- Memecoins surge, led by Dogecoin, Pepe, and others.
- High trading volume reflects market frenzy and bullish momentum.
The crypto market has enjoyed a smooth ride in 2024, with recent weeks showcasing a robust bull run. Bitcoin (BTC) has surged above $63K, and Ethereum (ETH) has climbed above $3.5K, sparking an altcoin rally led by memecoins, which have seen triple-digit surges over recent weeks and double-digit gains in the past 24 hours. The overall market capitalization of memecoins is up 32%, with several standout performers.
Dogecoin (DOGE)
DOGE often hailed as the leader of memecoins, reached a 16-month high of $0.15016. It is currently trading at $0.1421, marking an 18% increase in the past 24 hours. Trading volume during the same period surged by 101% to $4 billion. Analysts suggest that if the bullish trend continues, DOGE might break the resistance level of $0.2193. However, if the bears take control, it could drop to $0.07965.
Pepe (PEPE)
PEPE has made significant gains in the past week, surging by 188% over the last seven days. It reached a 10-month high of $0.00000449 and is currently trading at $0.000004175, up by 57% and just 4% away from its all-time high (ATH). Analysts predict that if the bullish momentum continues, PEPE might break the resistance level of $0.00000378.
Shiba Inu (SHIB)
SHIB has caught the market’s attention with a 60% surge in the past 24 hours, currently priced at $0.00002050. The trading volume has hit $4 billion, reflecting a 144% increase. Analysts speculate that if the bullish momentum persists, SHIB might surpass the resistance level of $0.00002201. The daily Relative Strength Index (RSI) stands at 86, indicating an overbought condition.
Floki (FLOKI)
FLOKI has witnessed a 75% increase in the past 24 hours, reaching an 11-month high. Its current price is $0.0000961, and trading volume has extraordinarily surged by 512% during the same period, standing at $795 million. If the bullish trend continues, FLOKI could reach $0.0000112; however, if bears take over, it might drop below $0.000041.
Dogwifhat (WIF)
WIF, another prominent memecoin, has hit its ATH with a 39% increase in the past 24 hours, currently priced at $1.21. Trading volume during the same period surged by 71%. If the bullish trend continues, it could reach $1.50, but if bears take over, it might drop below $0.82.
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- Source: https://thenewscrypto.com/memecoin-rally-accelerates-is-it-time-to-buy-or-sell/
