Memecoin supercycle in a consolidating market
At a time when most cryptocurrencies are consolidating, memecoins are proving that this market condition is a super cycle for them.
According to the price tracking platform, BONK is up 6.22% in the past 24 hours. Pepe (PEPE) is up an incredible 20.45%. Dogecoin (DOGE) is up 6.86%, while Shiba Inu (SHIB) is up 6.96%.
This rally suggests that many other categories may not be able to outperform memecoins at the end of the bull run. But what are future price expectations?
BONK
BONK Price Trend Analysis
As shown on the 4-hour chart, BONK has attempted to break through the $0.00002668 resistance level without success. At press time, the coin is trading at $0.00002405. However, the bulls have been holding on to the $0.00002196 support level, ensuring that the price does not fall below this area.
Moreover, the relative strength index (RSI) is at a good buy level, suggesting that BONK is not overbought. If this momentum continues, the price of BONK could rise to $0.00002852 in the near term.
Additionally, the Awesome Oscillator (AO) is showing positive values, indicating that the coin’s upward momentum is building. If the AO readings continue to rise, BONK’s price could follow suit and validate its potential to rise to the aforementioned targets.
BABY
PEPE’s gains over the past 24 hours have seen it hit a new all-time high of $0.000011. As of this writing, the price has retreated to $0.000010. This slight pullback could be related to the coin’s strong momentum.
For example, the RSI is in overbought conditions, which means traders may start taking profits soon. If this happens, the price of PEPE could drop to $0.0000009943. In a highly bearish scenario, the price of the token could slide to $0.0000077.
But this seems unlikely in the short term. Currently, the Super Trend is not showing a sell signal on the chart, which suggests that the bearish thesis may be invalidated and PEPE may hit $0.000012.
DOGE
At press time, DOGE is priced at $0.15. The exponential moving average (EMA) suggests that the coin may move higher. The golden cross formed on the 4-hour chart is one of the reasons.
Currently, the 9 EMA (blue) has crossed above the 20 EMA (yellow), indicating a bullish trend. The last time a golden cross occurred was in the first week of May.
A few days after this pattern emerged, the price of Dogecoin jumped to $0.17. Based on this outcome, DOGE will most likely behave similarly again. Therefore, the next move up to $0.17 could be in the short term.
SHIB
With solid support at $0.000021, SHIB has managed to break above the $0.000023 resistance level. Following this trend, the next target for SHIB could be a move up to $0.000025. This prediction is supported by the Moving Average Convergence Divergence (MACD) indicator.
At press time, the MACD is positive, indicating bullish momentum for SHIB. Moreover, the 12 EMA (blue) has crossed above the 26 EMA (orange), further strengthening the bullish outlook. If the bulls continue the momentum in the coming days, SHIB has the potential to rise to $0.000030.
Bitcoin’s dominance continues to be tested, while altcoins’ growth potential remains.
