Markets
Meme Coin Momentum Returns as ETH Targets $4,000
Cryptocurrency Market Analysis: The Second Largest Cryptocurrency Ethereum rose for three consecutive days, its price rising from $3,700 to $3,895. After notable volatility last week, buying momentum returned to the altcoin market as uncertainty around the Spot ETF eased.
As usual, the piece of money The sector reacted quickly to new buyer interest, with assets such as Pepe coin (PEPE), Floki and Bonk seeing significant gains over the past 24 hours. With Ethereum poised to breach the $4,000 mark, this asset could gain additional momentum, potentially extending the current recovery trend.
Read also: 5 reasons to buy and hold SHIB, FLOKI, BONK 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 larger ecosystem. Built on the Ethereum blockchain, SHIB gained popularity as a community project featuring a whimsical Shiba Inu dog as a mascot, similar to Dogecoin.
Shiba Inu (SHIB)| Commercial 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 took the asset from $0.0000183 to $0.0000254, recording 40% growth.
Currently, Shiba Inu price boasts a market capitalization of $15.04 billion, occupying its position as the eleventh largest crypto asset.
With a recent rise in the price of Ethereum, the SHIB price shows another reversal from the ascending trendline, aiming to challenge overhead resistance at $0.000028.
A potential breakout of this resistance could signal the end of the correction and target a high of $0.000038.
Read also: Shiba Inu Exec Confirms Huge Shibarium Drop, 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 larger ecosystem that includes DeFi applications, NFTs, and educational platforms, such as Floki University, aimed at educating users about blockchain and cryptocurrency.
Floki| Commercial view
THE Floki Price entered its current recovery trend from mid-May as Bitcoin rebounded from $56,000. On May 15, the coin price made a decisive breakout from the triangle pattern, correcting the two-month trend.
The rally following the breakout sent the asset up 42% to currently trade at $0.000267. According to Coinmarketcap data, Floki coin maintains a market capitalization of $2.54 billion, while the 24-hour trading volume is $735.2 million.
The coin price is currently announcing a breakout of the horizontal resistance at $0.000267, opening the way for buyers to challenge the $0.00031 high.
On the contrary, the held coins may find suitable support at $0.000215, followed by $0.00018.
Read also: Coinbase Lists Shiba Inu, Floki and Bonk Perpetual Futures
3) Good
Bonk (BONK) is a meme coin that has quickly gained attention within the cryptocurrency community, especially for those who have invested in the Solana ecosystem. Considered the “Dogecoin of Solana,” Bonk differentiates itself with a strong emphasis on community involvement and equitable distribution.
Bonk | Commercial view
On May 20, the BONK Price gave a bullish breakout of the $0.3 neckline resistance of the inverted head and shoulders patterns. This breakout signaled the buyer’s breakout after a two-month consolidation and provided a suitable basis to drive a rally higher.
The rally following the breakout propelled the Bonk memecoin by 21% to currently trade at $0.000037, while the market cap stands at $2.4 billion.
If this trend continues, buyers could see an additional 22% upside to channel the current all-time high of $0.00047.
Key to remember
The meme coin market is known for its extreme price fluctuations, primarily influenced by changes in trader sentiment. While this level of unpredictability may deter more risk-averse investors, meme coins often offer significant opportunities for quick, albeit short-lived, financial gains. While the price of ETH is expected to rebound following potential Spot ETF trades, the altcoin market will lead to a prolonged rally.
Related Articles