Key Insights
- Analysts believe historical patterns suggest an altcoin season could be starting, possibly benefiting memecoins.
- The memecoin market has seen a significant rise in the past 24 hours, indicating a reversal.
- Dogecoin is nearing a resistance level around $0.165, and a break above could lead to more than double the current price.
- Shiba Inu has broken multiple resistances and could be on track to reach its all-time high again.
- PEPE and BONK have seen impressive gains recently, with PEPE breaking its all-time high and BONK potentially challenging its $0.00004 all-time high again.
Is Bitcoin set to make its first-ever all-time high before a halving?
Analysts aren’t sure. What they ARE sure of, however, is that an altcoin season is brewing.
According to analysts at K33 research, this incoming altcoin season might be making its way right towards the memecoin market’s door and now may be the time for investors to set up camp.
The Memecoin Factor
According to a recent report from K33 Research, the crypto market is behaving similarly to how it did in the late 2020 altcoin rally, which came before the 2021 bull run.
According to this report, Bitcoin has surpassed the altcoins in terms of market cap (as shown by the recent price increases), bringing it more dominance.
His pattern, which has been observed with the timing of previous altcoin seasons, suggests that some altcoins might be ready to take off and even outshine Bitcoin.
The report concludes that “Judging by history, altcoins will start outperforming about the time we are now… There is enough risk appetite to send a select few alts on big runs, but we have yet to see a new wave of retail entering the altcoin arena to create the rising tide that lifts all boats.â€
As it stands, the memecoin market is starting to show signs of a massive bullish reversal, as shown by the staggering 32% rally in the market over the last 24 hours.
Here are some of the best memecoins to keep your eyes peeled for.
1. Dogecoin
This is the OG of memecoins and is by far the largest one of them all. At the time of writing, Dogecoin trades at around $0.1447 and is up by around 19% over the last day.
The memecoin is also up by around 69% over the last week, indicating a great deal of investor sentiment.
According to the charts, Dogecoin is on the verge of an explosive price movement.
Dogecoin’s rally is leading straight up to the $0.165 resistance, which has kept the cryptocurrency occupied since January 2022.
If we see a break above this price level, Dogecoin could be set to explode by another 119%, straight up from here to the $0.35 resistance!
2. Shiba Inu
Shiba Inu is a lot more bullish than Dogecoin, and for good reason.
The memecoin is up by a staggering 70% over the last 24 hours and by another 133% over the last week.
According to the charts, Shiba Inu has broken above several resistances over the last 24 hours, as shown by the chart below.
Shiba Inu is currently testing the $0.00002345 and if we see breaks above these major resistances, SHIB would have an almost unhindered path towards its all-time high once again—just like Bitcoin!
3. PEPE
Pepe, according to CoinMarketCap, is also doing pretty well in the charts.
The cryptocurrency is up by around 41% over the last day alone and by another staggering 271% over the last week.
According to the charts, we can see that the cryptocurrency just broke above its ATH.
This outlook, according to the Fibonacci retracement tool, means that PEPE is currently showing signs of slowing down where it currently sits at $0.000004517 because a significant resistance sits at around $0.00000530.
If we see a continuation of the cryptocurrency from here as well as a break above $0.00000530, we just might be seeing PEPE continue further upwards and even hit $0.00000675.
In all, the key resistance level to watch would be $0.00000530.
4. BONK
Bonk is slightly less active than the others on the daily timeframe but is up by a staggering 117% over the last week.
From the charts, we can see that BONK just broke above the $0.00001819 resistance for the first time since breaking below in December 2023.
The cryptocurrency is also attempting to finalize a break above the $0.00002552, after which PEPE will have everything it needs to rally straight up and challenge its $0.00004 resistance, or may even break through it to the upside.
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.
