Memecoins Are Making a Comeback
The cryptocurrency market is regaining momentum, and memecoins like Dogecoin (DOGE) and Pepe (PEPE) are taking the spotlight. Over the past 24 hours, the memecoin market added over $8 billion in value, with tokens like DOGE and PEPE surging by double digits. Could this signify the start of a new memecoin mania?
Dogecoin Holds Steady Around Key Support
Dogecoin is trading near $0.142 after a strong weekly bounce. The weekly chart showcases DOGE’s potential for a bullish breakout as it attempts to maintain levels above its multi-year trendline. Currently, DOGE is finding support above $0.10–$0.12 and is showing bullish divergence on its RSI. Analysts predict that a successful bullish crossover on the MACD could drive Dogecoin to local highs above $0.20.
Pepe’s 50% Surge: A Short-Term Rally?
Pepe has risen by over 50% in just a few days, trading at $0.00000598. This rally follows a prolonged period of stagnation, fueled by strong trading volume that suggests increased buying interest. However, the price faces immediate resistance at $0.0000065. A failure to hold above $0.0000055 could mark the move as merely a temporary relief rally.
Memecoins and Market Volatility
The renewed interest in memecoins highlights improved market confidence and risk appetite. For now, memecoins like DOGE and PEPE remain speculative assets, with potential for volatility in both directions. A broader memecoin mania would require sustained momentum and participation across the cryptocurrency market.
Want to Start Your Crypto Journey?
If you’re interested in exploring the world of cryptocurrency, make sure to have reliable tools at hand. For starters, consider Ledger Nano X, a trusted hardware wallet to safely store your digital assets. Secure your holdings as you navigate through this exciting and fast-moving market.
