Markets
Meme Coin Momentum Returns as ETH Targets $4,000
Cryptocurrency Market Analysis: The Second Largest Cryptocurrency Ethereum rose for three consecutive days and its price jumped from $3700 to $3895. After notable volatility last week, buying momentum has returned to the altcoin market as uncertainty around the Spot ETF has eased .
As usual, the memetic currency the sector has responded quickly to the new buying interest, with assets such as Pepe coin (PEPE), Floki and Bonk posting significant gains in the past 24 hours. With Ethereum on the verge of crossing the $4,000 mark, this asset could gain further momentum, potentially extending the current recovery trend.
Read also: 5 reasons to buy and hold SHIB, FLOKI and BONK right now
1) Cryptocurrency Market Analysis: Shiba Inu (SHIB)
Shiba Inu (SHIB) is a decentralized cryptocurrency that began as a meme token but has evolved into a more expansive ecosystem. Built on the Ethereum blockchain, SHIB gained popularity as a community-driven project with a quirky Shiba Inu dog as its mascot, similar to Dogecoin.
Shiba Inu (SHIB)| Tradingview
In the last 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 a growth of 40%.
Currently, Shiba Inu price boasts a market capitalization 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 rising trendline, aiming to challenge the general resistance of $0.000028.
A potential break of this resistance could signal the end of the correction and reach a high of $0.000038.
Read also: Shiba Inu Executive Confirms Huge Shibarium Launch, What to Expect?
2) Floki
Floki is a cryptocurrency project named after Elon Musk’s dog, which aims to blend meme appeal with practical utility. It is part of a larger ecosystem that includes DeFi applications, NFTs, and educational platforms, such as Floki University, which aims to educate users about blockchain and cryptocurrency.
Floki| Tradingview
THE Floki price has entered its current recovery trend since mid-May when Bitcoin rebounded from $56,000. On May 15, the price of the coin made a decisive breakthrough to the triangle pattern, correcting the trend within two months.
The rally following the breakout has seen the asset surge 42%, currently sitting at $0.000267. According to Coinmarketcap data, the Floki coin maintains a market capitalization of $2.54 billion, while the 24-hour trading volume is $735.2 million.
The price of the coin currently suggests a break of the horizontal resistance of $0.000267, paving the way for buyers to challenge the high of $0.00031.
On the contrary, the coins can find adequate support at $0.000215, followed by $0.00018.
Read also: Coinbase Quote Shiba Inu, Floki, Bonk Perpetual Futures
3) Good
Good (BONK) is a meme coin that has quickly gained attention within the cryptocurrency community, especially for those invested in the Solana ecosystem. Dubbed the “Solana Dogecoin,” Bonk differentiates itself with a strong emphasis on community involvement and equitable distribution.
Bonk| Tradingview
On May 20th VERY GOOD price gave a bullish breakout from the $0.3 neckline resistance of the inverted head and shoulders patterns. This breakout signaled a buyer’s escape from a two-month consolidation and provided an adequate foothold to drive a rally higher.
The post-breakout rally has pushed the Bonk memecoin 21% to currently trade at $0.000037, while the market capitalization has reached $2.4 billion.
If the pattern holds true, buyers could have another 22% upside to channel the current all-time high of $0.00047.
Key takeaway
The meme coin market is known for its extreme price swings, mainly influenced by changes in trader sentiment. While this level of unpredictability may discourage more risk-averse investors, meme coins often offer notable opportunities for quick, if short-lived, financial gains. While the ETH price is expected to recover from the potential Spot ETF trade, the altcoin market will lead to a prolonged rally.
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