Memecoins Surge as Bitcoin Nears $100,000 Mark
2min read As Bitcoin approaches the $100,000 mark, the memecoin market has experienced a significant surge, with many memecoins recording double-digit gains. This bullish sentiment has been fueled by the increasing optimism surrounding Bitcoin's price trajectory, which has been steadily climbing towards the psychological barrier of $100,000.
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Among the top memecoins, Dogecoin and Shiba Inu have seen modest gains of around 5%. However, other memecoins such as Mog Coin (MOG) have surged by nearly 40%, leading the rally. Mog Coin's price increase has been particularly notable, and other memecoins are expected to follow suit once Bitcoin surpasses the $100,000 mark.
Pudgy Penguins (PENGU) has garnered significant attention, with its price initially rising by 2000% and trading volume soaring by over $2.2 billion. Despite a subsequent 92% drop from its highs, the beginning of Q2 has seen a bullish trend with increased volume, suggesting a potential continuation of the upswing. Technical indicators such as the Gaussian Channel and CMF (Chaikin Money Flow) show bullish signals, with the MACD remaining in the positive range, indicating rising buying pressure. The PENGU price is expected to follow a parabolic recovery curve, potentially reaching the neckline close to $0.042.
Brett (BRETT) is also on the rise, aiming to reclaim its $1 billion market cap as trading volume has nearly doubled in recent days. The BRETT price has triggered a strong bounce, testing a key resistance zone that has previously acted as strong support. Technical analysis shows that the 50-day and 200-day Moving Averages (MAS) are acting as support and resistance levels, with the 50-day MA showing bullish divergence. The MACD indicates a drop in selling pressure, and a bullish crossover is imminent, which could elevate the price beyond the resistance zone between $0.065 and $0.067, potentially reaching the important resistance at $11.
OFFICIAL TRUMP has also gained significant attention since its launch. Despite an initial drop in price due to the reported sale of holdings by Trump’s team, the price has since begun to rise, breaking out of its bearish range. Technical indicators show that the TRUMP price has broken above a bullish pennant, with the RSI surging after testing the average range. If the price secures the immediate resistance at $13.5 without facing rejection, a rise to $16.5 could be imminent.
In summary, the memecoin market is experiencing a bullish surge as Bitcoin approaches $100,000. While top memecoins like Dogecoin and Shiba Inu are seeing modest gains, other memecoins such as Mog Coin, Pudgy Penguins, Brett, and OFFICIAL TRUMP are leading the rally with significant price increases. Technical indicators suggest continued bullish momentum for these memecoins, with potential for further gains as Bitcoin's price continues to rise.
