The memecoin market is recovering faster than the rest of the crypto market, with a 6.23% increase in market cap.
DogWifHat (WIF) leads the memecoin recovery with a 10% price increase in the last day.
Dogecoin and Shiba Inu are showing resilience despite declines last week, with both finding support at their 99-day EMAs.
Pepe has the slowest recovery among the top memecoins but is attempting to break above resistance.
The crypto market is getting back on track, especially after Bitcoin’s decline to the $60,000 zone.
As it stands, cryptocurrencies all over the market are starting to turn green, with the memecoin market taking charge.
The memecoin market returns
As shown by the snapshot above, the trading volumes in the memecoin market are still down, along with the rest of the market.
However, the memecoin market cap has recovered by an additional 6.23% over the last 24 hours since writing, putting the total figure at around $51.9 billion, with DogWifHat leading the charge once again.
Let’s go over the memecoin market’s performance, as well as what to expect from the top four memecoins in the next few days.
According to CoinMarketCap, Dogecoin is currently down by around 20% over the last week.
However, the cryptocurrency has regained around 6% over the last day and is showing strong resilience so far.
Dogecoin’s price
Dogecoin currently trades at around $0.1656, after a decline to $0.13, which is a testament to the strength of its bulls.
According to the charts, we can see that the bulls were able to prevent a Dogecoin dip underneath its 99-day EMA as shown below.
Dogecoin’s price action
Dogecoin is leveraging this rebound pretty well as it stands and is even trying to regain neutrality between its bulls and bears as shown by the RSI on the daily chart.
A semi-strong resistance sits at around $1.67, so investors should be on the lookout.
However, as far as bullishness goes, Dogecoin remains as poised as ever to reclaim $0.24.
Shiba Inu is showing signs of resilience as well as shown by the 6% price increase in the last 24 hours, despite the 19% decline over the last week.
Shiba Inu’s price
As indicated by the charts, Shiba Inu was also saved from a plunge to $0.00001214 by its 99-day EMA between $0.00002 and $0.00001830.
Shiba Inu’s possible rally
The charts also show that SHIB faces resistance at around $0.00002360.
If we see SHIB break and close above this price level, we can expect the cryptocurrency to explode upwards by another 90% to $0.00004571.
WIF took the worst beating over the last week, with a decline of 25%.
However, on the intra-day timeframe, WIF is still the best-performing cryptocurrency on this list, with an increase of around 10%.
WIF’s price
According to the charts, WIF is incredibly close to confirming its recovery from $1.9.
WIF’s possible rally to $4.9
The chart above shows us that the cryptocurrency has successfully broken above the minor $3 resistance, and is attempting to confirm a close above.
This puts WIF in all the right positions to rally further upwards to its previous all-time high of around $4.9 or even higher.
According to CoinMarketCap, Pepe has the worst decline in the last week, as well as the slowest recovery overall.
PEPE’s price action
The cryptocurrency is down by around 27% over the last week and has recovered by only 3% over the last day—which is slow compared to the other three.
What is interesting about the memecoin market today, is that most of the cryptocurrencies involved have similar price actions.
Pepe’s price action
Similar to what we can see on Dogecoin and SHIB, PEPE also got saved from further decline to $0.00000173 by its 99-day moving average.
As the charts show, PEPE is attempting to break above the $0.00000589 resistance and become poised to rally further upwards to its $0.00001 local high.
Put simply, if we see a break above $0.00000589 on PEPE, we are bound to see an extra 84% rally to $0.00001 if the bulls are able to maintain their momentum.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.