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Will These Tokens Dominate the Memecoin Craze in This Bull Rally?
With the increasingly bullish sentiment in the cryptocurrency market, altcoins across major categories have seen a significant uptrend in valuation over the past few days. Furthermore, as the price of Bitcoin Heading towards the upper resistance level of $70,000, memecoins saw a price surge.
Major memecoins have seen double-digit gains in their respective portfolios, highlighting growing bullish sentiment.
Scroll down because in this article we have covered the market sentiment, price analysis and potential short-term price targets of Pepe and Bonk memecoins.
PEPE Memecoin Hints at Breakout Rally:
With an increase of 26.31% in the last 24 hours, the Price of pepper successfully breached its resistance trend line after trading inside the descending channel pattern since May. This highlights an increased positive price action for memecoin.
TradingView: PEPPER/USDT
The technical indicators, SMA and MACD, are showing a strong bullish reversal in the 1D time frame, suggesting that the PEPE cryptocurrency will continue to increase in value this week.
If the market maintains the value of the Pepe coin price above its important level of $0.00001150, the bulls will prepare to test its upper resistance of $0.00001410. On the contrary, if the trend reversal occurs, the price will retest its low of $0.00000880.
Bonk Price about to test its important resistance level:
Amidst a current bullish trend in prices, the BONK Price continues to trade inside the ascending channel pattern, indicating an increase in buy-sell sentiment in the market. Furthermore, memecoin is up 10% over the past day with a trading volume of $472.072 million.
TradingView: BONK/USDT
The RSI indicator has continued to oscillate above its midpoint since the beginning of the month, indicating continued bullish power for the BONK Electronic Money in the cryptographic space.
If Bonk memecoin breaks out of its channel pattern, it will prepare to test its upper high of $0.00003390. However, a negative price action could push the price towards its low of $0.00002125 in the near future.
Read also: Meme Coin Investors Line Up For These Tokens For The Next Bull Run