Memecoins
ETH-Based Memecoins to Lead AltSeason Rally Amid Spot Ethereum ETF Approval!
Amid increased volatility in the crypto market, memecoins have managed to regain momentum and continue to trade in strong bullish sentiment, indicating high potential for a memecoin rally in the coming period.
With the growing speculations about the approval of the Ethereum ETF spot approval, the ETH Price Recording a multi-year jump in its portfolio and showing a positive uptrend for the second day in a row, Ethereum-based altcoins have seen a massive increase in their respective valuations.
Additionally, ETH-based memecoins outperformed the category, with PEPE price recording a new all-time high (ATH) and hovering near its upper range, with the FLOKI token following in its footsteps and showing a significant uptrend in its portfolio .
PEPE Price exceeds its ATH twice in 24 hours!
The Pepe memecoin continues to show bullish price action by successfully recording a new all-time high of $0.00001422 today. Positively, the Ethereum-based memecoin added 25.86% with a trading volume of $4.3 billion in the last 24 hours.
Positively, the Prices of PEPE parts has formed a symmetrical triangle pattern on the 1D timeframe and is about to test its resistance trendline, the outcome of which is uncertain.
TradingView: PEPE/USDT
Furthermore, the PEPE Price has rewarded its investors with a 2X return in 30 days and a cumulative return of 882.56%, making it the best performer among the top memecoins.
The MACD technical indicator shows a significant increase in its green histogram, with its averages showing a significant uptrend in the chart. Additionally, the 50/200 day EMA shows bullish sentiment by acting as support in its price chart.
If the bulls continue to trade under positive price action, the PEPE token will prepare to test its upper resistance level of $0.0000160 by registering a 15% jump. However, if the bulls fail to follow the volatile market, memecoin will fall to test its support level of $0.0000120.
FLOKI Memecoin on the verge of a major breakout:
THE FLOKI Price has consistently formed higher lows in its price chart since mid-April, successfully forming an ascending channel pattern during the 1D timeframe. Additionally, with a 12% jump in the last 24 hours, memecoin is now approaching its resistance trendline.
TradingView: FLOKI/USDT
The relative strength index (RSI) has approached its overbought range, indicating increased buying sentiment in the crypto space. Additionally, the SMA supports the price chart, suggesting a bullish outlook for the FLOKI memecoin in the coming times.
If the bulls break out of the resistance trendline, the Floki Token will prepare to test its upper resistance level of $0.00030 in the coming week. However, bearish price action could pull Floki coin price towards its support level of $0.000199.
A Memecoin rally on the horizon?
With the increased price volatility in the crypto space, the memecoin category has managed to regain its momentum by adding significant value to its valuation with top tokens showing massive price action.
Additionally, with bullish sentiments rising, memecoins are expected to outperform top tokens in the next bullish rally.
However, investing in these tokens is very risky as they are known to record massive pumps and dumps in a short period of time. Make sure to “DYOR” before investing in this category as they are very volatile in nature.
Also discover: Ethereum Price Analysis: To Buy or Not to Buy Before ETF?