The memecoin market has been one of the biggest recipients of the crypto market's boom over the last week, as shown by the massive growth illustrated below:
Around this time in February, the memecoin market had a little over $20 billion in market cap.
At the time of writing, the entire market now boasts a whopping $62.8 billion in market cap and a trading volume that almost doubles every day.
Because of this, we will be going over four of the biggest memecoins on the market, and attempting to figure out what might be going on with them.
Which ones will rally, which will decline, and which will consolidate for a while from here?
Dogecoin just broke above the $$0.16 resistance as shown below, and has now converted this zone into a support.
Unlike other memecoins that rallied straight up and more than doubled after breaking through an important resistance, Dogecoin has advanced by a little bit but appears to be taking its time.
Dogecoin's price action in the future is comparatively simple from here.
As long as the memecoin doesn't break below the $0.165 support again, the bulls remain in control.
In the meantime, Dogecoin's path remains open to a rally straight up by another 120% to the $0.35 resistance or even higher, depending on how much power the bulls can pack into their punches.
Shiba Inu is more bullish than Dogecoin by a wide margin, as shown by the chart below:
Shiba Inu's bullishness has been smooth from the onset, given how the cryptocurrency has rallied by more than 335% in less than two weeks, from $0.00000932 to around $0.00004056 where it now sits.
There's a catch though: Shiba Inu HAS to stay above $0.00004.
This resistance is important because it has remained unbroken since December 2021, around the time the memecoin was first launched.
If we see a break below this $0.00004 support one more time, there's no telling how far below the resulting correction will take SHIB.
Pepe absolutely smashed its all-time high of around $0.000000439 this week and has even rallied by an extra 98% to around $0.000000870.
This is some solid price action on the part of the memecoin, but the Fibonacci retracement tool shows that there might be some resistance around $0.000000852.
As shown above, PEPE appears to be feeling the effects of this resistance, as shown by its 15% retracement from $0.000000870 in the last two days.
PEPE CAN continue further upwards from here (it is, after all, a memecoin).
But investors should never discount the possibility of a correction (especially after a new all-time high), and a potential retest of $0.000000665 or even lower.
BONK is showing signs of a cup and handle formation, as shown by the chart below:
The memecoin formed this, right after breaking above its previous all-time high of around $0.00004.
The memecoin has declined again below this resistance and appears to be in the middle of a consolidation.
BONK isn't out of the woods yet, because considering how it has confirmed a new all-time high, it is yet to close above this $0.00004 resistance with a daily candle, leaving the bears all the room they need to confirm a false breakout.
Overall, considering BONK's price action over the last few days, a break above $0.00004 might not be so hard for its bulls. Nevertheless, a decline remains possible from here, if we do not see this close above the previous ATH.
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.