In early May, meme coins experienced a surge in the market, similar to previous occurrences. Dogwifhat (WIF) saw an unexpected increase of 20.58%, while Dogecoin (DOGE) and Pepe (PEPE) rose by 13.80% and 12.93%, respectively. Other assets like Floki (FLOKI), Bonk (BONK), and Shiba Inu (SHIB) also showed significant increases, surpassing many other cryptocurrencies in the market.

WIF and DOGE

The price of WIF reached $3.32 with no notable resistance on the four-hour chart. Potential support for WIF lies at $4.36, indicated by the 1.618 level. There seems to be a correlation between DOGE and WIF, suggesting DOGE could rise to $0.18 with a 19.17% increase. Both WIF and DOGE are currently in the overbought zone, as shown by the Relative Strength Index (RSI), signaling caution for investors. Profit-taking might lead to a price pullback, but an upward scenario could lead to more value increases.

PEPE and FLOKI

PEPE and FLOKI followed a similar market trend to WIF, benefiting from the momentum. The breakout in PEPE and FLOKI's prices stemmed from a bull flag formation, indicating seller exhaustion. PEPE's price increase could lead to a similar trend in FLOKI, as shown by the Awesome Oscillator (AO) pointing towards increasing upward momentum. Strong buying pressure, as seen in the OBV metric, is expected to keep PEPE's price up.

BONK and SHIB

The analysis of BONK and SHIB charts revealed varying price movements. The Money Flow Index (MFI) on the BONK/USD four-hour chart indicated BONK had entered the overbought zone, with an MFI reading of 89.99. An MFI reading above 80.00 suggests overbought conditions, which may lead to profit-taking and potential price drops for SHIB and BONK. Differences in pricing movements between BONK and SHIB were observed, with some instances of correlation and divergence.

The surge of meme coins in early May presents both opportunities and risks for investors in the crypto market.