The cryptocurrency market continues to display a significant price action as top tokens constantly record price fluctuations in their respective charts. On the other hand, the hype for memecoins is on a constant rise as this category has recorded the highest price volatility this year.
Top memecoins such as Dogecoin, Shiba Inu, and BONK have each added over 100% to their portfolios. Further, Book Of MEME (BOME) and dogwifhat (WIF) have recorded the highest gains, with over 1,500% and 2,870%.
The leader of the memecoin category displayed a significant price action during March as it jumped 60% after trading between $0.122 and $0.153 for a period. After this, the bulls faced rejection at $0.206, following which the bulls broke down the support level and displayed a neutral trend for about two weeks.
As the market volatility grew, the bulls traded under a bearish influence and lost 19.93%. After testing its low of $0.122, the bulls regained momentum and added 85.10% within eight days before facing rejection at $0.22750. Since then, the Dogecoin price has been displaying a neutral trend.
The Moving Average Convergence Divergence (MACD) displays a rising red histogram, indicating an increased bearish influence in the market. Moreover, the averages show a bearish convergence, suggesting a negative price action for the altcoin in the coming time.
If the market holds the price above the support level of $0.206, the bulls will regain momentum and test its upper resistance level of $0.275 during the coming month. Conversely, bearish price action could pull the price toward its low of $0.176.
The Shiba Inu token traded in a closed range between $0.0000188 and $0.00002370 for a while, following which the hype for memecoins surged, resulting in the SHIB price jumping 101.88% in valuation. After this, it lost momentum and lost 36.51%, following which the price traded sideways for nine days.
As the hype for memecoins reduced, the SHIB price broke its support level, but the bulls held the price above $0.0000237, resulting in Shib trading sideways for a brief period. Recently, the bulls broke out of the upper level, but since the Shiba Inu token has been hovering close to its support level.
The technical indicator, MACD, displays a constant red histogram, indicating a higher selling pressure in the market. Further, the averages show a flatline, highlighting uncertainty in future price action.
If the bulls regain momentum, the SHIB price will continue rising and prepare to test its upper resistance level of $0.0000450. Negatively, if the bears overpowered the bulls, the price would lose momentum and fall to test its crucial level of $0.0000188.
After displaying a neutral trend for a while, the Bonk price jumped 95.29% before facing rejection at $0.00004150. Following this, the bulls lost momentum and broke down the support level, where the Bonk price traded sideways for a brief period.
As the volatility in the market grew, the bulls lost 21%. However, the bulls held the price at $0.00002125, resulting in Bonk token trading sideways for a period. Recently, the bulls regained momentum, and since then, the price has been trading close to its support at $0.0000270.
The MACD displays a constant decline in the red histogram, indicating increased buying pressure within the crypto industry. Moreover, the averages show a high potential for a bullish convergence, suggesting a positive price action in the coming time.
If the market continues to trade under a bullish influence, the BONK memecoin will test its upper level of $0.0000415. Conversely, a trend reversal may pull the price toward its low of $0.0000212.
Following its listing, the BOME price instantly gained massive attention from the market, resulting in the memecoin jumping over 2,550% within hours. After facing rejection at $0.0279, the bulls lost over 68% in valuation.
After this, the price traded sideways for a while, indicating a weak price action for the memecoin. Following this, the bulls regained momentum and broke out of the resistance level, but the price has been hovering close to its support/resistance level at $0.01313.
The technical indicator, MACD, shows a weak price action as the histogram and averages show a neutral trend in the crypto market, highlighting unpredictability in future price action.
However, if the hype for the BOME coin rises, it will prepare to test its upper resistance of $0.0279. Negatively, bearish price action may result in it testing its low of $0.0088 during the upcoming weeks.
The WIF price traded between $1.73 and $2.40 for about a week, after which the memecoin jumped 102.57%. After facing rejection at $3.5047, the dogwifhat price traded in a consolidated range between $1.73 and $2.96 for about two weeks.
During this period, the price displayed significant fluctuation. As the volatility grew, the bulls regained momentum and broke out the resistance level. Since then, the WIF coin price has been trading positively.
The MACD displays a constant green histogram, highlighting a bullish influence in the crypto space. Moreover, the averages show a rising pattern, suggesting the price will continue gaining value in the coming time.
If the bulls continue to trade under a bullish influence, the memecoin will prepare to test its upper resistance level of $6 during the coming month. However, if the bears gain control over the market, the price will plunge and test its lower support level of $2.400.
The top memecoins have displayed a significant uptrend in their respective chart after displaying a bearish or neutral trend for a brief period. Furthermore, this category is predicted to gain massive traction during the coming time, which could result in it recording a new high.
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