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- Memecoins are back in the spotlight as broader market momentum fueled a Dogecoin breakout.
- Technical indicators hint at a possible reversal, with most tokens now at multi-week highs.
Dogecoin (DOGE), the biggest memecoin, has imprinted double-digit gains amid renewed momentum in the crypto market. Shiba Inu (SHIB), PEPE, and BONK are among memecoins that have shown impressive performance. These memecoins have rallied to new peaks over the last 24 hours.
DOGE Price Hit New Highs
According to MarketCap data, DOGE was trading at $0.1810, up 11.12% over the past 24 hours. This move comes after DOGE rallied above a key descending trendline resistance and the 50-day Simple Moving Average (SMA).
The next key resistance for DOGE is now at $0.185. If the price moves above this resistance, Dogecoin could surge over 80% within the next few weeks. However, DOGE must first overcome hurdles at $0.2106 and the 100-day SMA to complete such a move.
On the downside, a rejection at $0.185 could see DOGE finding support near the descending trendline and 50-day SMA. A decline below these levels could indicate a return toward consolidation.
Notably, the daily trading volume rose over 101% to $2 billion, indicating renewed investor interest. However, the value is lower than in previous months, signaling that the rising bullish momentum is still weak.
At the same time, the Relative Strength Index (RSI) is above its neutral level, while the Stochastic Oscillator is in the overbought region. These values indicate that a potential short-term correction may set in.
Moving on, the potential launch of a DOGE-based Exchange-Traded Fund (ETF) could ignite more rallies for the memecoin. As featured in our recent coverage, asset management firms like Bitwise have filed for a DOGE ETF, signaling growing institutional interest.
Moreover, Paul Atkins’ swearing in as US Securities and Exchange Commission (SEC) Chair may also hasten the approval of a DOGE ETF. In our last update, we examined that expectations are high that the new administration will usher in a peaceful regulatory ecosystem.
Price Analysis of SHIB, PEPE, and BONK
Shiba Inu is another memecoin that has hit new highs with the latest market rally. The memecoin is up 8.01% to trade at $0.00001366. The price of SHIB climbed to as high as $0.0000138 before dropping to the current level.
In the past 24 hours, SHIB has moved past a key descending trendline and the 50-day SMA. If held as support, these levels could continue their charge to tackle the $0.00001612 resistance. However, it stands to face selling pressure at the 100-day SMA.
Like SHIB, PEPE rallied above a key descending trendline and the 50-day SMA on the daily chart. PEPE has increased by over 13.5% in the past 24 hours, surging above the resistance level of nearly $0.00000762. However, PEPE is facing resistance near the 100-day SMA.
BONK, a Solana-based memecoin, has also rallied to a new high. The memecoin rose by 24% from Monday’s low of $0.00001226. Accordingly, BONK is now trading at $0.00001586, after holding the 50-day SMA support for over eleven days.
The resistance level is $0.00001579, which is strengthened by the 100-day SMA. If BONK crosses above this resistance, it could see gains of 55% in the coming days.
