Get ready crypto enthusiasts, because memecoins are making a comeback unlike anything we’ve seen before! Forget the recent market slump – memecoins are on a tear, recording massive gains in the last 24 hours. While Bitcoin and its big buddies are down in the dumps, hitting new monthly lows, memecoins are thriving.
What’s driving this sudden surge? And could it be a sign of things to come? Read on to find out!
At the forefront of this memecoin surge is Pepe Coin (PEPE), which has seen a significant price increase of 15% over the past week and an 11% jump in the last 24 hours. Currently, PEPE is trading at approximately $0.00001185, breaking out of a period of stagnant trading.
Renowned crypto analyst Decilizer recently highlighted the bullish prospects for PEPE in a tweet. He suggested that if Bitcoin maintains its bullish momentum, PEPE could see significant gains, potentially even shedding a zero from its current price.
Bullish Patterns and Indicators
PEPE has been in a corrective phase for about a month following its previous all-time high. The recent price correction has formed a falling wedge pattern over the past month, often considered a bullish sign indicating a potential breakout to the upside.
Should this breakout occur, PEPE’s price could surge by 96%, reaching a new all-time high of $0.00002096.
Analyzing PEPE’s price movement reveals promising signs. The coin has recently surpassed its 50-day simple moving average (SMA), typically seen as a bullish signal. Alongside this, PEPE’s 24-hour trading volume has surged by 105%, indicating a notable increase in investor interest.
Currently, the relative strength index (RSI) for PEPE sits at 48 and is trending upwards. It has also crossed above its moving average on the daily timeframe, suggesting a potential setup for further upward movement.
Pepe isn’t the only memecoin showing gains amid a generally bearish market. Several other meme-inspired cryptocurrencies have also posted impressive gains in the past 24 hours.
Solana-based Dogwifhat (WIF), which captured attention earlier in 2024 by reaching a $4 billion market cap, has joined the rally, showcasing a 23% surge in a day. Meanwhile, Popcat (POPCAT) experienced a remarkable 50% surge, highlighting its growing popularity among traders.
Similarly, Mog Coin (MOG) saw a 39% price increase, further emphasizing the ongoing trend of meme coins outperforming the broader crypto market.
Thinking of jumping on the memecoin bandwagon? Let us know which one has your eye!
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