Memecoins have been an integral part of the ecosystem, which has always displayed a diverse trend with huge intensity. It started with the Dogecoin price rally just before the beginning of the 2021 bull run, which led to the birth of the ‘n’ number of memecoins in the market. One of them was Shiba Inu, which entered the crypto space as a ‘Dogecoin killer’ and has been successful in doing so to some extent. Besides, the latest set of memecoins, including BONK, has also made some impressive gains.
In times when the memecoin mania was expected to have faded out, the Pepe price rally appears to have instigated fresh bullish momentum. Bonk, which had displayed an iconic rally of over 18,000% before the end of 2023, is expected to trigger a fresh rally in 2024. The bullish volume has accumulated and hence a slight bullish push may validate another 120% jump to levels above $0.00005.
The BONK price pierced above the ascending trend line and is about to test the local highs at $0.0000279. If the bulls sustain some strength, then a steep upswing towards the next target at $0.00005 may be imminent. Besides, the very first memecoin, Dogecoin, has sliced through the crucial resistance zone between $0.1 and $0.11, indicating the beginning of a fresh upswing.
The DOGE price traded within a lower range for more than 24 months, suggesting the bulls underwent a huge accumulation phase. However, the current market dynamics propelled the price above the crucial resistance, indicating a rise from the bearish well. However, the bulls need to display strength at the moment or else it may end up being a fakeout. On the other hand, Shiba Inu just soared above the bearish pattern, flashing bullish signals.
After marking the highs during the 2021 rally, the SHIB price was stuck within a steep descending trend. However, the latest price action triggers a massive breakout from the descending parallel channel. This could elevate the price towards interim highs at $0.00001740, which could further trigger another push beyond $0.00002.
The above charts indicate the memecoins are heavily undervalued and hence if the bull run strikes these tokens, a huge inflow of liquidity may enter to incur short-term gains.
