Memecoins
ETH-Based Memecoins to Lead AltSeason Rally During Spot Ethereum ETF Approval!
Amid increasing volatility in the cryptocurrency market, memecoins have successfully regained momentum and continue to trade with strong bullish sentiment, indicating high rally potential of memecoins in the coming period.
With growing speculation about Ethereum spot ETF approval, the ETH price Recording a multi-year leap in its portfolio and showing a positive uptrend for the second consecutive day, Ethereum-based altcoins saw a massive increase in their respective valuations.
Furthermore, ETH-based memecoins outperformed the category with the PEPE price recording a new all-time high (ATH) and settling near its upper range with the FLOKI token following in its footsteps and showing a significant uptrend in his wallet.
PEPE price breaks its all-time high twice in 24 hours!
Memecoin Pepe continues to show bullish price action by successfully recording a new all-time high of $0.00001422 today. On the bright side, the Ethereum-based memecoin gained 25.86% with a trading volume of $4.3 billion in the last 24 hours.
Positively, the Price of PEPE coin it has formed a symmetrical triangle pattern in the 1D time frame and is on the verge of testing its resistance trendline, the outcome of which is uncertain.
TradingView: PEPE/USDT
Furthermore, the Price PEPPER it has rewarded its investors with a 2X return within 30 days and has a year-to-date return of 882.56%, making it the best performer among the top memecoins.
The technical indicator, MACD, shows a significant increase in its green histogram with its averages showing a significant uptrend in the chart. Furthermore, the 50/200 day EMA shows bullish sentiment by acting as support in its price chart.
If the bulls continue to trade with positive price action, the PEPE token will prepare to test its upper resistance level of $0.0000160 by registering a jump of 15%. However, if the bulls fail to keep up with the market volatility, the memecoin will plummet to test its $0.0000120 support level.
FLOKI Memecoin on the Verge of a Big Breakout:
THE FLOKI price has consistently formed higher lows on its price chart since mid-April, resulting in it successfully forming a rising channel pattern in the 1D time frame. Furthermore, with a 12% jump in the last 24 hours, the memecoin is now near its resistance trendline.
TradingView: FLOKI/USDT
The Relative Strength Index (RSI) has moved closer to its overbought range, indicating an increase in buying sentiment in the cryptocurrency sector. Furthermore, the SMA supports the price chart, suggesting a bullish outlook for the FLOKI memecoin in the coming times.
If the bulls break above the resistance trendline, the Floki token will prepare to test its upper resistance level of $0.00030 during the next week. However, the bearish price action could push the Floki coin price towards its support level of $0.000199.
Memecoin Rally on the Horizon?
With increasing price volatility in the cryptocurrency industry, the memecoin category has successfully regained momentum adding significant value to its valuation with top tokens showing huge price action.
Furthermore, with the growing bullish sentiment, memecoins are set to outperform top tokens during the next bull rally.
However, investing in these tokens is highly risky as they are known to experience massive pumps and dumps in a short period. Be sure to “DYOR” before investing in this category as they are highly volatile in nature.