The crypto markets are approaching the month’s first weekend, while the memecoins are displaying huge bullish momentum. Shiba Inu has raised many eyebrows with a 100% jump in the past couple of days. Besides, novel tokens like dogwifhat have displayed massive strength as they get listed on some major exchanges.
With Bitcoin, Ethereum, and the other major cryptos in the top 10 trading sideways, memecoins are expected to propel with a huge margin. Has the Bitcoin price reached the local top? Will the altcoins continue to thrive with memecoins leading the rally?
The memecoin mania began with the PEPE price breaking above the threshold that enabled the token to achieve the interim highs. Further, the Dogecoin & Shiba Inu prices followed the trend, but the SHIB price is manifesting extreme bullish momentum as it secures levels above $0.000021. This move has reduced the gap to its ATH, but the path does not appear to be as straightforward as it appears.
The weekly volume of SHIB has soared above $166 trillion as the markets turned extremely bullish. This has caused the price to not only break above the descending parallel channel but also achieve local highs. Now that the StochRSI has triggered a bullish rebound, which suggests the price may reach the key resistance zone between $0.00002816 and $0.00003. Here, the bulls are expected to maintain strength, as the bears could take over the rally at this level.
Besides, the newly launched memecoin, dogwifhat (WIF), has soared above $1 and has become a billion-dollar asset. Among the other memecoins, WIF is the only token to be priced above a dollar, suggesting the market participants are in favor of the token.
Since it’s inception, the WIF price has been trading within a rising parallel channel, withstanding enough bullish and bearish pressures. However, some bearish pressures may be encountered in between but the bulls are expected to combat with strength. Therefore, the WIF price is believed to maintain an ascending consolidation along the upper resistance of the parallel channel and reach $1.5 initially. If the bulls continue to maintain strength, reaching $2 may not be a tedious job for dogwifhat price.
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