Memecoins have attracted massive volume in the past few days, which has soared from levels around $4 billion to close to $8 billion at the moment. The sudden rise in the levels does suggest a potential shift of focus of the traders back to over the memecoins. Interestingly, the top 2 memecoins, Dogecoin & Shiba Inu, which were stuck up in a narrow range, have triggered a massive run. Besides, the other popular tokens, like PEPE & BONK, are surging finely, and others are experiencing huge pullbacks.
Will the PEPE & BONK price rally keep up the hopes for a memecoin mania?
The PEPE price rebounded from the local bottom a few days before and surged high to enter a pivotal resistance zone between $0.00001079 and $0.00001106. The traders expect a breakout from the range, while the trade setup suggests a minor pullback.
The price has entered an important zone but may soon drop back below $0.00001 as the RSI has entered the overbought zone and may experience a pullback. It has reached these levels for the first time since May and hence the bears are expected to be extremely vigilant at these levels. However, the bullish pressure has mounted, which may prevent excessive loss and trigger a strong rebound in time.
Besides, the BONK and WIF prices are facing equal bullish and bearish pressure as they have formed a Doji candle. The volume has dropped significantly with both the tokens, which suggests the selling volume may not be strong enough to initiate a pullback. However, the market dynamics have changed to a large extent, and the prices of these popular memecoins are expected to rebound very soon.
