As Bitcoin price heads towards a new all-time high (ATH), memecoins have regained momentum and added significant value to their portfolios. Are you planning to invest in memecoins but confused about their future prospects?
Dive into this article, as CoinPedia brings you the latest market sentiment, price analysis, and potential short-term targets for the top 5 meme coins by market cap in its cryptocurrency market analysis.
Dogecoin (DOGE) Price Action:
Amidst the growing bullish sentiment in the cryptocurrency market, DOGE price added 4.80% to its portfolio over the past day with a trading volume of $1.47 billion. Moreover, it is up 17.67% over the past seven days and its return so far stands at 53.76%.
The MACD technical indicator is showing a steady rise in the green chart, highlighting an increase in buying and selling pressure in the crypto space. Moreover, the averages are recording a steady upward trend, suggesting that DOGE price will continue to gain value this week.
If the market continues to gain momentum, Dogecoin price will be preparing to test the upper resistance level at $0.18225 in the coming time. Conversely, if the trend reversal occurs, the memecoin leader will decline towards the lower level at $0.1010.
Shiba Inu (SHIB) Price Analysis:
SHIB price has fluctuated less than 2% over the past month, indicating a weak price action for the second-largest memecoin on the market. However, it has gained over 75% this year, highlighting the positive sentiment in the long-term perspective.
The Relative Strength Index (RSI) continues to move near its midpoint with its average showing a neutral trend. Furthermore, the 50/200 EMA is recording a flat line, indicating uncertainty about future price movements.
If the market sustains the Shiba Inu price above the important support level of $0.0000170, the bulls will head towards the upper resistance level of $0.00003080. However, a downward price move may push the Shiba Inu price towards the lower level of $0.00001175.
PEPE Stock Price Movement:
The price of PEPE has added more than 28% to its value over the past week and 7.64% over the past 30 days. Moreover, with a 756% increase this year, the price of Pepe is ranked 22nd with a market cap of $5.102 billion.
The MACD indicator is showing weak buying and selling pressure on the Pepe price chart. Moreover, the Simple Moving Average (SMA) is indicating a possible bearish convergence, indicating uncertainty in future moves.
If the bulls regain their momentum, PEPE price will break its resistance level and head towards the high of $0.00001718. On the downside, if the bears overcome the bulls, PEPE price will retest the low of $0.00000880.
Dogwifhat (WIF) Price Analysis:
WIF price has shown positive price movement since its inception, adding 57.13% in the past seven days and 1,732.29% this year. Moreover, dogwifhat has claimed the title of the most successful memecoin on the Solana chain with a market cap of $2.797 billion.
The RSI failed to cross the overbought range, resulting in a bearish curve. However, the simple moving average is consistently supporting the price chart on the 1D timeframe. This indicates mixed sentiments regarding dogwifhat price in the crypto space.
If the bulls continue to dominate the market, dogwifhat price will prepare to test the upper resistance level at $3,990. However, if the bears overcome the bulls, this Solana-based cryptocurrency will lose its strength and drop towards the lows at $2.10.
BONK Price Action:
With a 50.71% increase in the past 30 days and 131.96% this year, Bonk is ranked 5th in the memecoin category with a market cap of $2.132 billion. Moreover, its trading volume is over $389 million, and it has added 1.98% in the past 24 hours.
The Moving Average Convergence Divergence (MACD) indicator has been in green chart form since the beginning of the month, indicating a strong bullish sentiment for memecoin in the cryptocurrency market. Moreover, the averages are showing a significant increase, indicating a positive outlook for the BONK price this week.
If the market pushes the Bonk price above its resistance level at $0.00003390, the bulls will be preparing to test the high at $0.000004150. Conversely, if the bears gain strength over the bulls, the Bonk cryptocurrency will decline towards its support level at $0.0000270.