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The momentum in the cryptocurrency market continues to accelerate, with no indications of a slowdown in sight. The market is currently experiencing a significant influx of investment, leading to substantial buying activity. Consequently, the price of Bitcoin (BTC) has surged past the $65K mark, positioning it on the brink of challenging its all-time high once again. Alongside, the memecoin sector is witnessing a massive boom, with, PEPE, BONK, and FLOKI each notching a robust 3000% increase in trading volume over just a week.
Bitcoin Sets The Memecoin Market Sentiment
During the European morning hours on Monday,surpassed the $65,000 threshold, edging nearer to its all-time high of $69,000, established in November 2021. Over the last 4 hours, the crypto market witnessed a surge in its short-liquidation as it neared $55 million.
Though Bitcoin (BTC) is currently leading the market surge, signs suggest that an “altcoin season” could be approaching. Bitcoin has neared its 2021 peak, hitting $65,000 this week, triggered by strong investments into spot Bitcoin ETFs and recording a 50% uptick in February alone. Moreover, the significant rally observed in memecoins last week may signal the early onset of the altcoin season. Optimism is rising around the potential for coins like SHIB, PEPE, FLOKI, BONK, DOGE and WIF to experience dramatic gains, possibly reaching a tenfold increase in value in the upcoming weeks.
Shiba Inu (SHIB) Price Analysis
The SHIB price is aiming to maintain its ascending trajectory, yet the RSI’s signal of an overbought condition suggests that there is significant resistance being defended by sellers. As the price has broken above $0.000025, bulls are gaining further confidence.
If the price were to pull back from its current level but manages to find support at the 20-day EMA, this would be a sign of continuing bullish sentiment, possibly leading to a surge past $0.000033. Should the SHIB price remain stable above this threshold, we could witness a surge towards $0.00004.
Pepe Price Analysis
The price of Pepe coin has seen a significant surge in recent weeks, boasting an increase of over 600%. Breaking past the $0.000006 and the uptrend line has signaled the start of a new chapter in its bullish trend.
The rising trend of moving averages indicates a market dominantly under bullish control, although the RSI entering overbought territory suggests a possible slight retracement. Should the price stay above its newly established all-time high, a tenfold rally in PEPE’s price could be on the edge.
Floki Price Analysis
The bulls successfully defended the breakout point at $0.00012, yet they struggled to send Floki Inu beyond the $0.00017 resistance mark, indicating declining buying trend at higher valuations. This situation may give the bears an opportunity to dominate by pulling the price beneath the moving averages.
To establish a bullish momentum, it’s crucial for the bulls to send and maintain the coin’s value over the $0.00017-$0.0002 range. Accomplishing this feat might set the stage for a skyrocketing trend.
BONK Price Analysis
BONK has witnessed significant surges in its value, achieving an impressive increase within a span of 30 days. The momentum is building as investors set their sights on surpassing the $0.0000365 mark to send the upward trend even further.
Remarkably, with the Relative Strength Index (RSI) stabilizing in the overbought territory, this could boost investor confidence, potentially driving the price beyond the immediate Fibonacci retracement levels. Such a scenario would amplify the buying pressure, possibly setting the stage for a new ATH in the BONK price in the near future.
Conversely, there’s a possibility that sellers may attempt to push the price beneath the 20-day Exponential Moving Average (EMA) in an effort to temper the currently high market enthusiasm.