Memecoins Take Center Stage in Crypto Market Rally: PEPE, DOGE, FLOKI, and MEME Gain Momentum

Memecoins Take Center Stage in Crypto Market Rally: PEPE, DOGE, FLOKI, and MEME Gain Momentum

Crypto News – Recent days have seen a surge in the cryptocurrency market, with not only Bitcoin (BTC) on a remarkable run but also the emergence of meme coins taking the spotlight. An intriguing aspect of this rally is the participation of new meme coins like Pepe (PEPE) and Memecoin (MEME), alongside established players such as Dogecoin (DOGE) and Floki (FLOKI). Market observers are increasingly convinced that this may be the early stage of a bullish market, making the price action of these meme coins a significant point of interest.

Pepe (PEPE)

PEPE stands out as one of the leading performers in the last 24 hours. As per CoinMarketCap data, PEPE’s price, at the time of writing, stands at $0.0000016, reflecting an impressive 17.21% increase within this period. This surge has elevated PEPE’s position in the market cap rankings significantly.

Just a few weeks ago, PEPE struggled to regain its place in the top 100 cryptocurrencies. However, at the moment, it holds the 79th position with a market capitalization of $671.62 million. Over the past week, PEPE’s value has surged by 46.17%, hinting at the potential for this meme coin to revisit the $1 billion market cap it achieved back in April.

From a technical perspective, the PEPE/USD 4-hour chart reveals notable volatility, evident from the expanding Bollinger Bands (BB) indicator. Interestingly, despite the upper band touching various levels up to $0.0000016, the anticipated overbought signal did not lead to a downturn. This is a characteristic feature of a bull market, where cryptocurrencies defy conventional technical expectations and continue their upward trajectory.

The Relative Strength Index (RSI) reading of 71.58 suggests that PEPE may be overbought, potentially opening the door for a price retracement. However, considering the prevailing buying momentum, it is plausible that the upward trend may persist. In the event of profit-taking by traders, PEPE could dip to $0.0000013, which might present an attractive entry point for short-term spot traders or derivatives participants looking to go long on the token.

Dogecoin (DOGE)

Moving on to Dogecoin (DOGE), which is not a newcomer like PEPE. DOGE, famously endorsed by Tesla CEO Elon Musk, has slipped from its eighth position in market capitalization to Cardano (ADA). Nevertheless, over the last 24 hours, DOGE has displayed signs of potentially replicating its previous bull market performance.

At the time of writing, DOGE is priced at $0.098. The DOGE/USD 4-hour chart indicates solid support at $0.084, with a resistance level observed at $0.090. Bulls managed to breach this psychological resistance, propelling DOGE to $0.098. The Chaikin Money Flow (CMF) at 0.24 signals robust buying pressure, raising the possibility of a short-term move past $0.1. This bullish sentiment is further corroborated by the Awesome Oscillator (AO), indicating growing upward momentum.

It’s essential for DOGE traders to monitor Bitcoin’s price action, given the historical correlation between the two cryptocurrencies. A BTC retest of $44,000 could accelerate DOGE’s journey to $0.1. Conversely, a drop below $43,000 might lead DOGE back to $0.08 levels. However, the prevailing market sentiment suggests that the former scenario is more likely to materialize.

Floki (FLOKI)

Floki, despite joining the meme coin rally relatively late in the last bull cycle, still managed to deliver gains to early investors. This time around, there are reasons to believe it could chart a different course. One of these reasons is the addition of new use cases for the Floki project, including lending, yield farming, and staking, which are in demand in the market.

As of the current moment, FLOKI is priced at $0.000040, following a rally from $0.000032 on December 1st. In the short term, FLOKI’s value may experience a dip due to the prevailing market sentiment, characterized by greed, and traders who have realized profits may choose to cash out.

However, looking ahead to Q1 2024, there is potential for FLOKI to pivot back to the bullish side. This optimism is reinforced by the Exponential Moving Average (EMA) analysis, with the 20 EMA (blue) crossing above the 50 EMA (yellow), a classic bullish signal. Should the broader market sentiment remain positive in the coming weeks, FLOKI could target the $0.000080 mark.

Memecoin (MEME)

Among the four mentioned meme coins, MEME is the latest entrant to the scene. Launched via the Binance Launchpad in October, MEME has made a strong start, particularly as Binance permitted users to farm MEME tokens by staking their BNB or FDUSD.

The bullish sentiment surrounding MEME has been bolstered by significant investments from whales. At the time of writing, MEME is priced at $0.038, reflecting an impressive 93% surge over the past 30 days.

However, the MEME/USD 4-hour chart indicates recent selling pressure, which has somewhat tempered the price rise to $0.048. The Auto Fibonacci Extension highlights a potential entry point around $0.034, as indicated by the 0.786 level.

Should MEME retrace to this price level and buying pressure resumes, it could pave the way for a price surge beyond $0.057. It’s worth noting that the 4.236 Fib level at $0.062 could pose as resistance to any potential uptick.

Currently, MEME’s buying momentum appears to be waning, as suggested by the Relative Strength Index (RSI). Should the RSI reading decline further, the price could indeed reach $0.034, presenting an opportunity for traders to capitalize on.