What’s Next For Top Memecoins As Bitcoin Price Hit $68K?

With the price of Bitcoin heading toward a new all-time high (ATH), the memecoins have regained momentum and have added significant valuation to their respective portfolios. Planning on investing in memecoins but confused about its future prospects?

Dive in as, in this article, CoinPedia in its crypto market analysis has brought you the latest market sentiments, price analysis, and potential short-term targets of the top 5 memecoins by market capitalization.

Dogecoin (DOGE) Price Action:

Amid increased bullish sentiment in the crypto market, the DOGE price has added 4.80% to its portfolio within the past day with a trading volume of $1.47 Billion. Further, it has surged 17.67% over the last seven days and has a YTD return of 53.76%.

The technical indicator, MACD, displays a constant rise in the green histogram, highlighting an increase in the buying-over-selling pressure in the crypto space. Further, the averages record a constant uptrend, suggesting that the DOGE coin price will continue gaining value this week.

If the market continues to gain momentum, the Dogecoin price will prepare to test its upper resistance level of $0.18225 in the coming time. Conversely, if a trend reversal occurs, the memecoin leader will plunge toward its low of $0.1010.

Shiba Inu (SHIB) Price Analysis:

The SHIB coin price has recorded price fluctuations of less than 2% over the past month, indicating a weak price action for the second largest memecoin in the market. However, it has surged over 75% this year, highlighting a positive sentiment in the long-term perspective.

The Relative Strength Index (RSI) continues hovering close to its mid-point with its average displaying a neutral trend. Further, the EMA 50/200-day records a flatline, suggesting uncertainty in future price action.

If the market holds the SHIB price above its important support level of $0.0000170, the bulls will head toward its upper resistance of $0.00003080. However, bearish price action could pull the Shiba Inu price toward its low of $0.00001175.

Pepe (PEPE) Price Action:

The PEPE price has added over 28% to its valuation over the past week and 7.64% during the last 30 days. Moreover, with a surge of 756% this year, the Pepe coin price has secured the 22nd position with a market capitalization of $5.102 Billion.

The MACD indicator displays weak buying and selling pressure in the Pepe price chart. Moreover, the Simple Moving Average (SMA) hints at a potential bearish convergence, suggesting uncertainty in future action.

If the bulls regain momentum, the PEPE price will breach its resistance level and head toward its high of $0.00001718. Negatively, if the bears overpowered the bulls, the PEPE coin price will retest its low of $0.00000880.

Dogwifhat (WIF) Price Analysis:

The WIF price has displayed a positive price action since its inception by adding 57.13% within the past seven days and 1,732.29% this year. Further, dogwifhat has claimed the title of the most successful memecoin on the Solana chain with a market cap of $2.797 Billion.

The RSI has failed to surpass its overbought range, resulting in it recording a bearish curve. However, the SMA constantly supports the price chart in the 1D time frame. This indicates a mixed sentiment for the dogwifhat price in the crypto space.

If the bulls continue to dominate the market, the dogwifhat price will prepare to test its upper resistance level of $3.990. However, if the bears overpowered the bulls, this Solana-based memecoin will lose power and drop toward its low of $2.10.

Bonk (BONK) Price Action:

With a jump of 50.71% within the past 30 days and 131.96% this year, the Bonk price has claimed the 5th position in the memecoin category with a market capitalization of $2.132 Billion. Moreover, it has a trading volume of over $389 Million, it has added 1.98% within the past 24 hours.

The Moving Average Convergence Divergence (MACD) has recorded a green histogram since the month started, indicating a strong bullish sentiment for the memecoin in the crypto market. Moreover, the averages display a significant rise, suggesting a positive outlook for the Bonk price this week.

If the market pushes the Bonk coin price above its resistance level of $0.00003390, the bulls will prepare to test its upper high of $0.000004150. Conversely, if the bears gain power over the bulls, the Bonk crypto will plunge toward its support level of $0.0000270.

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