While Bitcoin struggles, some memecoins are seeing significant gains.
Bonk is leading the rally with a 58% surge, after a strategic token burn by the Bonk DAO.
The recent Coinbase listing also boosted PEPE by 32%, and the memecoin is currently testing support at its medium-term EMA.
Floki also gained 20% for unclear reasons and aims to make a new higher low, before potentially doubling in price.
A good look at the crypto market at the moment, would show a lot of red.
This bearishness is due to Bitcoin’s current sluggishness after the halving, as well as its recent dip below the major $63,300 support on 26 April.
The market heatmap
The memecoin market in itself is also down by around 5% over the last day, with its market cap declining from well over $60 billion to a disappointing $49 billion, as shown below:
The memecoin market cap
However, despite the general bearishness of the market, some members of the memecoin market have posted massive gains over the last week, and for good reason.
Let's go over some of these memecoins, and see what they may have in store for us.
While Bitcoin hasn’t been so active with its bulls as of late, BONK had nothing to do with its bears.
Data from CoinMarketCap shows us that the memecoin is up by a staggering 58% over the last day, beating most of the other cryptocurrencies on the market by a massive margin.
BONK’s price
Why did this happen?
It turns out that during the week, the Bonk DAO voted to burn a staggering 278 billion Bonk tokens in a strategic move, inherently increasing the value of all the other tokens left in circulation.
BONK’s price action
According to the charts, the current price action of BONK is part of a larger attempt to break above the $0.000002930 zone for the first time since late March.
The cryptocurrency is currently in the middle of an intra-day decline, and will likely find resistance at its medium-term moving average of around $0.000002160.
If we do not see a further decline from here, BONK will be poised to make another attempt at breaking $0.000002930 and making another 121% move to the upside, in a retest of $0.000004800.
Another unexpected winner in the memecoin market is Pepe, boasting a 32% gain.
PEPE’s price growth
PEPE's growth can be attributed to the recent announcement of Coinbase's Pepe perpetual contracts during the week.
PEPE’s price action
Similarly, PEPE is in the middle of an intra-day decline at the time of writing but is now testing support at its medium-term EMA of around $0.000663.
This means that the cryptocurrency has a chance at a rebound from here, as long as we do not see a breakdown from $0.000663, as well as anything between an 80% to $175% rally, whichever way things play out.
Just like the other two, Floki seems to have defied Bitcoin, only that the memecoin has no apparent causes for its 20% rally over the last week.
Floki’s price
In the charts, we can see that Floki is currently aiming for a retest of $0.00016149, as shown below:
FLOKI’s price action
The likely outlook is that Floki might attempt to make a new higher high around this price level, as it makes its way further upwards.
However, if we do lose the $0.00016149 level, the bears will be unable to win as long as we do not see a break below the previous low of around $0.00010989.
In essence, Floki remains bullish and is poised to double in price very soon, on its way to retesting the $0.00031387 local high.
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