Bitcoin (BTC) has remained below the $70,000 mark, leading to increased volatility among certain altcoins. Memecoins, in particular, have capitalized on this instability to reach new highs. Over the past week, memecoins like Pepe (PEPE) have yielded returns exceeding 100%, making them top performers among altcoins. Other memecoins such as Floki (FLOKI), Bonk (BONK), and Book of Meme (BOME) have also seen significant gains, while Dogecoin (DOGE) and Shiba Inu (SHIB) have gathered momentum.
What Is Driving PEPE’s Growth?
PEPE has experienced a notable rally, hitting an all-time high with a rolling bottom pattern on the daily chart. Despite a 4.26% increase on May 27, it faced a 4.25% pullback, hinting at a possible correction soon. According to Fibonacci retracement levels, PEPE is above the 1.618 level and may retest this point. If the bulls regain strength, PEPE could target $0.000021 or the 2.618 Fibonacci level.
How Is FLOKI Performing?
FLOKI mirrored the sector’s uptrend led by PEPE, climbing 23.03% following news of its listing on Coinbase for perpetual futures trading on May 30. This development suggests a potential price surge for FLOKI, supported by a rolling bottom formation breakout aiming for $0.00058 based on trend-based Fibonacci levels.
Key Takeaways for Investors
- PEPE may undergo a correction before resuming its upward trend.
- FLOKI’s listing on Coinbase could further boost its price.
- BONK’s recent breakout hints at continued upward momentum.
- BOME’s triangle formation breakout indicates further gains if the bull run persists.
BONK’s Potential Breakout
BONK has shown a strong uptrend, rising 72% over the last two weeks. The recent bullish cycle within a rising channel has completed a rolling bottom formation. A 15% jump last night indicates a potential breakout rally, signaled by a bullish engulfing candle. A successful breakout could elevate BONK’s price to $0.00008321, aligning with the 1.618 Fibonacci level.
BOME’s Momentum and Triangle Formation
BOME is gradually gaining momentum, challenging the $0.014 level amid the industry’s bullish run. If the trend continues, BOME’s price could reach $0.023 based on Fibonacci projections. With the broader market showing bullish signs, investors are increasingly driven by Fear of Missing Out (FOMO), leading to impressive performances by memecoins in recent weeks. These breakout events and upward movements make memecoins a compelling investment in the current crypto market.