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The post Will Meme Coins Make A Comeback Soon? These Meme Coins Are Showing Signs Of A Potential Bullish Rally appeared first on Coinpedia Fintech News This week, the cryptocurrency […]
The post Will Meme Coins Make A Comeback Soon? These Meme Coins Are Showing Signs Of A Potential Bullish Rally appeared first on Coinpedia Fintech News
This week, the cryptocurrency market has experienced a tumultuous price trend due to panic surrounding the FOMC meeting and the SEC’s ongoing regulatory actions, resulting in significant volatility within the industry. However, investors are now turning to meme coins as a means of securing stable profits, given Bitcoin’s lack of a noticeable uptrend.
As continuous interest rate hikes by the Fed have resulted in a significant decrease in cryptocurrency investors’ portfolios, concerns are on the rise. However, investors are now gravitating toward meme coins due to their perceived resistance to macroeconomic conditions, as it has resulted in a stable price momentum for meme coins, even during Bitcoin’s downturns.
According to data from CoinMarketCap, the meme-inspired cryptocurrency Floki Inu, which has been hailed as Dogecoin’s rival, experienced an unexpected price surge of over 20% in the last two days. Floki Inu’s transparent roadmap and recent tie-up with Amino rewards have caught buyers’ attention in investing in the meme coin.
As of writing, Floki Inu trades at $0.00005, with a gain of 4.5% in the last 24 hours. Despite a solid bull run of over 30%, the meme coin is experiencing a minor setback. However, the price is set to rule as it may form support near the 31.8% Fib level at $0.000044 before preparing for a skyrocketing price trend. As the RSI is still in a bullish region, a breakout above the $0.000061 level may push the meme token to its second target of $0.00007.
Shiba Inu is waiting for a heavy pump ahead as it has again surged from its 23.6% Fib level. As of writing, SHIB’s price trades at $0.000013 with an uptrend of 3.27%.
According to a prominent crypto analyst, MMBtrader, SHIB’s price is ready for a huge surge above the resistance of $0.000017. If Shiba Inu follows its Elliott wave path, it may soon head toward its crucial resistance of $0.00002.
Dogecoin’s price has been stagnant over the past few days, indicating caution from both bullish and bearish investors who are refraining from making significant bets. Furthermore, the DOGE price has become range-bound near a bearish consolidation level at EMA-100, leaving meme investors in a trap.
As of writing, DOGE price trades at $0.084, with a decline of nearly 1% in the last 24 hours. The RSI is hovering near the midpoint, favoring both bears and bulls. However, the meme token has formed a symmetrical triangle pattern, and a breakout above $0.093 may send DOGE price to $0.14.
