Meme Coins Surge Again in Early May
Release: 2024/05/04 23:04 Reading: 830
Meme Coins Experience Resurgence in Early May
As the market rallied between May 3rd and 4th, meme coins once again took center stage. Leading the charge, Dogwifhat (WIF) surged an impressive 20.58%. Dogecoin (DOGE) followed suit with a 13.80% gain, while Pepe (PEPE) appreciated by 12.93%. Other notable performers included Floki (FLOKI), Bonk (BONK), and Shiba Inu (SHIB), all of which outpaced many other cryptocurrencies in the market.
WIF and DOGE: A Correlation in Motion
At the time of writing, WIF was trading at $3.32, facing no significant resistance in its four-hour chart. This could present a challenge for bears if WIF maintains its upward momentum.
The golden ratio, or 1.618 level, serves as a potential support point for WIF at $4.36. Interestingly, a correlation appears to exist between DOGE and WIF. Should this correlation persist, DOGE could potentially rise to $0.18, marking a 19.17% increase.
src="/uploads/20240505/171483877966365cfbb38ac.png">
However, it's important to note that both WIF and DOGE are currently in the overbought zone, as indicated by the Relative Strength Index (RSI). This suggests that investors should exercise caution. Profit-taking could lead to a pullback in the prices of these cryptocurrencies. Nevertheless, the upward trajectory could still result in further value appreciation.
PEPE and FLOKI: Riding the Bull Flag
PEPE's market dynamics mirrored those of WIF, with FLOKI also benefiting from this trend. A closer examination of the four-hour chart reveals that the breakout experienced by PEPE and FLOKI appears to have originated from a bull flag formation.
This breakout is attributed to the exhaustion of sellers' power. As such, if PEPE's price continues to rise, FLOKI is likely to exhibit a similar trend. Conversely, a decline in PEPE's price could also lead to a drop in FLOKI's value. Additionally, the Awesome Oscillator (AO) indicates an increasing upward momentum.
src="/uploads/20240505/171483877966365cfbb38ac.png">
Consequently, PEPE's price could continue its upward trajectory, mirroring FLOKI's price movement. Furthermore, the OBV metric also demonstrates an increase, indicating strong buying pressure that is sustaining the price uptrend.
BONK and SHIB: Diverging Paths
An analysis of BONK and SHIB charts reveals some differences. While their prices sometimes move in tandem, they also experience periods of divergence. Notably, the Money Flow Index (MFI) on the BONK/USD four-hour chart suggests that the BONK token has entered the overbought zone.
src="/uploads/20240505/171483877966365cfbb38ac.png">
This situation is evident as the MFI reading reaches 89.99. Readings above 80.00 indicate that an asset is overbought. In such cases, traders may anticipate profit-taking, which could lead to a decline in the prices of SHIB and BONK.
Recent news
More>- 60.9 Billion Dogecoin (DOGE) in 24 Hours, What's Happening? 11-27
- Historic Milestones: Bitcoin approaching $100,000 and Pepe Unchained secures over $52 million in presale 11-27
- UK’s financial regulator to implement final crypto rules by 2026 11-27
- Dogecoin’s Dogebox Will Revolutionize Everyday Transactions in 2025 11-27
- From Dogecoin to Dogen: The 10,000% Rally Everyone Is Talking About! 11-27
- Bets.io – one of the most wonderful and safe online crypto-casinos 11-27
- This week’s crypto opportunities: Buy signals for XRP, LINK, and XYZ 11-26
- Trump’s Pet Pepe (TRUMPEPE) Solana Memecoin Will Rally 18,000% Before Exchange Listings, As Shiba Inu and DOGE Lag 11-26
- Analyst Predicts This Layer-2 Meme Coin Could Surge 150X at Launch 11-26
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Top 4 Altcoins At 70% Discounts – Last Chance!
- 8 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
- 9 Top Analyst Who Predicted Dogecoin (DOGE) Last 170x Rally Forecasts New Parabolic Rise, Here’s His Price Target
- 10 New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com