Meme coins are reversing the market trend to lead the new week’s rally

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Cryptocurrency Price Forecast: On Tuesday, the cryptocurrency market saw no major change in its broader sentiment, as a 2% decline in Bitcoin price to $61,600 indicated continued prevailing consolidation.

Defying a sluggish market moment, meme coins have had an impressive start this week, marked by a notable influx into the sector’s flagship assets. According to Coinmarketcap data, the total market cap of top meme tokens is $53.1 billion, reflecting an intraday increase of 4.6%. Moreover, these 24-hour tokens generated $8.7 billion registering a growth of 142.8%.

This rally highlights the ability of meme assets to provide significant movement despite uncertain market sentiment.

Read also: Meme Coin Party Starts After GameStop Rally, Adds $5 Billion to the Index

Cryptocurrency Price Forecast: Shiba Inu (SHIB)

Shiba Inu (SHIB) is a decentralized cryptocurrency that originated as a meme coin but has since evolved to include various projects aimed at creating a strong ecosystem. Initially created as an Ethereum-based ERC-20 token, it has gained significant attention and adoption, and is often seen as a competitor to Dogecoin.

Shiba Inu (SHIB)| Tradingview

Amid the current market correction, the Shiba Inu has been trading sideways for the past seven weeks, echoing within two converging trend lines. This dynamic resistance and support pressing SHIB price in a narrow range indicates the formation of a symmetrical triangle pattern.

This Shiba Inu coin is currently trading at $0.0000236 USD and has a market cap of $840.8 USD. As the asset price approaches the top of the triangle pattern, a breakout from either is imminent.

A potential bullish breakout will unleash the accumulated bullish momentum and push the Shiba Inu price to $0.00003285.

Read also: Shiba Inu coin price analysis: Reasons why SHIB is preparing to reach $0.0001 in 2024

Dujoyvat (WIF)

Dogwifhat (WIF) is a memecoin based on the Solana blockchain, characterized by its lightweight and community-focused nature. Despite its lack of functional utility, Dogwifhat’s appeal lies largely in its communal and meditative aspects, driven by its unique theme of a Shiba Inu dog wearing a hat.

Dujoyfat (WIF)| Tradingview

Similar to SHIB price, Dogwifhat has seen a consolidation trend over the past six weeks within a symmetrical pattern formation. Currently, WIF price is trading at $3.03 and is still seeing supply pressure at the upper trend line.

This long-term rejection in yesterday’s daily candle indicates that this memecoin could extend its current consolidation period. Currently, Dogwifhat coin shows a market cap of $3 billion, and trading is up 124% to $705 million since yesterday.

A possible breakout of the upper border of the pattern will accelerate buying pressure and promote a renewed recovery to $4.86.

Read Also: Shiba Inu vs PEPE: Which ERC 20 Memecoin Should You Buy?

Floki

Floki is a multi-faceted cryptocurrency project that stands out through its community-based approach and ambitious utility projects. Initially inspired by a tweet from Elon Musk about his dog named “Floki,” this coin has evolved into an important cryptocurrency ecosystem.

Floki| Tradingview

Floki has recently entered a recovery phase, with its price rebounding from the $0.000109 support level in mid-April. Showing an uptrend, the coin formed three consecutive higher highs, pushing its value by 76% to the current trading price of around $0.0001934.

Amid the overall rise in the meme cryptocurrency market, Floki has seen a massive 21% increase in just the past two days. As a result, its market value rose to $1.846 billion, and its trading volume today increased by 77.6% to reach $526 million.

This price action represents a decisive breakout of a 2-month corrective downtrend, which could pave the way for buyers to retest the previous high at $0.00031.

Key takeaways

The cryptocurrency market has been trading sideways over the past two weeks with the price of Bitcoin fluctuating around $60,000. However, this consolidation has seen occasional spikes, and fast-moving sectors like cryptocurrencies offer excellent opportunities in intraday and short-term trends.

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