Can Bulls Extend The Meme Coin Rally For A Second Surge?

The post Can Bulls Extend The Meme Coin Rally For A Second Surge? appeared first on Coinpedia Fintech News

With a comparatively silent week for the meme coin sector, the bullish demand is shifting to the other altcoins. Amidst the Bitcoin run to $73,000, Ethereum Dencun hype and the Bitcoin forks skyrocketing, can we witness a second surge in the meme coin rally?

Following the dramatic formation of skyscraper bullish candles, meme coins like Dogwifhat(WIF), FLOKI and DOGE are resting. However, the recently gained bullish dominance over critical levels teases a trend continuation for these community-driven coins. 

So, let’s have a closer look at the meme coins and analyze the next potential price jump.

Meme Coin Dogwifhat (WIF) Eyes Breakout

With a bullish 2024, the WIF price sustains an uptrend with a dramatic YTD surge of 1381%. Being one of the top performers, not just in the meme coins but in the entire market, WIF price sustains the dominant jump. 

Following the huge bull run, Dogwifhat is taking a sideways stance and challenging the newly formed ceiling at $2.40. With a 23% jump in the last 6 hours, the WIF price is teasing another breakout rally. 

Currently, the WIF price trades at $2.322, with a surge in trading volume supporting the potential breakout. In such a case, the breakout rally could potentially reach the overhead 1.618 Fib level at $3.71. 

Bulls Prepare Another Run in Floki (FLOKI)

With unimaginable performance within two weeks, the FLOKI price trend changes the entire price chart. Scaling more than 600% surge within two weeks, the altcoin became one of the best-performing dog-themed meme coins in those weeks. 

However, this week, the bull run takes a short break as it forms a long-range Doji candle. Currently, the meme coin trades at $0.00027 with an intraday jump of 2.34%. 

Further, as per the pivot points standard, the next resistance levels are at $0.00034 and $0.00042. With the current Doji candle coming as a short retest, the sideline traders are getting an early entry opportunity to the upcoming price jump.

Sector Leader Dogecoin (DOGE) Signals Trend Reversal

Being the biggest meme coin per market cap, Dogecoin remains the top dog in this sector. With a turnaround story after years of winter trend, the DOGE price is making a comeback with a remarkable surge in trading volume.

In the recent 14-day rally, Dogecoin showed an impressive jump of almost 100%. Currently, the DOGE price trades at $0.1730, with a 120% surge in the last six weeks. 

The Dogecoin price action showcases a trend reversal, ready to break above the 23.60% Fibonacci level. In case the buyers manage a strong closing above this Fib level, the altcoin is set for another surge to potentially reach 50% Fib at $0.31.

Will The Meme Coin Rally Survive?

Amidst the growing bullish sentiment in the crypto industry, the market cap is approaching the $3 Trillion mark. Further, with meme coins being the hyped-up, trending, and easy-to-invest option, their demand is increasing remarkably. Hence, with the bull market gaining momentum, the meme coin rally is expected to grow in the coming months.