The cryptocurrency market is witnessing fluctuations, particularly with Dogecoin rising by 3.9%, the decline of BONK, and the rise of other memecoins.
Factors Driving Dogecoin's Rise
Anticipation surrounding potential phased approval by the U.S. Securities and Exchange Commission has boosted interest in Dogecoin. It is expected that Dogecoin will benefit from a 'criteria-based approval' narrative. This optimistic sentiment has propelled Dogecoin above key moving averages. The RSI is near the mid-point, indicating an approach to a significant resistance level. A breakthrough could elevate Dogecoin towards the $0.20 mark.
BONK's Decline
In contrast, BONK's value dipped by 7.2% as investors opted to lock in profits following a 46% surge over the past week. An increase in supply due to LetsBONK initiatives triggered selling pressures, with the RSI nearing the overbought level. A notable decline in trading volume suggests diminished momentum. Immediate support for BONK lies at $0.00002087, with risks of further declines if breached.
Opportunities for Shiba Inu and Pepe
Shiba Inu has recently broken out of a downward trend by surpassing the $0.00001280 trendline, bolstered by a favorable MACD crossover and the burning of over a billion SHIB tokens, effectively reducing overall supply. Major cryptocurrency holders possess a significant portion of SHIB, and a surge in derivative interest highlights short-term prospects. Pepe's upward momentum is attributed to a recurring bull flag chart pattern, approaching a breakout at the $0.00001050 resistance.
The revival of Dogecoin and contrasting movements in BONK, Shiba Inu, and Pepe illustrate the dynamic nature of the cryptocurrency market, where regulatory expectations and strategic actions by large holders play crucial roles. Investors are keenly watching for changes and opportunities in this volatile market.
