Meme Coin Market Rally as Bitcoin Holds $60K

Crypto Price Forecast: The crypto market witnessed ease from the early weeks of the sell-off, which allowed the Bitcoin price to reach $63,800 on Friday. Amid the renewed recovery, the meme cryptocurrencies were among the higher gainers highlighting the nature of this asset class that shows rapid movement during changes in market dynamics

In a recent tweet, crypto analytics firm Santiment highlighted continued negative sentiment towards major cryptocurrencies since Bitcoin halved on April 19. Contrary to expectations, this significant event did not lead to an immediate increase in market capitalization. The tweet pointed to the heightened uncertainty in the market, with the withdrawal of smaller wallet holders from the cryptocurrency space.

Santiment suggests that this reduction in smaller, possibly more speculative investors could be a beneficial clearing of the market, potentially setting the stage for more stable returns for Bitcoin and other altcoins as the summer approaches.

Also Read: 2 Main Reasons Why Dogecoin Price Will Rise Soon

1) Dogecoin (DOGE)

Dogecoin (DOGE) is a decentralized, peer-to-peer digital currency that started as a meme but quickly gained a massive following. What sets Dogecoin apart is its vibrant community and light-hearted identity that fosters widespread use and greater accessibility than traditional cryptocurrencies.

Amidst the recent market sell-off, the DOGE price bounced back from the combined resistance of $0.169 and a downtrend line. This bearish reversal sent the asset value tumbling 10.8% in four days to currently trade at $0.15, while the market cap fell to $21.75.

For buyers to take control of the asset, they must break through the overhead trend line. This breakout will signal the conclusion of correction patterns and potentially push DOGE’s price beyond $0.228.

Conversely, if the dynamic resistance remains unbroken, DOGE’s price is likely to continue its current correction phase.

Also Read: Net in: BitMEX Launches Bitcoin, ETH, SOL, XRP, DOGE Options

2) Pepe Coin (PEPE)

Pepe Coin (PEPE) is a memecoin that takes its inspiration from the popular Pepe the Frog meme, and quickly gained traction due to its community-centric approach, which includes a no pre-sale opportunity, no transaction tax, and an initial liquidity pool that was burned to generate large avoid landfills.

The Pepe price has seen a steady recovery since last week, evidenced by the higher high and higher low formation in daily charts. From a low of $0.00000393, the memecoin rose 124% to reach the current trading price of $0.00000873.

At press time, the PEPE coin has a market capitalization of $3.65 billion, while the 24-hour trading volume hovers at $741.6 million.

If the buyers manage to hold above the recently reclaimed $0.000008 support, the buyers could mount a rally past $0.00001.

Also Read: Pepe Coin Price Analysis As Trading Volume Falls 20% To $742 Million, Is 2024 Bull Over?

3) Book of Meme (TREES)

Book of Meme (BOME) is an innovative memecoin based on the Solana blockchain, designed to archive and perpetuate meme culture in the digital realm. The project uniquely combines memes with decentralized storage solutions, aiming to create a permanent digital repository of meme content on the blockchain, accessible through platforms such as IPFS and Arweave.

Since last month, the BOME coin price has been trading sideways, struggling to overcome the intense supply pressure at the $0.0125 mark. However, as the rising trend line gradually lifts, the asset price is higher, revealing the formation of an ascending triangle pattern.

The Book of Meme token currency is trading at $0.0117, while the market capitalization stands at $810 million. A potential breakout of the $0.0125 neckline would accelerate the buying momentum and favor the buyers to $0.0186, followed by $0.029.

Also Read: Top 3 Cryptos to Invest in According to Experts are ETFSwap (ETFS), Bonk (BONK), and BOOK OF MEME (BOME)

Key takeaways

The leading digital asset Bitcoin seeing renewed demand pressure at the psychological level of $60,000 has strengthened the altcoin market to develop a local bottom. As the ongoing correction begins to taper off, it is likely to attract buyers looking for opportunities at lower prices, injecting new buying pressure into the market.

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