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Highlights
- The Shiba Inu price eyes a triangle pattern breakout to return on the recovery trend.
- The overhead supply hints the WIF price will extend its consolidation this week before a decisive breakout.
- The FLOKI price breakout from the downsloping resistance trendline hints at the end of the correction trend.
Crypto Price Prediction: On Tuesday, the market crypto witnessed no major change in its broader sentiment as a 2% drop in Bitcoin price to $61600 indicated the continuation of prevailing consolidation.
Defying the sluggish market moment meme coins have witnessed an impressive start this week, characterized by a notable inflow in major assets of the sector. According to Coinmarketcap data, the total market capitalization of the top meme tokens stands at $53.1 billion, reflecting an intraday increase of 4.6%. Moreover, the 24 hours of these tokens recorded $8.7 Billion to record 142.8% growth.
This uptick highlights the potential of meme assets to provide significant movement despite uncertain market sentiment.
Also Read: Meme Coin Party Begins After GameStop Rally, Adds $5 Billion To Index
Crypto Price Prediction: Shiba Inu (SHIB)
Shiba Inu (SHIB) is a decentralized cryptocurrency that emerged as a meme coin but has since evolved to include various projects aimed at establishing a robust ecosystem. Initially created as an Ethereum-based ERC-20 token, it has gained significant attention and adoption, often regarded as a rival to Dogecoin.
Amid the current market correction, the Shiba Inu has been trading sideways for the past seven weeks resonating within two converging trendlines. This dynamic resistance and support squeezing the SHIB price in a narrow range indicates the formation of the symmetrical triangle pattern.
This Shiba Inu coin currently trades at $0.0000236 and holds a market cap of $840.8. With the asset price close to the apex of the triangle pattern, a breakout from either is imminent.
A potential upside breakout will release the build-up of bullish momentum and push the Shiba Inu price to $0.00003285.
Also Read: Shiba Inu Coin Price Analysis: Reasons Why SHIB Poised To Hit $0.0001 In 2024
Dogwifhat (WIF)
Dogwifhat (WIF) is a memecoin based on the Solana blockchain, characterized by its light-hearted and community-focused nature. Despite lacking functional utility, the appeal of Dogwifhat lies largely in its communal and speculative aspects, driven by its unique theme of a Shiba Inu dog wearing a hat.
Similar to the SHIB price, the Dogwifhat has been witnessing a consolidation trend for the past six weeks within the formation of a symmetrical pattern. Currently, the WIF price trades at $3.03 and it continues to witness supply pressure at the overhead trendline.
This long-wick rejection in yesterday’s daily candle indicates this memecoin could prolong its current consolidation. Currently, the Dogwifhat coin shows a market cap of $3 Billion, and the trading surged 124% to $705 Million since yesterday.
A potential breakout from the pattern’s upper boundary will accelerate the buying pressure and bolster a renewed recovery to $4.86.
Also Read: Shiba Inu vs PEPE: Which ERC 20 Memecoin to Buy
Floki
Floki is a multifaceted cryptocurrency project that stands out through its community-driven approach and ambitious utility projects. Initially inspired by a tweet from Elon Musk about his dog named “Floki,” the token has grown into a significant ecosystem within the cryptocurrency space.
The Floki coin recently entered a recovery phase, with its price rebound from a support level of $0.000109 in mid-April. Demonstrating a bullish trend, the coin formed three consecutive higher highs, propelling its value by 76% to a current trading price of approximately $0.0001934.
Amidst a general uptick in the meme cryptocurrency market, Floki has experienced a significant 21% increase over the past two days alone. Consequently, its market capitalization has risen to $1.846 billion, and its trading volume has surged by 77.6% today, reaching $526 million.
This price movement marks a decisive breakout from a two-month corrective downtrend, potentially setting the stage for buyers to retest the previous high of $0.00031.
Key Takeaway
The crypto market has been trading sideways for the past two weeks with the Bitcoin price wavering around the $60000. However, this consolidation witnessed occasional upticks, and fast-moving sectors like meme cryptocurrency offer excellent opportunities in the intraday and short-term trends.
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