Cryptocurrency Price Analysis: Cryptocurrency investors showed renewed optimism last week, buoyed by Ethereum ETFs receiving long-awaited approval from the Securities and Exchange Commission. The cryptocurrency market has been rocked higher as Bitcoin and Ethereum recovered the losses seen in April and early June. Coins like BONK and SHIB stand out with continued price increases compared to last week. These tokens could be worth considering before BTC wakes up to move above $70,000.
However, expectations are quickly fading as the cryptocurrency market hampers recovery. Bitcoin price has stabilized above $67,000, not to mention the risk of slipping to $65,000 before the end of the week. Most of the major altcoins are showing little momentum but are seeking the right support established to develop on the rise.
However, outpacing the market uncertainty, Meme cryptocurrencies are showing remarkable growth. The meme sector is characterized by a highly volatile nature, driven largely by changes in trader sentiment. This volatility can be off-putting to conservative investors, but it also offers great opportunities, although they are usually fleeting.
On Wednesday, top meme assets like Shiba Inu (SHIB), Dogwifat (WIF), and Book of Meme (BOME) made high-momentum rallies.
Read Also: Best Shiba Inu Tools to Diversify Your Memecoin Wallet Holdings Using
1) Shipping Meme Coins Forward – Shiba Inu (SHIB)
Shiba Inu (SHIB) is a meme coin that has gained popularity as a decentralized community-building experiment. Primary factors influencing SHIB’s value include its large and active community, speculative trading, and developments within its ecosystem that aim to increase its utility beyond being a mere token.
The ongoing recovery trend in SHIB price can be traced using the rising trend line on the daily chart. On May 24, the memecoin saw its latest reversal from dynamic support resulting in a 16.8% rally to $0.0000276.
With a market worth $16.3 billion, Shiba Inu is the second largest meme cryptocurrency.
If the lower trend line remains strong, the Shiba Inu coin reconsiders a higher target such as $0.0000328, followed by $0.000038 and $0.0000458.
Conversely, a downward breakout from the support trend line will signal a new correction and may push SHIB price to $0.00002.
Read also: Shiba Inu marketing director rejoices as SHIB prices rise 16%, Cardano fluctuates
2) Bonk
BONK is a meme cryptocurrency characterized by its strong community focus and its foundation on the Solana blockchain. Launched in late December 2022, it quickly attracted interest by implementing a large-scale airdrop strategy, distributing 50% of its total supply to various participants within the Solana ecosystem.
In defiance of the current market uncertainty, the price of BONK has seen a strong rise since mid-May. The bull run pushed the value of this memecoin from $0.000021 to $0.0000414, recording 91% growth and boasting.
BONK currently has a market cap of $2.78 billion, while 24-hour trading volume stands at $1.08 billion.
Amid this rally, buyers recently broke through a notable resistance level of $0.0000336, paving a way for buyers to challenge the all-time high at $0.000047.
As BONK memecoin prepares to enter price discovery mode, the traditional pivot level indicator indicates general resistance at $0.0000579 and $0.0000672.
3) Book of Meme (BOME)
BOOK OF MEME (BOME) is an innovative project in the world of cryptocurrencies, focused on merging meme culture with blockchain technology. Its primary goal is to create a permanent digital archive of memes, ensuring their preservation using decentralized storage solutions such as Arweave and IPFS.
Over the past six weeks, BOME price has witnessed a steady upward trend under the influence of the rising wedge pattern. On May 27, the coin price gave a decisive breakout to the upper trend line of the pattern indicating that this memecoin is poised for a higher rally.
The rally following the breakout pushed the asset up 5.5% to currently trade at US$0.0146, while the market cap stands at US$1.008 billion.
If this pattern holds, BOME price should chase a potential target of $0.0186, followed by $0.029.
Key takeaways
The memecoin sector is seeing outstanding performance amid broader market consolidation. While the consolidation of Bitcoin (BTC) has curbed the growth of many altcoins, memecoins have soared, benefiting from their inherently high volatility. This characteristic makes it particularly attractive to momentum traders, who benefit from the rapid price movements these currencies often experience.
Related articles