Crypto Market Analysis: Meme Coin Momentum Returns as ETH Targets $4000
Crypto Market Analysis: The second largest cryptocurrency Ethereum has risen for three consecutive days with its price jumping from $3700 to $3895. After notable volatility last week, the buying momentum returned to the altcoin market as the uncertainty around Spot ETF ETF eased.
As usual, the meme coin sector responded swiftly to new buying interest, with assets such as Pepe coin (PEPE), Floki, and Bonk registering significant gains in the last 24 hours. With Ethereum on the verge of breaking the $4000 mark, this asset could gain additional momentum, potentially extending the current recovery trend.
Also Read: 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-driven project featuring a whimsical Shiba Inu dog as its mascot, akin to Dogecoin.
Over the past six weeks, the Shiba Inu price showed a slow yet steady recovery under the influence of the ascending trendline. This dynamic support uplifted the asset from $0.0000183 to $0.0000254 registering a 40% growth.
Currently, the Shiba Inu price boasts a market cap of $15.04 Billion, holding its position as the eleventh largest crypto asset.
With a recent uptick in Ethereum price, the SHIB price shows another reversal from the rising trendline, aiming to challenge the overhead resistance of $0.000028.
A potential breakout from this resistance may signal the end of correction and target a $0.000038 high.
Also Read: 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 blend meme appeal with practical utility. It is part of a broader ecosystem that includes DeFi applications, NFTs, and educational platforms, such as the Floki University which is intended to educate users about blockchain and cryptocurrency.
The Floki price entered its current recovery trend from mid-May as the Bitcoin rebounded from $56000. On May 15th, the coin price gave a decisive breakout from the triangle pattern which corrected the trend over two months.
The post-breakout rally surged the asset by 42% to currently trade at $0.000267. As per the Coinmarketcap data, the Floki coin maintains a market cap of $2.54 billion, while the 24-hour trading volume is at $735.2 Million.
The coin price currently teases a breakout from the horizontal resistance of $0.000267, paving the way for buyers to challenge the $0.00031 high.
On a contrary note, the coin holds can find suitable support at $0.000215, followed by $0.00018.
Also Read: Coinbase Listing Shiba Inu, Floki, Bonk Perpetual Futures
3) Bonk
Bonk (BONK) is a meme coin that has quickly gained attention within the cryptocurrency community, especially for those invested in the Solana ecosystem. Styled as the “Dogecoin of Solana,” Bonk differentiates itself with a strong emphasis on community involvement and equitable distribution.
On May 20th, the BONK price gave a bullish breakout from the $0.3 neckline resistance of inverted head and shoulder patterns. This breakout signaled the buyer’s escape from a two-month consolidation and provided a suitable foothold to drive a higher rally.
The post-breakout rally propelled the Bonk memecoin 21% to currently trade at $0.000037, while the market cap boas to $2.4 Billion.
If the pattern holds true, the buyers could have another 22% upswing to channel the current All-time high of $0.00047.
Key Takeaway
The meme coin market is known for its extreme price swings, primarily influenced by shifts in trader sentiment. While this level of unpredictability may deter more risk-averse investors, meme coins often provide substantial opportunities for rapid, albeit short-lived, financial gains. While the ETH price is anticipated to rally from potential trading of Spot ETF, the altcoin market will lead to a prolonged rally.
The post Crypto Market Analysis: Meme Coin Momentum Returns as ETH Targets $4000 appeared first on CoinGape.