Memecoins
Are Memecoins poised to resist the PEPE and BOME price breakout?
The memecoin category showed significant price action following the Bitcoin Halving, indicating growing investor interest in these tokens. Additionally, top memecoins have seen a significant increase in their respective wallets over the past seven days.
Additionally, current market sentiment indicates a strong possibility of a memecoin mania in the coming month as the market turns bullish.
Pepe (PEPE):
THE Pépé Prize posted a strong bullish reversal on its chart after trading under bearish influence for about a month. Additionally, the price increased by 4% over the past 24 hours and 52.87% over the past week, indicating strong bullish prospects for the memecoin in the times to come.
TradingView: PEPE/USDT
The technical indicator, MACD, displays an ascending green histogram, indicating an increase in buying pressure in the market. Additionally, the averages show bullish convergence, suggesting positive price action for the altcoin in the coming times.
If the market pushes the price above the resistance level of $0.00000785, the price will regain momentum and prepare to test its upper resistance level of $0.000010. However, bearish price action could pull the price towards its low of $0.0000060.
Book of MEME (BOME):
BOME Prize has successfully won the title of one of the best memecoins of all time by securing 7th place. Additionally, memecoin added 5.06% in the last 24 hours and its YTD stands at 1,161.4%, making it one of the best performers in this category.
TradingView: BOME/USDT
The MACD shows a steady decline in the red histogram, indicating an increase in buying-on-selling pressure in the market. Additionally, the averages show a strong possibility of a bullish convergence this week, highlighting that the price will continue to gain value this week.
If the market holds the price above the support level of $0.0113, the bulls will prepare to test its upper resistance level of $0.0132. Conversely, if the bears overpower the bulls, the price would lose momentum and fall towards its lower support level of $0.0094 in the coming times.