Memecoins Explode as Bitcoin Inches Close to $100K—Will Memes Catch the Investors’ Attention?

The post Memecoins Explode as Bitcoin Inches Close to $100K—Will Memes Catch the Investors’ Attention? appeared first on Coinpedia Fintech News

The memecoin space has recorded a sudden rise of nearly 10% since the past trading day, while the volume has also almost doubled. This rise is fueled by the Bitcoin bulls pushing the price close to $100K as the market sentiment has turned bullish after remaining skeptical for a long time. Meanwhile, the top two memecoins, Dogecoin and Shiba Inu, rise with a decent margin of around 5%. However, the others manage to surge with a huge margin, Mog Coin (MOG) being the top gainer with close to 40% gains. 

Apart from this, the following memecoins are closely following the MOG price rally and are believed to explode once the BTC price surpasses the psychological barrier. 

Pudgy Penguins (PENGU) 

Pudgy Penguins received major attention from the beginning as the price initiated the trading journey with a 2000% rise. Besides, the volume also had soared by over $2.2 billion, which signaled a huge rise in the trading activity. Unfortunately, the rise remained for a short time as the bears intensified their action, causing a 92% drop from its highs. However, the beginning of Q2 has been largely bullish with a decent increase in volume, hence hinting towards a continuation of a strong upswing. 

As seen in the above chart, the PENGU price is following a parabolic recovery curve and has intensified since the last week of April. The Gaussian Channel has turned bullish for the first time since February, and the CMF has displayed a bullish divergence, suggesting a rise in the money flow into the platform. On the other hand, the MACD remains within the positive range, showing a rise in buying pressure. Therefore, the PENGU price is expected to remain within the curve and reach the neckline close to $0.042. 

Brett (BRETT) 

Brett Price is on the rise, intending to reclaim the $1 billion market cap as the volume has almost doubled in the past couple of days. With this, the BRETT price triggered a strong bounce, which has helped the token to rise and test a key resistance zone. This level has been acting as a strong support in the recent past, and hence, if it reclaims this support, the price is expected to drop a zero from its value.

The price is trading within a crucial range where the 50-day & 200-day MAS are acting as strong support and resistance levels, while the 50-day MA has shown a strong bullish divergence. Besides, the MACD is displaying a drop in the selling pressure while being in the positive range. Moreover, the levels are about to undergo a bullish crossover, which may elevate the levels beyond the resistance zone between $0.065 and $0.067 and reach the important resistance at $0.11. 

OFFICIAL TRUMP (TRUMP)

OFFICIAL TRUMP has received huge attention ever since the launch was announced by the U.S. President. Soon after the launch, the price dropped as Trump’s team reportedly sold their holdings, gaining millions in profit. However, the price has begun to rise and has broken out of the bearish range, indicating a change in the market dynamics. 

The TRUMP price has broken above the bullish pennant after consolidating for a while, with a slight rise in volume. Besides, the RSI has also begun to surge after testing the average range. Hence, the price appears to be poised to secure the immediate resistance at $13.5, and if it secures without facing a rejection, a rise to $16.5 could be imminent.