Crypto Market Analysis: Second Largest Cryptocurrency Ethereum has risen for three consecutive days and its price jumped from $3,700 to $3,895. After notable volatility last week, buying momentum returned to the altcoin market as uncertainty surrounding the Spot ETF eased.
As usual, the same corner The sector responded quickly to the new buying interest, with assets such as Pepe coin (PEPE), Floki and Bonk posting significant gains in the last 24 hours. With Ethereum about to surpass the $4,000 mark, this asset could gain additional momentum, potentially extending the current recovery trend.
Also read: Five reasons to buy and hold SHIB, FLOKI and BONK right now
1) Crypto Market Analysis: Shiba Inu (SHIB)
Shiba Inu (SHIB) is a decentralized cryptocurrency that originated as a meme token but has evolved into a more expansive ecosystem. Built on the Ethereum blockchain, SHIB gained popularity as a community-driven project that featured a whimsical Shiba Inu dog as a mascot, similar to Dogecoin.
During the last six weeks, the Shiba Inu Price showed a slow but steady recovery under the influence of the ascending trend line. This dynamic support lifted the asset from $0.0000183 to $0.0000254, recording a growth of 40%.
Currently, Shiba Inu price has a market capitalization of $15.04 billion, maintaining its position as the 11th largest crypto asset.
With a recent rally in the price of Ethereum, the SHIB The price is showing another reversal of the ascending trend line, aiming to challenge the overhead resistance of $0.000028.
A possible break of this resistance may signal the end of the correction and target a high of $0.000038.
Also read: Shiba Inu Exec Confirms Huge Shibarium Airdrop, What to Expect?
2) floki
floki is a cryptocurrency project named after Elon Musk's dog that aims to combine meme appeal with practical utility. It is part of a broader ecosystem that includes DeFi applications, NFTs, and educational platforms, such as Floki University, which aims to educate users about blockchain and cryptocurrencies.
He floki price entered its current recovery trend since mid-May when Bitcoin recovered from $56000. On May 15, the coin price decisively broke out of the triangle pattern, correcting the trend for two months.
The post-breakout rally saw the asset surge 42% to currently trade at $0.000267. According to data from Coinmarketcap, the Floki coin maintains a market capitalization of $2.54 billion, while the 24-hour trading volume is $735.2 million.
The coin price is currently teasing a break of the horizontal resistance at $0.000267, paving the way for buyers to challenge the high at $0.00031.
On the contrary, coin holdings may find suitable support at $0.000215, followed by $0.00018.
Also read: Coinbase Lists Shiba Inu, Floki and Bonk Perpetual Futures
3) bonk
bonk (BONK) is a meme coin that has quickly gained attention within the cryptocurrency community, especially for those investing in the Solana ecosystem. Known as the โDogecoin of Solana,โ Bonk is differentiated by a strong emphasis on community participation and equitable distribution.
On May 20, the BONK Price gave a bullish breakout from the $0.3 neckline resistance of the inverted head and shoulders patterns. This breakout marked the buyer's escape from a two-month consolidation and provided a suitable foothold to fuel a larger rally.
The post-breakout rally boosted Bonk memecoin by 21% to currently trade at $0.000037, while the market capitalization boasts of reaching $2.4 billion.
If the pattern holds, buyers could take another 22% rise to channel the current all-time high of $0.00047.
Key takeaway
The meme coin market is known for its extreme price swings, mainly influenced by changes in trader sentiment. While this level of unpredictability may deter more risk-averse investors, meme coins often provide substantial opportunities for quick, albeit short-lived, financial gains. While the ETH price is expected to rise due to possible spot ETF trading, the altcoin market will spark a prolonged rally.
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The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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