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July 18, 2024
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BONK And PEPE Break Resistance: Is The Memecoin Market On The Move?

The post BONK And PEPE Break Resistance: Is The Memecoin Market On The Move? appeared first on Coinpedia Fintech News

The recent Bitcoin halving has boosted institutional trust in the market, leading to gains across major cryptocurrencies and meme-inspired coins. Charts currently indicate that most cryptocurrencies and meme coins are performing well, with the overall cryptocurrency market capitalization at $2.43 trillion. The meme coin sector specifically has reached a market cap of $56.3 billion, marking a 0.21% increase over the past 24 hours.

BONK And PEPE Lead Memecoin Rally

In the past 24 hours, the cryptocurrency market has experienced an uptrend after Bitcoin’s fourth halving event. The price of Bitcoin soared past $66,000, prompting increased buying interest in several meme coins, notably Bonk and Pepe, which are leading the surge.

According to Coinglass data, sellers liquidated significantly as Bonk witnessed a total liquidation of over $650K and Pepe price saw liquidation of nearly $2.3 million, creating increasing volatility on the price chart.

This past weekend, after rapid meme coin activity on Solana and Base, it was Bitcoin’s turn to shine, achieving a new milestone in the process.

For the first time, Bitcoin miners earned more from transaction fees than from block rewards in a single 24-hour period. On Saturday, following the halving and the debut of the token minting protocol Runes, miners collected $80.74 million in fees compared to $26.28 million in bitcoin rewards.

Bonk Price Analysis

BONK price has successfully rebounded above the support of $0.000014, breaking above immediate Fib levels. Currently, buyers are aiming to send the price toward the resistance of $0.000025. As of writing, Bonk price trades at $0.00002019, declining over 1.4% in the last 24 hours.

The rebound may approach the descending resistance line, an important threshold to monitor. If buyers surpass this hurdle, the BONK/USDT pair might extend to the $0.000029 level, and then the $0.000042 level.

Should the support between $0.000014 and $0.000012 weaken, intense selling interest from the bears is anticipated. If this support fails, the pair could experience sharp declines, potentially descending to the critical $0.00001 support level.

Pepe Price Analysis

PEPE price has been skyrocketing in recent hours due to increasing buying demand near the recent low of $0.0000049. As a result, buyers are now aiming for a new higher high in the coming hours in order to stabilize above Fib levels.

If the price ascends and stays above the $0.000009 level, the momentum could shift in favor of the buyers. This might lead to a gradual increase to $0.00001, possibly followed by a push toward $0.000015.

Should the price drop below $0.0000049, the PEPE/USDT pair might begin a downward trend toward $0.0000036. Although this price could serve as substantial support, a breakthrough by the bears could result in a complete retracement of the most recent rally, potentially bringing the price down to $0.0000016.

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