Meme Coins Show Resilience as Dogecoin and BONK Surge, but This Alternative Will Provide Better Gains
Meme coins are once again showing resilience and making a recovery in the crypto market.
Both Dogecoin and BONK have seen price increases recently, while the emerging meme coin Meme Kombat ($MK) continues to gain momentum in its presale event.
What you'll learn 👉
Dogecoin Surges 10% After Breaking Key Resistance
Dogecoin has seen a decent surge today to the $0.082 mark but quickly decreased to $0.0078 due to a broader market consolidation period. But the surge all the way above $0.08 actually meant DOGE surged over 10% in the last 24 hours.
Rekt Capital, a popular crypto analyst with 360k Twitter followers, stated: “Looks like Dogecoin has fully confirmed its breakout from the Channel.” This means Dogecoin has broken out above a key resistance level, which is a bullish sign and could lead to further upside.
DOGE’s RSI on the daily chart is currently 45. The RSI or Relative Strength Index measures the speed and magnitude of recent price changes to analyze overbought or oversold conditions. An RSI of 45 shows DOGE is currently in neutral territory, though leaning towards oversold conditions below 30.
Also, the MACD Line is below the MACD Signal Line which gives a bearish signal. The Moving Average Convergence Divergence indicator helps identify trend changes and momentum. When the faster-moving MACD line crosses below the slower signal line, it indicates slowing momentum and a potential trend change from bullish to bearish.
In terms of support and resistance levels, the nearest support zone for DOGE is around $0.070 which was previous resistance, then $0.060 below it. The nearest resistance zone is at $0.08 where DOGE struggled earlier, followed by $0.10. Breaking above $0.10 would be very positive for DOGE in confirming an uptrend.
BONK Skyrockets Thanks to Association with Solana
BONK has exploded 71% higher in the last 7 days and is now trading around $0.000003, making its gain over the past month more than 1,400%. Its daily trading volume has also surged to $85 million.
The increase in BONK’s price can be linked to its association with the bullish trend driven by Solana (SOL), the seventh-largest cryptocurrency. BONK is built on the Solana blockchain so has benefited from Solana’s continued outperformance.
BONK’s price has also sharply recovered, rebounding from the $0.0000002080 support zone after a prolonged consolidation phase. It has initiated a bullish trend with successive bullish candlestick patterns.
BONK’s price consistently trades above its 200-day and 50-day moving averages on the daily chart. This strengthens the bullish case as these key moving averages now act as support levels, with the crossover at $0.0000003732 indicating bullish dominance currently.
The RSI on BONK’s daily chart sits at 47, meaning it is in neutral territory and has room to move higher before being overbought. An RSI above 70 is considered overbought.
Meme Kombat ($MK) Presale Accelerates – The Best Meme Coin to Buy Now
Meme Kombat aims to bring innovation to the meme coin space by combining gaming, staking, and betting features into one immersive platform.
At the core is a battle arena where popular meme coin mascots compete in AI-powered fights. Players can challenge opponents in PvP mode and earn rewards and MK tokens by predicting match winners. There is also an integrated betting system to wager MK on battle outcomes.
Meme Kombat incorporates staking, allowing token holders to earn up to 686% APY on their MK. The tokenomics allocate 50% of the supply to the presale, 30% for staking and battle rewards, and the remainder to community rewards and liquidity.
The project introduces tournament-style battles between memes, transcending typical meme coins. Users select the memes they think will win based on predictions. This appeals to video game and crypto fans by providing active betting and passive staking, diverse earning options that are especially appealing to gamers.
In the inaugural season, eleven distinct memes will battle to become the ultimate meme champion. Future seasons promise more rewards and innovations like new formats. This indicates substantial long-term rewards and engagement.
Season 1 showcases the core platform and features. Season 2 in Q4 2023 will bring new opportunities, rewards, and formats. In 2024, the team plans to explore gaming ventures, alliances, and partnerships. Staying informed through Meme Kombat’s social channels is key, with many announcements coming.
The presale continues accelerating, raising over $1.77 million so far. MK is priced at $0.205 in the presale, with ETH and USDT accepted. Given the hype, access may soon be restricted. Entering the presale quickly maximizes returns. Meme Kombat taps into lucrative meme coins with an innovative gaming-crypto fusion.
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