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Highlights
- According to Coinmarketcap data, the total market capitalization of the top meme tokens stands at $59.3 billion, reflecting an intraday increase of 1.05%.
- The BOME price is poised for an imminent breakout as it narrows within the range of a falling wedge pattern.
- The formation of an inverted head-shoulder pattern hints at the end of the correction pattern in BONK.
Crypto Price Analysis: The sentiment in the cryptocurrency market has recently turned strongly bullish this week amid developments related to the Ethereum ETF. The renewed optimism pushed the ETH price to $3700 registering a 22% within 72 hours.
Bloomberg analyst James Seyffart expects the Spot Ethereum ETF listing to be weeks or longer away. At least five potential issuers—Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, and Franklin—have filed revised 19b-4 forms through the CBOE, removing staking-related content.
However, during some notable changes in the market dynamics, the Meme cryptocurrency sector often shows the most drastic change in their assets. On Wednesday, meme tokens like Pepe coin (PEPE), Book of Meme (BOME), Dogecoin (DOGE), and FLOKI were among the highest gainers offering a fresh long opportunity for traders.
Also Read: Meme Coins PEPE and FLOKI See Strong Rally, What’s Driving Them?
1) Floki
Floki is a cryptocurrency project inspired by Elon Musk’s Shiba Inu dog, leveraging the meme coin trend to build a unique ecosystem. It stands out due to its community-driven approach and diverse offerings, including the Valhalla NFT gaming metaverse, Floki DeFi ecosystem, and Floki University, an educational platform.
Over the past 10 weeks, the FLOKI price traded sideways resonating within two converging trend lines of a symmetrical triangle pattern. The continuation pattern bolsters a short break period for buyers to recuperate the exhausted bullish momentum to lead a high rally.
On May 15th, the coin price breached the pattern’s upper trendline, signaling the end of the prior correction. The Floki memecoin currently trades at $0.000227 and holds a market cap of $2.174 Billion.
If the breakout sustains, the FLOKI price could surpass the $0.00026 mark and aim for the $0.00031 mark indicating a potential gain of 40%.
Also Read: Investment Opportunity Alert: New Cryptocurrency Mallconomy Could Tower Over ApeCoin and Floki Inu
2) Book of Meme (BOME)
Book of Meme (BOME) is an innovative cryptocurrency project designed to integrate memes with the decentralized web3 ecosystem. Launched on the Solana blockchain by the pseudonymous artist Darkfarm1, BOME aims to immortalize meme culture within a digital anthology.
The BOME Memecoin entered the current recovery trend in mid-April as the price rebounded from $0.0071. This bullish turnaround has uplifted the coin value by 80% to currently trade at $0.012, while the market cap is recorded at $897 Million.
The daily chart of BOME shows a rising wedge pattern, characterized by two trendlines that provide dynamic resistance and support, bolstering the current recovery. As long as this pattern remains intact, the BOME price may continue its steady uptrend.
For a high-momentum rally, buyers must break through the upper boundary of the wedge, potentially allowing the asset to target the $0.0186 level.
On a contrary note, a breakdown below the lower support could trigger a fresh correction trend to plunge BOME Coin to $0.00824.
3) BONK
BONK is a Shiba Inu-themed memecoin launched on the Solana blockchain on December 25, 2022. The combination of community-driven governance, multichain accessibility, and integration with DeFi and gaming platforms makes it a standout project in the memecoin space.
An analysis of the daily chart shows the BONK price developed an inverted head and shoulder pattern amid the last 2 months consolidation. On May 20th, the coin price gave a decisive breakout from the pattern’s neckline resistance at $0.00003.
By the press time, the BONK price trades at $0.0000318 and boasts a market cap of $2.14 Billion.
The coin price is expected to retest the breached resistance level of $0.00003 in the coming days to confirm its sustainability. The post-breakout rally could push the BONK price to $0.0000366, followed by $0.0000478.
Also Read: Bonk Price Prediction: Bullish Reversal Pattern Signals Upside Potential of 22%
Key Takeaway
The potential approval of Spot Ethereum ETF has sparked bullish sentiment across the crypto market as investors respond positively to the recent development of filing revised 19b-4s, anticipating further growth in the sector. Meme coins are at the forefront of the bullish recovery, often driving rapid price movements due to their inherent volatility and susceptibility to speculative trading. These characteristics make them attractive for quick gains, despite the associated risks.
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