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Highlights
- A potential breakout from the pennant pattern will release the build-up buying momentum in the Floki coin.
- The double bottom pattern sets the BONK price rally to chase to $0.0000378.
- The higher low formation in the daily chart projects a broader trend for WIF remains bullish.
Crypto Price Prediction: Following a month-long consolidation, the cryptocurrency market is witnessing a renewed recovery trend in the second week of April. The Bitcoin price rally above $70000 is influencing this buying, uplifting a majority of major coins to reclaim lost ground.
Wu Blockchain’s recent tweet highlights a significant bullish sentiment among market participants as Bitcoin breaks through $72,000 and Ethereum surpasses $3,600. The market experienced a total of $148 million in liquidations in the last 24 hours, predominantly from short positions amounting to $103 million
Binance shows that BTC has broken through $72,000 and ETH has broken through $3,600. In the past 24h, the entire network has experienced a liquidation of $148 million, of which short positions have been liquidated at $103 million.
— Wu Blockchain (@WuBlockchain) April 8, 2024
However, the meme coin sectors witnessed a higher momentum, evidenced by long bullish candles in their top asset like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), and Bonk.
With Bitcoin halving just around the corner, these altcoins will likely witness further buying pressure to lead a prolonged rally.
Also Read: Crypto Prices Today April 8: Bitcoin At $69K, Ethereum Above $3400, XRP & SOL Dip
1)Floki
Floki is a cryptocurrency project that’s part of the wave of meme coins, but it aims to differentiate itself by providing actual utility beyond the initial hype. It’s named after Elon Musk’s dog and stands out by developing an ecosystem with various components, including an NFT marketplace, merchandise store, and educational platform called Floki University.
Over a month, the Floki coin has traded sideways with its price resonating with two convergence trendlines of bullish pennant patterns. Amid the recent relief rally in the market, the coin price rebounded from the pattern’s lower trendline at $0.000184 and surged 18% to hit $0.000217.
This upswing uplifted Floki’s market cap to $2.08 Billion, while 24-hour trading volume is recorded at $16.9 Billion. However, for buyers to reclaim control over the asset, they must break out of the overhead trendline.
The post-breakout rally may drive Floki Price rally to the $0.00038 mark.
2) Bonk
BONK is a Solana-based memecoin that has gained attention for its significant rise in value and for its approach of being a community coin “for the people, by the people ”.
Unlike some meme coins which have been criticized for being controlled by venture capitalists or having unclear tokenomics influenced by ‘toxic’ dynamics within the crypto industry, BONK has positioned itself as a more democratic and community-focused alternative.
The last correction trend in BONK price found suitable support at the $0.0000212 level, evidenced by the two notable bounce-backs within three weeks. The recent reversal bolstered by market upswing has propelled the memecoin 14.4% to hit $0.000024.
The current market cap on Bonk stands at $1.57 Billion, while the 24-hour trading volume is at $123 Million. An analysis of the daily chart reveals this reversal as the formation of a double bottom pattern.
Under the influence of this pattern, the BONK price could cause a potential target of $0.0000378.
Also Read: Bonk (BONK) Price Prediction (2024, 2025 to 2030)
3) Dogwifhat (WIF)
Dogwifhat (WIF) is a memecoin that caught the wave of popularity surrounding the Solana blockchain’s meme trend. It’s characterized by its quirky mascot, a Shiba Inu dog with a hat, reminiscent of the doge meme that has been widely popular on the internet.
The WIF price rising for three consecutive days has jumped from $3.18 to $4.17, registering a 30% rally. With a market cap of $4.7 Billion, the Dogwifhat coin surged to $4.16, holding its position among the top 30 largest cryptocurrencies.
With an intraday gain of 10%, the WIF price now challenges the $4.16 resistance, offering buyers the next stepping stone to prolong the recovery trend. With sustained buying, the Dogwihat price could hit the potential target of $4.8.
Key Takeaway
With the Bitcoin halving event less than two weeks away, the cryptocurrency market is experiencing an increase in purchasing activity. This development, which could lead to a Bitcoin supply crunch, is seen as a potential catalyst for a widespread market recovery. Currently, cryptocurrencies associated with memes are at the forefront of this upward trend, suggesting an opportune moment for leveraging breakout strategies.
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