Memecoins Turn Super Bullish! Top 5 Signs to Control the Market?
As the price of Bitcoin (BTC) retested the important $60,000 resistance level, the crypto market experienced a resurgence in the past few hours. Moreover, the market recorded a jump of 1.97% in the previous day and is currently valued at $2.09 trillion.
Following this, the top memecoins recorded similar price action as they broke through their important resistance levels. With that, meme investors are curious about the short-term prospects of memecoins amid increasing uncertainty.
Scroll down, in this article we have covered the price action and potential monthly price targets of Dogecoin, Shiba Inu, Pepe, Dogwifhat and Bonk memecoins.
Dogecoin (DOGE)
Jumping ~5% in the past day, Dogecoin price is above the $0.1 mark. It also recorded a 24-hour high of $0.1083 with a trading volume of $663.713 million. Moreover, it has increased 17.24% in last week and has returned 19.64% YTD.
The MACD indicator shows a significant increase in the averages, which indicates an increase in buying pressure. Moreover, the table shows a constant increase in the green histogram. This shows that the leader of memecoin, Dogecoin price can continue to gain value in the coming period.
If the bulls break out of the resistance trend line of the same triangle pattern, the price of DOGE could lead to a high of $0.12730. However, a bearish fall may drag the price to the $0.101 support level this month.
Also read Shiba Inu Price Prediction 2024 – 2030
Shiba Inu (SHIB)
Following in the footsteps of DOGE memecoin, the second largest memecoin by market capitalization, SHIB's value increased by 4.68% with $159.58 million traded. With a year-to-date return of +35.16%, it ranks 13th with a market value of $8.23 billion.
The Relative Strength Index (RSI) has crossed the neutral point in the 1D timeframe. Additionally, the average trendline constant serves as support for the SHIB price chart. This indicates strong bullishness for Shiba Inu memecoin in the market.
A bullish change could push SHIB price to a high of $0.0000170. Furthermore, if the market continues to accelerate, it may head towards the high of $0.00002350. Conversely, if the bears gain momentum, this memecoin may retest the $0.00001175 low.
pepper
The second most successful Ethereum-based memecoin, Pepe's price rose ~18% in the last week to $0.00007947. Moreover, it has rewarded its long-term investors with a YTD return of +456.65%. Notably, it is currently trading at a 53.92% discount to ATH.
The EMA is on the verge of recording a 50/200-day death cross on the 1D time frame. However, the 50-day shows a possible bullish reversal. This indicates a high probability of recovery in the future.
If the bulls continue to rally, the price of PEPE may break out of the resistance level and head towards a high of $0.00001150. On the downside, a bearish move could drag the price of the pip coin to its critical support level at $0.00000625.
Also read the PEPE price forecast 2024 – 2030
Dogwhiphat (YF)
WIF price has taken the memecoin world by storm, registering a 10X increase this year. As reported, this crypto token is up 4.83% at $252.28 million in the last 24 hours, and 10.23% in the last week.
The Simple Moving Average (SMA) consistently supports the WIF price chart in the 1D time frame. Additionally, the RSI indicator records similar price action. This suggests a positive outlook for the Dogwifhat token this month.
The increased bullish action could lead this Solana-based memecoin to the $2.10 resistance level. On the contrary, if the bears regain momentum, the price of the dogwhip may retest the $1.240 support trend in the near term.
BONK
BONK memecoin has bucked the market sentiment with gains of ~3% over the past day and 11.83% over the past week. It is up 31.06% this year despite a correction of 8.29% in the last 30 days.
Technical indicators EMA 50/200-day and MACD are registering a strong bullish recovery on their respective price charts. This suggests a potential flip for memecoin in the crypto market.
With increasing volatility, BONK price may head towards resistance level of $0.00002125. Keeping the price at that level could set the stage to test the high of $0.0000270. On the negative side, weak price action could drag the value to a low of $0.0000150.
Also read Bonk Price Prediction 2024 – 2030
