Memecoins
What’s next for top memecoins as Bitcoin price hits $68,000?
With the price of Bitcoin On its way to a new all-time high (ATH), memecoins have regained momentum and added significant valuation to their respective portfolios. Considering investing in memecoins but confused about its future prospects?
Dive into this article, CoinPedia in its cryptocurrency market analysis has brought you the latest market sentiments, price analysis and potential short-term targets of the top 5 memecoins by market cap.
Dogecoin (DOGE) Price Evolution:
Amid increased bullish sentiment in the cryptocurrency market, the DOGE Price added 4.80% to its portfolio in the last day with a trading volume of $1.47 billion. Additionally, it has jumped 17.67% in the last seven days and has a YTD return of 53.76%.
TradingView: DOGE/USDT
The technical indicator, MACD, is showing a steady rise in the green histogram, highlighting an increase in buying over selling pressure in the crypto space. Additionally, the averages are recording a steady upward trend, suggesting that the DOGE coin price will continue to gain value this week.
If the market continues to grow, 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 plunge towards its low of $0.1010.
Shiba Inu (SHIB) Price Analysis:
THE SHIB Coin Price has seen price fluctuations of less than 2% over the past month, indicating little price action for the second-largest memecoin on the market. However, it has surged more than 75% this year, highlighting positive sentiment from a long-term perspective.
TradingView: SHIB/USDT
The Relative Strength Index (RSI) continues to hover near its midpoint, with its average showing a neutral trend. Additionally, the 50/200-day EMA is registering a flat line, suggesting uncertainty about future price action.
If the market maintains the SHIB Price Above its important support level at $0.0000170, the bulls will head towards its upper resistance at $0.00003080. However, bearish price action could pull Shiba Inu price towards its low of $0.00001175.
Pepe (PEPE) Price Action:
THE PEPE Award Pepe cryptocurrency value has increased by over 28% in the past week and 7.64% in the past 30 days. Moreover, with a 756% increase this year, Pepe coin price has secured the 22nd position with a market cap of $5.102 billion.
TradingView: PEPE/USDT
The MACD indicator is showing weak buying and selling pressure on the Pepe price chart. Additionally, the Simple Moving Average (SMA) is hinting at a potential bearish convergence, suggesting uncertainty about future action.
If the bulls regain momentum, the PEPE Award will break its resistance level and head towards its high of $0.00001718. Negatively, if the bears have dominated the bulls, the PEPE coin price will retest its low of $0.00000880.
Dogwifhat (WIF) Price Analysis:
THE Wi-Fi Prices has shown positive price action since its inception adding 57.13% in the last seven days and 1,732.29% this year. Additionally, dogwifhat has claimed the title of the best performing memecoin on the Solana chain with a market cap of $2.797 billion.
TradingView: WIF/USDT
The RSI failed to break above its overbought zone, which caused it to register a bearish curve. However, the SMA is consistently supporting the price chart in the 1D time frame. This indicates a mixed sentiment for the dogwifhat price in the crypto space.
If the bulls continue to dominate the market, dogwifhat price will prepare to test its upper resistance level of $3.990. However, if the bears dominate the bulls, this Solana-based memecoin will lose its power and drop towards its low of $2.10.
Bonk (BONK) Price Action:
With a jump of 50.71% over the last 30 days and 131.96% this year, the Bonk Price ranked 5th in the memecoin category with a market capitalization of $2.132 billion. Additionally, its trading volume exceeds $389 million and it has increased by 1.98% in the last 24 hours.
TradingView: BONK/USDT
The Moving Average Convergence Divergence (MACD) has registered a green histogram since the beginning of the month, indicating a strong bullish sentiment for the memecoin in the cryptocurrency market. Moreover, the averages are showing a significant increase, suggesting a positive outlook for 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 high of $0.000004150. Conversely, if the bears get the upper hand over the bulls, the Bonk crypto will plunge towards its support level of $0.0000270.
Also see: Cryptocurrency Market News Today: ETH ETF Launch Impacts Ethereum and Altcoins