Amid increased volatility in the crypto market, the memecoins have successfully regained momentum and continue to trade under a strong bullish sentiment, indicating a high potential of a memecoin rally during the upcoming time.
With the rising speculations of the approval of the spot Ethereum ETF approval, the ETH price recording a multi-year jump in its portfolio and displaying a positive uptrend for the second straight day, Ethereum-based altcoins have experienced a massive surge in their respective valuations.
Moreover, ETH-based memecoins have outperformed the category with the PEPE price recording a new all-time high (ATH) and hovering close to its upper range with the FLOKI token following in its footsteps and displaying a significant uptrend in its portfolio.
The Pepe memecoin continues to display a bullish price action by successfully recording a new all-time high of $0.00001422 today. Positively, the Ethereum-based memecoin has added 25.86% with a trading volume of $4.3 Billion within the past 24 hours.
Positively, the PEPE coin price has formed a symmetric triangle pattern in the 1D time frame and is on the verge of testing its resistance trendline, the outcome of which is uncertain.
Moreover, the PEPE price has rewarded its investors with a 2X return within 30 days and has a YTD return of 882.56%, making it the best performer among the top memecoins.
The technical indicator, MACD, shows a significant rise in its green histogram with its averages showing a significant uptrend in the chart. Furthermore, the EMA 50/200-day shows a bullish sentiment by acting as a support in its price chart.
If the bulls continue to trade under a positive price action, the PEPE token will prepare to test its upper resistance level of $0.0000160 by recording a jump of 15%. However, if the bulls fail to keep up with the volatile market, the memecoin will fall to test its support level of $0.0000120.
The FLOKI price has constantly formed higher lows in its price chart since mid-April, resulting in successfully forming a rising channel pattern in the 1D time frame. Moreover, with a jump of 12% within the past 24 hours, the memecoin is now hovering close to its resistance trendline.
The Relative Strength Index (RSI) has approached close to its over-bought range, indicating increased buying sentiment in the crypto space. Moreover, the SMA supports the price chart, suggesting a bullish outlook for the FLOKI memecoin in the coming time.
If the bulls break out of the resistance trendline, the Floki token will prepare to test its upper resistance level of $0.00030 during the upcoming week. However, bearish price action could pull the Floki coin price toward its support level of $0.000199.
With the increased price volatility in the crypto space, the memecoin category has successfully regained momentum by adding significant value to its valuation with top tokens displaying a massive price action.
Further, with the rising bullish sentiments, memecoins are set to outperform top tokens during the upcoming bull rally.
However, investing in these tokens is highly risky as they are known to record massive pumps and dumps within a short period. Make sure to “DYOR” before investing in this category as they are highly volatile in nature.
Also Check Out : Ethereum Price Analysis: To Buy or Not To Buy Before The ETF?
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