With the increasingly bullish sentiment in the cryptocurrency market, altcoins from top categories have recorded a significant uptrend in valuation over the past few days. Moreover, as the price of Bitcoin heads toward its upper resistance level of $70,000, memecoins have experienced a massive price surge.
Top memecoins have recorded a double-digit gain in their respective portfolios, highlighting increased bullish sentiment.
Scroll down as, in this article, we have covered the market sentiments, price analysis, and potential short-term price targets of Pepe and Bonk memecoins.
With a surge of 26.31% within the past 24 hours, the Pepe price has successfully breached its resistance trendline after trading within the descending channel pattern since May. This highlights increased positive price action for the memecoin.
The technical indicators, SMA and MACD display a strong bullish reversal in its 1D time frame, suggesting that the PEPE crypto will continue gaining value this week.
If the market holds the value of the Pepe coin price above its important level of $0.00001150, the bulls will prepare to test its upper resistance of $0.00001410. Conversely, if the trend reversal occurs, the price will retest its low of $0.00000880.
Amid ongoing bullish price action, the BONK price continues trading within the ascending channel pattern, indicating an increase in the buying-over-selling sentiment in the market. Moreover, the memecoin has surged 10% within the past day with a trading volume of $472.072 Million.
The RSI indicator has continued hovering above its mid-point since the month started, indicating a constant bullpower for the BONK memecoin in the crypto space.
If the Bonk memecoin breaks out of its channel pattern, it will prepare to test its upper high of $0.00003390. However, a negative price action could pull the price toward its low of $0.00002125 in the coming time.
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