The memecoin market is currently booming, with numerous Solana-based meme coins experiencing significant price increases during recent trading sessions. The news of a potential spot Ethereum ETF approval by the SEC this week has triggered a buying demand in the crypto market, driving up meme coin prices as well. Pepe and Bonk have seen their prices surge by over 30% in just 24 hours. Analysts, however, predict mixed signals in the hours ahead.
Market Liquidation Nears $400 Million
In the past 24 hours, the crypto market has experienced significant buying demand. Bitcoin (BTC) surged past the $70,000 mark, while Ethereum (ETH) is approaching the $4,000 milestone. Coinglass data reveals that total market liquidations exceeded $390 million.
Also read: Top Reasons Why the Crypto Market is Up Today: Altcoins Time to Shine?
Notably, Solana (SOL) meme coins are rising sharply. The price of Pepe hit a new all-time high today, and Bonk leads the meme coin rally with a robust 30% gain.
Pepe Price Analysis
Pepe is currently facing increased bearish pressure following a selloff at its recent high of $0.00001281. The price is attempting to drop below the EMA20 trend line; however, bulls are strongly defending a decline. At the time of writing, Pepe is trading at $0.00001212, surging by over 30% in the last 24 hours.
Buyers are trying to maintain the price above the 20-day EMA ($0.00001034). If they succeed, the PEPE/USDT pair might climb back to the high of $0.0000128. This level is crucial for bears to defend, as a rally beyond it could lead to a rise towards the overhead resistance zone between $0.000015 and $0.000017.
On the other hand, a break and close below the $0.00001-$0.000008 support zone would confirm a bearish pattern. The pair could then drop to the strong support at $0.0000055. With the RSI level rising sharply towards the overbought region, traders might expect a correction.
Bonk Price Analysis
Bonk price has been on an upward trend recently, with the bulls pushing it above the overhead resistance of $0.000029. Currently, Bonk is trading at $0.0000323, marking a surge of over 27% in the last 24 hours.
The bulls are now aiming for a move toward $0.00003693, and a successful push could see the price rising to $0.000047. However, bears may strongly resist any surge within these levels.
A key level to watch is the EMA20 trend line. A strong rebound from this level would indicate that bulls are buying on dips, increasing the chances of breaking the psychological resistance at $0.000037. On the other hand, if the price drops sharply and falls below the 20-day EMA, it would suggest that bulls are exiting their positions, potentially triggering a correction down to the 50-day SMA at $0.00002275.
On the 4-hour price chart, the RSI level is surging and currently trades around 70, which might trigger a bearish correction.
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