Crypto Price Analysis: Crypto investors beamed with refreshing optimism last week, fueled by Ethereum ETFs receiving long-awaited approval from the SEC. The crypto market rallied as Bitcoin and Ethereum recovered losses seen in April and early June. Meme coins like BONK and SHIB stand out with continuous price increases from last week. These signs may be worth considering before BTC wakes up for a move above $70,000.
However, the outlook is quickly fading as the cryptocurrency market stalls the recovery. Bitcoin price has consolidated above $67,000 not to mention the risk of slipping to $65,000 before the end of the week. Most major altcoins show little momentum but look for suitable support established to develop high.
However, the Meme cryptocurrencies show remarkable growth if the market uncertainty outperforms. The meme coin sector is characterized by its highly volatile nature, largely driven by changes in trader sentiment. This volatility can be disconcerting for conservative investors, but it also presents opportunities for significant, but usually fleeting, gains.
On Wednesday, top meme assets such as Shiba Inu (SHIB), Dogwifhat (WIF) and Book of Meme (BOME) are riding high momentum rallies.
Also Read: Best Shiba Inu Killers to Diversify Your Memecoin Wallet
1) Upcoming Meme Coins – Shiba Inu (SHIB)
Shiba Inu (SHIB) is a meme coin that gained notoriety as a decentralized community building experiment. Fundamental factors influencing SHIB’s value include its large, active community, speculative trading, and developments within its ecosystem aimed at increasing its utility beyond being just a meme coin.
The continued recovery trend in SHIB price can be detected using a rising trend line in the daily chart. On May 24, the memecoin saw its latest reversal from the dynamic support leading a 16.8% rally to reach $0.0000276.
With a market cap of $16.3 billion, the Shiba Inu coin stands as the second largest meme cryptocurrency.
If the lower trendline remains strong, the Shiba Inu coin revisits a higher target such as $0.0000328, followed by $0.000038 and $0.0000458.
On the contrary, a bearish breakdown of the support trendline would indicate a fresh correction and could push the SHIB price back to $0.00002.
Also Read: Shiba Inu Marketing Lead Delighted As SHIB Price Rises 16%, Cardano Reverses
2) BONK
BONK is a meme cryptocurrency that stands out because of its strong community focus and its base on the Solana blockchain. Launched in late December 2022, it quickly gained attention by implementing a large-scale airdrop strategy, distributing 50% of its total supply to various participants within the Solana ecosystem.
Withstanding the current market uncertainty, the BONK price has seen an aggressive rally since mid-May. The bullish upswing has propelled this memecoin value from $0.000021 to $0.0000414, registering and boasting a growth of 91%.
The BONK coin currently has a market cap of $2.78 billion, while the 24-hour trading volume is recorded at $1.08 billion.
Amid this rally, the buyers recently breached a notable resistance at $0.0000336, paving the way for buyers to challenge an all-time high at $0.000047.
With the BONK memecoin poised to enter price discovery mode, the traditional pivot level indicator suggests overhead resistances at $0.0000579 and $0.0000672.
3) BOOK OF MEME (TREES)
The BOOK OF MEME (BOME) is an innovative project within the cryptocurrency world, focusing on the integration of meme culture with blockchain technology. Its primary goal is to create a permanent digital archive of memes, ensuring their preservation using decentralized storage solutions such as Arweave and IPFS.
Over the past six weeks, the BOME price has seen a steady upward trend under the influence of a rising wedge pattern. On May 27, the coin price gave a decisive breakout from the pattern’s overhead trend line, indicating that this memecoin is preparing for a higher rally.
The post-breakout rally pushed the asset up 5.5% to currently trade at $0.0146, while the market cap boasted $1.008 billion.
If the pattern holds true, the BOME price should chase a potential target of $0.0186, followed by $0.029.
Key takeaways
The memecoin sector is seeing an outstanding performance amid a broader market consolidation. While the consolidation of Bitcoin (BTC) has curbed growth for many altcoins, meme coins have risen, taking advantage of their inherently high volatility. This characteristic makes them particularly attractive to momentum traders, who capitalize on the rapid price movements these coins often experience.
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Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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