Markets
Meme Coin Momentum Returns as ETH Targets $4,000
Crypto Market Analysis: Second Largest Cryptocurrency Ethereum rose for three consecutive days with its price jumping from $3,700 to $3,895. After notable volatility last week, buying momentum returned to the altcoin market as uncertainty surrounding the Spot ETF subsided.
As usual, the meme coin The sector responded quickly to new buying interest, with assets such as Pepe Coin (PEPE), Floki and Bonk recording significant gains in the last 24 hours. With Ethereum poised to surpass the $4,000 mark, this asset could gain additional momentum, potentially extending the current recovery trend.
Read too: 5 reasons to buy and hold SHIB, FLOKI, BONK right now
1) Crypto Market Analysis: Shiba Inu (SHIB)
Shiba Inu (SHIB) is a decentralized cryptocurrency that originated as a meme token but has evolved into a more expansive ecosystem. Built on the Ethereum blockchain, SHIB gained popularity as a community project featuring an eccentric Shiba Inu dog as its mascot, similar to Dogecoin.
Shiba Inu (SHIB) | Trading view
Over the past six weeks, the Shiba Inu Price showed a slow but steady recovery under the influence of the ascending trend line. This dynamic support lifted the asset from $0.0000183 to $0.0000254, recording 40% growth.
Currently, Shiba Inu price has a market cap of $15.04 billion, maintaining its position as the eleventh largest crypto asset.
With a recent increase in the price of Ethereum, the SHIB the price shows another reversal from the ascending trend line, aiming to challenge the overhead resistance at $0.000028.
A possible breakout of this resistance could signal the end of the correction and reach a high of $0.000038.
Read too: Shiba Inu Exec Confirms Huge Shibarium Airdrop, What to Expect?
2) Floki
Floki is a cryptocurrency project named after Elon Musk’s dog, aiming to combine meme appeal with practical utility. It is part of a broader ecosystem that includes DeFi applications, NFTs, and educational platforms such as Floki University, which aims to educate users about blockchain and cryptocurrency.
Floki| Trading view
O Floki Price entered its current recovery trend from mid-May when Bitcoin recovered from $56,000. On May 15, the currency price decisively broke out of the triangular pattern that corrected the trend over two months.
The post-breakout rally has boosted the asset by 42%, currently trading at $0.000267. According to Coinmarketcap data, Floki coin maintains a market cap of $2.54 billion, while the 24-hour trading volume is $735.2 million.
The coin’s price is currently teasing a breakout of the $0.000267 horizontal resistance, paving the way for buyers to challenge the $0.00031 high.
On the other hand, the coins may find adequate support at $0.000215, followed by $0.00018.
Read too: Coinbase Listing Shiba Inu, Floki, Bonk Perpetual Futures
3) Fuck
Bonk (BONK) is a meme coin that has quickly gained attention in the cryptocurrency community, especially for those investing in the Solana ecosystem. Termed as the “Dogecoin of Solana,” Bonk differentiates itself with a strong emphasis on community engagement and equitable distribution.
Fuck| Trading view
On May 20th, BONK Price gave a bullish breakout of the $0.3 neckline resistance of the inverted head and shoulders patterns. This breakout signaled buyer escape from a two-month consolidation and provided an adequate base to drive a rally higher.
The post-breakout rally has boosted the Bonk memecoin by 21%, currently trading at $0.000037, while the market capitalization stands at $2.4 billion.
If the pattern holds, buyers could see another 22% rally to channel the current all-time high of $0.00047.
Main advantage
The meme coin market is known for its extreme price swings, mainly influenced by changes in traders’ sentiment. While this level of unpredictability may deter more risk-averse investors, meme coins often offer substantial opportunities for quick, albeit short-lived, financial gains. Although the price of ETH is expected to rise due to potential spot ETF trading, the altcoin market will lead to a prolonged recovery.
Related articles