The cryptocurrency market has seen a resurgence in momentum as the price of Bitcoin (BTC) retests its crucial resistance level of $60,000. With a 1.97% jump in the past day, the market is currently valued at $2.09 trillion.
Top memecoins have also experienced a similar price action, breaking out of their significant resistance levels. This has left meme investors wondering about the short-term prospects of memecoins amidst increasing uncertainty.
In this article, we will delve into the price action and potential monthly price targets of popular memecoins such as Dogecoin, Shiba Inu, Pepe, Dogwifhat, and Bonk.
### Dogecoin (DOGE)
Dogecoin has seen a ~5% jump in the past day, maintaining its value above the $0.1 mark. With a trading volume of $663.713 million, it has hit a 24-hour high of $0.1083. Over the past week, it has added 17.24% and boasts a year-to-date return of 19.64%.
The MACD indicator indicates a bullish rise in averages, signaling increased buying pressure. If the bulls break out of the resistance trendline of the symmetric triangle pattern, DOGE could head towards its upper high of $0.12730. However, a bearish setback could push the price towards its support level of $0.101 this month.
### Shiba Inu (SHIB)
Following DOGE’s lead, Shiba Inu has added 4.68% with a trading volume of $159.58 million. With a year-to-date return of +35.16%, it holds the 13th position with a market cap of $8.23 billion.
The Relative Strength Index (RSI) has surpassed its neutral point in the 1D timeframe, with the average trendline acting as a support. This indicates a strong bullish sentiment for SHIB. A bullish reversal could push the price towards its high of $0.0000170, while bearish momentum could lead to a retest of its low of $0.00001175.
### Pepe (PEPE)
Pepe, the second most successful Ethereum-based memecoin, has surged ~18% in the past week, reaching a high of $0.00007947. With a YTD return of +456.65%, it is currently trading at a discount of 53.92% from its all-time high.
The EMA 50/200-day is on the brink of recording a Death Cross in the 1D timeframe, but the 50-day shows potential for a bullish reversal. If the bulls gain momentum, PEPE could break out towards its high of $0.00001150. Conversely, a bearish action could pull the price towards its support level of $0.00000625.
### Dogwifhat (WIF)
With a 10X surge this year, Dogwifhat has gained 4.83% in the past 24 hours with a volume of $252.28 million and 10.23% over the week. The Simple Moving Average (SMA) supports the price chart, with the RSI indicator showing a positive outlook. A bullish action could push WIF towards its resistance level of $2.10, while a bearish scenario could retest its support trendline of $1.240.
### Bonk (BONK)
Despite a correction of 8.29% in the past 30 days, Bonk has added ~3% in the past day and 11.83% over the week. With a surge of 31.06% this year, technical indicators suggest a strong bullish recovery. Maintaining price at the resistance level of $0.00002125 could set the stage for testing the upper high of $0.0000270. Conversely, weak price action could pull the value towards the low of $0.0000150.
The memecoin market is witnessing increased volatility, presenting opportunities for both bullish and bearish scenarios. Investors should keep a close eye on these memecoins to capitalize on potential price movements in the coming months.