Recent Trends in Cryptocurrency Market and Meme Coins
Release: 2024/04/23 09:44 Reading: 356
You can also read this news on COINTURK NEWS: Recent Trends in Cryptocurrency Market and Meme Coins
Bitcoin's recent halving has led to a resurgence of investors, significantly impacting the market for meme coins. According to Coinmarketcap, most cryptocurrencies, especially meme coins, are performing well, with the overall cryptocurrency market volume reaching $2.46 trillion. In particular, meme coins have seen a 0.21% increase in the last 24 hours, reaching a market value of $56.3 billion.
Movements of BONK and PEPE
In the last 48 hours, following Bitcoin's fourth halving, the cryptocurrency market entered a period of increase. Bitcoin's price exceeded $66,000, leading to increased buying pressure on various meme coins, including Bonk and Pepe.
According to data from Coinglass, there was a liquidation worth $650,000 on Bonk and $2.3 million on Pepe. This period provided substantial liquidity from sellers, causing price fluctuations.
Last weekend, intense coin activity on the Solana and Base networks was followed by a significant movement in Bitcoin, resulting in price increases.
Bonk Price Analysis
BONK price has successfully recovered above the $0.000014 support level recently and immediately jumped above the Fibonacci levels. As of today, buyers are attempting to push the price to the $0.000025 resistance level.
Despite these efforts, as of the time of writing, Bonk's price has fallen over 1.4% in the last 24 hours, trading at $0.00002045.
The price recovery could occur at an important threshold, the decreasing resistance line. If buyers overcome this price barrier, the BONK/USDT price level could rise to $0.000029 and then to $0.000042.
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If the price support level between $0.000014 and $0.000012 weakens, bears could enter the market and initiate short selling. If this support level is not defended, clear declines could occur in the pair, potentially leading to a critical retreat to the $0.00001 support level.
Pepe Price Analysis
PEPE price appears to be rapidly rising in recent hours, linked to increased buying demand near the emerging $0.0000049 level. Consequently, buyers are now targeting a new high peak in the coming hours above the Fibonacci levels.
If the price sustainably rises above the $0.000009 level, the momentum could shift in favor of the bulls. This situation could lead to a rise to $0.00001 and potentially a second jump to $0.000015.
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If the price falls below $0.0000049, the PEPE/USDT pair could move towards a drop to $0.0000036. If this region is not defended, the price could potentially fall to $0.0000016.
The post first appeared on COINTURK NEWS: Recent Trends in Cryptocurrency Market and Meme Coins
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