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

As the price of Bitcoin continues to climb towards a new all-time high (ATH), memecoins are once again gaining momentum and increasing in value. If you’re considering investing in memecoins but are unsure about their future potential, read on.

In this article, CoinPedia provides a comprehensive analysis of the crypto market, including the latest market sentiments, price analysis, and potential short-term targets for the top 5 memecoins by market capitalization.

Dogecoin (DOGE) Price Action:

With bullish sentiment on the rise in the crypto market, DOGE has seen a 4.80% increase in its portfolio in the past day, with a trading volume of $1.47 billion. Over the last seven days, it has surged by 17.67% and has a year-to-date return of 53.76%.

The MACD indicator shows a steady increase in the green histogram, indicating a rise in buying pressure in the crypto space. Additionally, the averages are on a constant uptrend, suggesting that the price of DOGE will continue to increase this week.

If the market maintains its momentum, Dogecoin’s price is likely to test its upper resistance level of $0.18225 in the near future. On the other hand, if a trend reversal occurs, the memecoin could drop to its low of $0.1010.

Shiba Inu (SHIB) Price Analysis:

SHIB has experienced price fluctuations of less than 2% in the past month, indicating a weak price action for the second largest memecoin in the market. Despite this, it has seen a 75% increase this year, signaling positive long-term sentiment.

The Relative Strength Index (RSI) remains close to its mid-point, with a neutral trend in its average. The EMA 50/200-day shows a flatline, indicating uncertainty in future price movements.

If the market keeps SHIB above its key support level of $0.0000170, the bulls will aim for the upper resistance at $0.00003080. Conversely, bearish pressure could push the price down to $0.00001175.

Pepe (PEPE) Price Action:

PEPE has seen a 28% increase in its value over the past week and 7.64% over the last 30 days. With a 756% surge this year, Pepe has secured the 22nd position with a market capitalization of $5.102 billion.

The MACD indicator shows weak buying and selling pressure in the Pepe price chart. The Simple Moving Average (SMA) suggests a potential bearish convergence, indicating uncertainty in future price movements.

If the bulls regain control, PEPE could break through its resistance level and reach $0.00001718. Conversely, if the bears take over, the price may drop to $0.00000880.

Dogwifhat (WIF) Price Analysis:

WIF has shown positive price action since its launch, with a 57.13% increase in the past seven days and a staggering 1,732.29% surge this year. As the most successful memecoin on the Solana chain, dogwifhat has a market cap of $2.797 billion.

The RSI has not entered the overbought range, showing a bearish curve. However, the SMA provides support in the 1D timeframe, indicating mixed sentiment for the price of dogwifhat.

If the bulls continue to dominate, WIF could test its upper resistance at $3.990. Conversely, if the bears take control, the price may drop to $2.10.

Bonk (BONK) Price Action:

With a 50.71% increase in the past 30 days and a 131.96% surge this year, Bonk has climbed to the 5th position in the memecoin category with a market capitalization of $2.132 billion. With a trading volume of over $389 million, it has seen a 1.98% increase in the past 24 hours.

The Moving Average Convergence Divergence (MACD) has shown a green histogram since the beginning of the month, indicating strong bullish sentiment for Bonk in the crypto market. The averages suggest a positive outlook for the Bonk price this week.

If the market pushes the price above the resistance level of $0.00003390, the bulls will aim for the high of $0.000004150. On the other hand, if the bears take over, the price could drop to $0.0000270.