After facing an extended drawdown season, meme coins seem to be back and better as prices jumped in the last 24 hours. According to CoinMarketCap, Bonk (BONK) skyrocketed by an incredible 39.99% within the last day.
This upswing places its price at $0.000021. Shiba Inu (SHIB) followed with a 17.50% and hit $0.000027 as Coin Edition initially predicted. Pepe’s (PEPE) rose by 19.72% while Dogecoin (DOGE) had a minimal increase of 5.17%.
Bonk (BONK)
BONK broke out of its consolidation phase after trading around the same region since April 13, Meanwhile, the Bollinger Bands (BB) showed increasing volatility around the token. With the widening bands, BONK is expected to undergo significant price fluctuations.
However, the upper band of the BB had touched the token at $0.000021, indicating that it was overbought. This was also reinforced by the Relative Strength Index (RSI) which was 82.56 at press time.
BONK/USD 4-Hour Chart (Source: TradingView)
Thus, BONK might experience a notable retracement. In a highly bearish case, the value of the token might drop to $0.000015. However, if bulls keep up with the momentum, the value could key into the resistance at $0.000024.
Shiba Inu (SHIB)
The Chaikin Money Flow (CMF) on the 4-hour SHIB/USD chart displayed signals similar to that of BONK. At press time, the CMF was 0.25, indicating that there was a positive money flow for the token.
But the reading had crossed 0.20, suggesting that SHIB was overbought. As such, SHIB could experience a retracement which could send the price back to $0.000023. However, the Awesome Oscillator (AO) was positive, with rising green histogram bars.
SHIB/USD 4-Hour Chart (Source: TradingView)
If SHIB bulls maintain the momentum, the price of the token could rise as high as $0.000030. Should this be the case, the stage could be set for the meme coin to revisit $0.000032.
Pepe (PEPE)
PEPE has been able to reclaim $0.0000061 with no resistance in sight. Sustaining this uptrend could drive the value of the token higher, and a surge to $0.0000067 might be possible.
But the 20 EMA (blue) on the 4-hour chart crossed below the 50 EMA (yellow), suggesting that the bullish trend has not yet been validated. However, since PEPE rose above the EMAs, bulls might prevent the price from retracing.
On the other hand, if traders decide to book some of the recent gains, PEPE’s price might drop to $0.0000052 in the short term.
PEPE/USE 4-Hour Chart (Source: TradingView)
Dogecoin (DOGE)
At press time, DOGE’s price was $0.16 with the MACD suggesting that the price might rise higher. From the chart below, the MACD was positive, suggesting that the coin might continue to build on the recent bullish momentum.
Should this be the case, the price of DOGE might rally up to $0.18. However, traders might need to watch out for bearish action which could halt the uptrend.
DOGE/USD 4-Hour Chart (Source: TradingView)
In addition, the Fibonacci extension showed that DOGE might climb higher provided the value does not undergo a significant correction. In this instance, the price of the cryptocurrency might extend toward $0.24 within a few months.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
