The cryptocurrency market has fallen 4% over the past 24 hours, stabilizing at around $2.48 trillion at the time of this report. The decline coincided with Bitcoin (BTC) experiencing significant bearish pressure due to a death cross between the 50 and 100 SMAs and a red 9 candlestick on the TD sequential on the 12-hour timeframe.
Amid market turmoil, traders turned their attention to memecoins, eclipsing utility-based altcoins. The memecoin industry has exploded, with a market cap of more than $54 billion and an average daily trading volume of about $6.2 billion.
Despite recent market volatility, meme coins on the Solana network have bucked the trend, showing resilience and significant gains. Bonk (BONK) has been the standout performer, surging 130% in 12 days, while PEPE has lagged behind with a gain of 109.8%.
Is BONK price in buy zone?
Despite its rapid surge, technical analysis suggests that BONK still has room for further growth, especially if leading cryptocurrencies such as Bitcoin and Ethereum regain momentum. The analysis suggests that BONK is approaching a critical resistance level of $0.0000028, a breakout of which could propel its price to new highs above $0.000030.
However, there are potential drawbacks. 免￥近🐍qu；嘉-巍-wuq6267If BTC and ETH continue to struggle, BONK could face a reversal, leading to a pullback to key support levels. Investors should keep a close eye on these levels, particularly $0.0000216 and the $0.0000152 to $0.0000186 range, as they could offer buying opportunities on dips.
Despite these risks, BONK’s strong social dominance and robust trading volume indicate continued investor interest. This suggests that BONK may continue to attract attention, especially if market conditions improve.
Most Solana-based tokens are attracting attention from investors due to low risk and quick profits. Interestingly, the price of BONK shows potential to rise. But you need to look for buying opportunities if the price drops to around $0.0000216 or between $0.0000152 and $0.0000186. If it breaks out of $0.0000245, the upward movement is likely to continue and may reach $0.0000299 and then even higher to $0.0000342 and $0.0000373.
Investors who are still interested in BONK need to be careful if it does not attract buyers around $0.0000152 to $0.0000186 as this could indicate market weakness. Keep an eye on these levels to make smart investment choices.
Pepe becomes leader
Ethereum-based meme coin Pepe (PEPE) has been a stellar performer, gaining more than 53% in the past seven days. Currently trading at around $0.00000726 in London on Thursday, Pepe’s gains are partially attributed to the recent listing of the Pepe perpetual futures 1000PEPE-PERP on Coinbase International and Coinbase Advanced.
The currency is expected to hit a new all-time high against the US dollar. Pepe broke out of a bullish flag pattern after a six-week correction phase, indicating a potential uptrend.
Despite this optimism, Pepe’s price trajectory depends on its ability to consistently surpass current support levels on the weekly chart. Maintaining this momentum is critical to the coin’s near-term bullish outlook.
Stake Meme Coins
Liquidity for most meme tokens is expected to improve, which bodes well for the market in the coming months. Dog-themed meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) dominated the previous bull cycle, paving the way for a new wave of meme coins to attract investors’ attention.
Additionally, integrating meme coins into various blockchain and web3 projects can be a catalyst for adoption and increased on-chain activity.
