Recent Trends in Cryptocurrency Market and Meme Coins

Recent Trends in Cryptocurrency Market and Meme Coins

Bitcoin's recent halving has sparked a renewed interest among investors, significantly impacting the market for meme coins. According to Coinmarketcap, the majority of cryptocurrencies, particularly meme coins, have been performing strongly, with the overall cryptocurrency market capitalization reaching $2.46 trillion. Notably, meme coins have experienced a 0.21% increase over the past 24 hours, amassing a market value of $56.3 billion.

Movements of BONK and PEPE

Following Bitcoin's fourth halving, the cryptocurrency market has entered a period of growth over the past 48 hours. Bitcoin's price surpassed $66,000, triggering increased buying pressure for various meme coins, including Bonk and Pepe.

Data from Coinglass indicates liquidations worth $650,000 for Bonk and $2.3 million for Pepe. This period has provided substantial liquidity from sellers, leading to price fluctuations.

Last weekend, significant coin activity on the Solana and Base networks coincided with a notable movement in Bitcoin, resulting in price increases.

Bonk Price Analysis

BONK's price has recently recovered above the $0.000014 support level and has swiftly surpassed the Fibonacci levels. Buyers are currently attempting to push the price towards the $0.000025 resistance level.

However, at the time of writing, Bonk's price has declined by over 1.4% in the past 24 hours, trading at $0.00002045.

A price recovery could materialize at the critical threshold of the descending resistance line. If buyers can overcome this price barrier, the BONK/USDT pair could potentially surge to $0.000029 and subsequently to $0.000042.

Conversely, if the price support level between $0.000014 and $0.000012 weakens, bears may enter the market and initiate short selling. Failure to defend this support level could result in significant declines for the pair, potentially leading to a critical retreat to the $0.00001 support level.

Pepe Price Analysis

PEPE's price has been exhibiting a rapid upward trend in recent hours, fueled by increased buying demand near the emerging $0.0000049 level. Consequently, buyers are now targeting a new high peak above the Fibonacci levels in the coming hours.

If the price can sustainably rise above the $0.000009 level, momentum may shift in favor of the bulls. This could lead to a potential surge to $0.00001 and a subsequent jump to $0.000015.

On the downside, a price decline below $0.0000049 could trigger a drop towards $0.0000036 for the PEPE/USDT pair. Failure to defend this region could potentially lead to a further decline to $0.0000016.

The original article was first published on COINTURK NEWS.