Price movements in the meme coin market have seen PEPE and BONK outperform other tokens lately. At press time, according to CoinMarketCap data, the PEPE price is priced at $0.000011, up 17.46% in the last 24 hours.
Similarly, the BONK price is trading at $0.000031, marking a 21.95% increase. These gains highlight the bullish sentiment among traders and investors.
These pumps come on the heels of positive Ethereum ETF news that hit the crypto sector yesterday as Bloomberg analysts increased chances of ETH ETF acceptance from 25% to 75% this year.
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PEPE Price Analysis: New ATH in Sight?
The PEPE/USDT chart on TradingView reveals several key indicators and trends. The current price stands at $0.00001102, slightly below the all-time high of $0.00001156 set a week ago. This resistance level remains a critical point to watch.
The chart highlights important Fibonacci retracement levels, with 23.6% at $0.00000980 and 38.2% at $0.00000868. The 50% retracement is at $0.00000777, while the 61.8% level aligns with the support area between $0.00000687 and $0.00000777. The APR low is noted at $0.00000392, serving as a key support point from previous price movements.
Volume and Trend Analysis
A trading volume of 17.285T underscores strong market interest. Higher volumes at key levels suggest robust support or resistance. The current price movement indicates a bullish trend with multiple green candles. However, the presence of decreasing histogram in the MACD and RSI near the overbought territory (64.01) warns of potential consolidation or a pullback.
PEPE Price Forecast
Should the price break above the $0.00001156 resistance, we could see further upward movement, potentially reaching $0.00001300 or higher. This would mark the breach of ATH setting up a new high. Positive MACD confirmation would also support this trend.
Failure to surpass the resistance might lead to a reversal, testing support levels around $0.00000868 or $0.00000777. A break below these could push the price towards the APR low of $0.00000392.
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BONK Price Analysis: A Memecoin with Momentum
BONK has also been drawing attention. Notable figures in the crypto community, such as Bill King (@BillKingTM), have been bullish on BONK, predicting a price rise. Alan (@0xAlan_) mentioned that the end of $BONK vesting contracts on May 17th led him to take a position, anticipating a revisit to local highs.
Bullish Sentiments and Market Reactions
Crypto Tony (@CryptoTony__) indicated readiness to enter a low-risk position if the price reaches 2900. Moreover, As previously reported by Captain Altcoin, Mercury highlighted BONK’s rally towards range highs. CBas, another analyst, expressed an equally bullish sentiment, describing BONK as having significant potential for a major increase.
He noted that BONK’s chart looks exceptionally promising compared to other cryptocurrencies. Additionally, BONK is recognized as the original meme coin of Solana, appreciated for its accessibility via Jupiter Exchange.
Monitoring Key Indicators
PEPE and BONK’s recent price surges reflect significant bullish trends in the memecoin market. For PEPE, watching the ATH resistance at $0.00001156 and support around $0.00000687 to $0.00000777 will be crucial.
For BONK, community sentiment and key resistance levels will determine future price movements. Besides, as reported by Captain Altcoin, both coins show potential for continued growth, with traders closely monitoring market indicators for the next big move.
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