the total market cap down over $1 trillion.

• Some cryptos are showing bullish momentum despite the current market conditions, including Pippin, Memecore and Merlin chain.

The crypto market has suffered massive losses over recent months, with Bitcoin retracing from its all-time high of $126 recorded in October. The crypto market has lost nearly $1 trillion after reaching $4 trillion, is currently at $3 trillion, and has dipped below $3 trillion. With all these losses, most crypto assets have lost their upside momentum. However, some coins, both memecoins and altcoins, have shown bullish momentum, and they are likely to continue. 

Which crypto assets are showing bullish momentum?

Cryptos showing bullish momentum.

Merlin chain [MERL]

Merlin has been on a remarkable upward momentum over the last seven days. After bouncing from $0.31 four days ago, Merl has since rallied to a high of $0.48. According to CoinMarketCap, the altcoin has rallied 29% the past week and 27% over the past month. While other coins have been on a steep drop, Merlin is showing strong bullish momentum. We can see this momentum, especially in its volume, which has jumped to $55 million, while the market cap has touched $500 million. 

A significant amount of capital has flowed into both futures and spot markets. Over the past day, for example, futures recorded $72.89 million in inflow, and $371 million over the past seven days. On the spot side, Merl recorded an outflow of $8.25 million over the past 24 hours and $33.42 million over the last week, indicating a high accumulation rate. 

Memecore

Another crypto showing bullish momentum is Memecore, which has made considerable gains over the last week. Memecore surged from $1.2 to $1.9 within less than seven days.

Over the last week, Memecore has rallied 49% according to CoinMarketCap. Over the past 24 hours, the crypto surged 5%, indicating bullish momentum across the charts. Memecore futures recorded a $27 million inflow in the past day and a $65 million inflow in the past week.

Pippin

Last week, there was no more bullish crypto than Pippin. Over this period, Pippin stands out as the crypto with the most bullish momentum. Over the past week, Pippin has rallied by more than 122%, rising from $0.16 to $0.35. 

Over the past month, the memecoin has been up over 1000%, hiking from a low of $0.02. Over the same period, the memecoin’s market cap rose from $21 million to $361 million, reflecting massive capital flows. 

Pippin futures have recorded even more capital inflow in the past week, with $3.87 billion. In 24 hours, the memecoin recorded $306 million in inflows. The three cryptocurrencies are showing bullish momentum despite the current bearish trend.

If the market finds a few more coins with such capital flows, we could see the broader market rebound. Therefore, these coins give the market hope and signal that capital could rotate into other assets, further supporting bullish momentum. For now, let us wait for the next crypto to wake up.