Crypto Price Forecast: After a month-long consolidation, the cryptocurrency market sees a renewed recovery trend in the second week of April. The Bitcoin price rise above $70,000 affects this purchase, lifting a majority of the major coins to reclaim lost ground.
Wu Blockchain’s recent tweet highlights significant bullish sentiment among market participants as Bitcoin breaks through $72,000 and Ethereum surpasses $3,600. The market experienced a total of $148 million in liquidations over the past 24 hours, primarily from short positions of $103 million
However, the meme coin sectors have seen higher momentum, evidenced by long bullish candles in their top assets such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE) and Bonk.
With Bitcoin halving just around the corner, these altcoins are likely to witness further buying pressure to lead a prolonged rally.
Also Read: Crypto Prices Today April 8: Bitcoin At $69K, Ethereum Above $3400, XRP & SOL Dip
1) Floki
Floki is a cryptocurrency project that is part of the wave of meme coins, but it aims to differentiate itself by providing real utility beyond the initial hype. Named after Elon Musk’s dog, it stands out by developing an ecosystem with several components, including an NFT market, merchandise store and educational platform called Floki University.
Over a month, the Floki coin has been trading sideways with its price resonating with two convergence trendlines of bullish pennant patterns. Amid the recent relief rally in the market, the coin price bounced back from the pattern’s lower trendline at $0.000184 and rose 18% to $0.000217.
This surge lifted Floki’s market capitalization to $2.08 billion, while 24-hour trading volume is recorded at $16.9 billion. However, for buyers to reclaim control of the asset, they must break out of the overhead trend line.
The rally after the breakout could see Floki Price rally to the $0.00038 mark.
Also read: Fans of Pepe Coin (PEPE) and Floki (FLOKI) join the Koala Coin (KLC) print the next presale sensation
2) Bonk
BONK is a Solana-based meme coin that has gained attention for its significant rise in value and for its approach to being a community coin “for the people, by the people”.
Unlike some meme coins that have been criticized for being controlled by venture capitalists or having unclear tokenomics influenced by ‘toxic’ dynamics within the crypto industry, BONK has positioned itself as a more democratic and community-oriented alternative.
The last corrective trend in BONK price found suitable support at the $0.0000212 level, evidenced by the two notable bounces within three weeks. The recent reversal, boosted by market upswing, propelled the memecoin 14.4% to reach $0.000024.
The current market cap on Bonk stands at $1.57 billion, while the 24-hour trading volume is at $123 million. An analysis of the daily chart shows this reversal as the formation of a double bottom pattern.
Under the influence of this pattern, the BONK price may trigger a potential target of $0.0000378.
Also Read: Bonk (BONK) Price Prediction (2024, 2025 to 2030)
3) Dogwifhat (WIF)
Dogwifhat (WIF) is a memecoin that caught the wave of popularity around the Solana blockchain’s meme trend. It is characterized by its quirky mascot, a Shiba Inu dog wearing a hat, reminiscent of the doge meme that was widely popular on the Internet.
The WIF price which rose for three consecutive days rose from $3.18 to $4.17, registering a 30% surge. With a market capitalization of $4.7 billion, the Dogwifhat coin rose to $4.16, maintaining its position among the top 30 largest cryptocurrencies.
With an intraday gain of 10%, the WIF price is now challenging the $4.16 resistance, offering buyers the next rung to extend the recovery trend. With continued buying, the Dogwihat price can reach the potential target of $4.8.
Key takeaways
With the Bitcoin halving event less than two weeks away, the cryptocurrency market is experiencing a surge in buying activity. This development, which could lead to a Bitcoin supply crisis, is seen as a potential catalyst for a widespread market recovery. Currently, cryptocurrencies associated with memes are at the forefront of this upward trend, suggesting an opportune moment to utilize breakout strategies.
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