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Top meme coins to focus on as $BTC triggers fresh rally above $63,000
Cryptocurrency Price Prediction: This week, the cryptocurrency market has seen significant volatility, with Bitcoin showing a dramatic price fluctuation from a high of $67,441 to a low of $56,500. Despite the sell-off earlier in the week, a pickup in demand helped push BTC’s price back to $63,700 and reset the market’s Fear and Greed Index to 69% (bullish)
In such a volatile market, the meme coin sector often emerges as one of the fastest-moving asset classes. While the broader market still awaits confirmation of its post-halving rally, meme coins like Dogecoin (DOGE), Dogwifhat (WIF), and BONK could represent interesting entry points for investors currently on the sidelines.
Read also: Dog Meme Coins Rise As Dogecoin, Dogwifhat, Floki Rise Over 10%
1) Dogecoin (DOGE)
Dogecoin (DOGE)| Tradingview
Dogemoneta (DOGE) started as a joke in 2013 but has since evolved into a major cryptocurrency, backed by a strong community and often highlighted by influential figures like Elon Musk. This meme cryptocurrency has recently witnessed considerable popularity as Tesla, an automotive and energy company, recently revealed the acceptance of Dogecoin as a payment method for some specific products.
This development in the context of the recent market recovery has pushed the DOGE price from $0.12 to the current trading price of $0.16, recording growth of 33%. According to coinmarketcap, Dogecoin is the eighth largest cryptocurrency with a market capitalization of $23,165.
If the current buy is ready to challenge the resistance trend line which brings with it an active correction trend for the last six weeks. A successful breakout will accelerate buying pressure and support coin buyers to reach a $0.2 swing.
Read also: Breakup: Elon Musk’s Tesla adds Dogecoin as a payment method, DOGE price increases by 20%
2) Bon (BONK)
BONK| tradingview
Good (BONK) is a meme coin based on the Solana blockchain, often referred to as the “people’s dog coin”. In the context of the recent market recovery, the BONK price fell from $0.00002 on Wednesday and increased by 42% to reach a high of $0.0000293.
An analysis of the daily chart shows this rally as forming an inverted head and shoulders pattern. This commonly observed chart pattern at the bottom of the market should accelerate the buying momentum and trigger a major reversal for this memecoin.
As of press time, the VERY GOOD price it trades at $0.0000268 and holds a market capitalization of $1.72 billion. If the buying momentum persists, buyers will break out of the $0.0000295 neckline and sustain a prolonged rally to $0.000048.
3) Dogwifhat (WIF)
Dogwifhat (WIF)| Tradingview
Dogwifhat (WIF) is a memecoin based on the Solana network that features a Shiba Inu wearing a pink hat. Over the past three weeks, WIF price has shown remarkable resilience to the market uncertainty surrounding Bitcoin’s fourth halving and has held support above $2.25.
A recent reversal from the aforementioned level has caused the price of meme coins to rise by 46%, currently standing at $3.3, while the market capitalization has jumped to $3.3 billion. The daily chart shows this rally as the formation of a double bottom reversal pattern, strengthening the WIF price at the resistance of $3.57.
A successful breakout will favor buyers with adequate support to drive sustainable recovery to the $4.35 barrier, followed by $4.86.
Key takeaway
The meme coin industry is known for its rapid fluctuations, largely due to its sensitivity to market sentiment. While this volatility may not appeal to conservative investors, meme coins have often produced significant short-term gains, often outperforming major cryptocurrencies.
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