With the price of Bitcoin on its way to a new all-time high (ATH), the memecoins have regained momentum and added significant valuation to their respective portfolios. Are you planning to invest in memecoins but confused about the future prospects?
Dive in, because in this article CoinPedia has brought you the latest market sentiments, price analysis and potential short-term targets of the top 5 memecoins by market capitalization in its crypto market analysis.
Dogecoin (DOGE) Price Action:
Amid increased bullish sentiment in the crypto market, the DOGE price added 4.80% to its portfolio in the past day with a trading volume of $1.47 billion. Furthermore, it has gained 17.67% over the past seven days and has a YTD return of 53.76%.
The technical indicator, MACD, is showing a steady rise in the green histogram, highlighting an increase in the buy-over-sell pressure in the crypto space. Furthermore, the averages are showing a constant upward trend, suggesting that the DOGE coin price will continue to gain value this week.
If the market continues to gain momentum, the Dogecoin price will prepare to test its upper resistance level of $0.18225 in the coming time. Conversely, if a trend reversal occurs, the memecoin leader will drop to its low of $0.1010.
Shiba Inu (SHIB) Price Analysis:
The SHIB coin price has recorded price fluctuations of less than 2% in the past month, indicating weak price action for the second largest memecoin in the market. However, it has risen more than 75% this year, highlighting a positive sentiment in the long-term perspective.
The Relative Strength Index (RSI) continues to move close to its midpoint with its average showing a neutral trend. Furthermore, the EMA 50/200 days is recording a flat line, suggesting uncertainty in future price action.
If the market holds the SHIB price above its key support level of $0.0000170, the bulls will move towards its upper resistance of $0.00003080. However, bearish price action could pull the Shiba Inu price to its low of $0.00001175.
Pepe (PEPE) Price Action:
The PEPE price has added more than 28% to its valuation over the past week and 7.64% over the past 30 days. Moreover, with a surge of 756% this year, the Pepe coin price secured the 22nd position with a market capitalization of $5.102 billion.
The MACD indicator is showing weak buying and selling pressure in the Pepe price chart. Additionally, the Simple Moving Average (SMA) indicates a potential bearish convergence, suggesting uncertainty in future action.
If the bulls regain momentum, the PEPE price will breach its resistance level and move towards its high of $0.00001718. On the downside, if the bears overpowered the bulls, the PEPE coin price will retest its low of $0.00000880.
Dogwifhat (WIF) Price Analysis:
The WIF price has shown positive price action since its inception, adding 57.13% in the past seven days and 1,732.29% this year. Furthermore, dogwifhat claimed the title of the most successful memecoin on the Solana chain with a market cap of $2.797 billion.
The RSI failed to surpass its overbought range, resulting in it recording a bearish curve. However, the SMA continuously supports the price chart in the 1D timeframe. This indicates a mixed sentiment for the dogwifhat price in the crypto space.
If the bulls continue to dominate the market, the dogwifhat price will prepare to test its upper resistance level of $3,990. However, if the bears overpowered the bulls, this Solana-based memecoin will lose strength and fall to its low of $2.10.
Bonk (BONK) Price Action:
With a jump of 50.71% within the last 30 days and 131.96% this year, the Bonk price claimed the 5th position in the memecoin category with a market capitalization of $2.132 billion. Moreover, it has a trading volume of more than $389 million, it has added 1.98% in the last 24 hours.
The moving average convergence divergence (MACD) recorded a green histogram since the month began, indicating a strong bullish sentiment for the memecoin in the crypto market. Moreover, the averages show a significant rise, suggesting a positive outlook for the Bonk price this week.
If the market pushes the Bonk coin price above its resistance level of $0.00003390, the bulls will prepare to test its upper high of $0.000004150. Conversely, if the bears gain power over the bulls, the Bonk crypto will drop to its support level of $0.0000270.
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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