One of the newest meme coins in the cryptocurrency market, BONK, has recently enjoyed impressive price action, reaching an intra-month high.
This rally raises the question of whether other popular meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE will follow suit.
BONK Soars, But What About DOGE, SHIB, and PEPE?
The Solana-based meme coin BONK has seen its value surge by over 30% in the past three days, sparking interest among cryptocurrency investors. The significant bullish price action comes after BONK broke out from a descending triangle on February 9, shifting its market value from $0.0000103473 to a notable high of $0.0000141310.
This momentum suggests that BONK might not have reached its peak yet. Indeed, the technical forecasts indicates a potential rise to $0.0000174432, marking another 23.50% increase.
In contrast, Dogecoin, a pioneer in the meme coin sector, has shown a more static behavior. It has been trading within a parallel channel since the beginning of January.
Currently flirting with the mid-trendline of this formation, DOGE faces a critical juncture. Should it face rejection at the $0.083 resistance, a dip to $0.077 could be imminent. Conversely, a break above this resistance could fuel a 6.58% ascent to $0.088, testing the channel’s upper boundary.
Another heavyweight in the meme coin category is Shiba Inu. It has recently broken out from a descending parallel channel formation on February 8. This breakout hints at a promising 20.56% upswing, potentially elevating SHIB to $0.000011058.
With a 3.20% increase already under its belt since the breakout, Shiba Inu still has considerable room for growth, with an additional 16.52% increase anticipated.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Finally, PEPE, while less known than its counterparts, is not to be underestimated. The coin is currently forming what appears to be the right shoulder of a head-and-shoulders pattern. This is a bullish signal for investors.
Should PEPE rise to the formation’s neckline at $0.00000159878, it could represent a staggering 57% surge. Moreover, a breakthrough beyond this level could catalyze a 63% rally, propelling PEPE to new heights at $0.00000260585.
As the crypto market watches these developments unfold, the surge in BONK’s value raises expectations for DOGE, SHIB, and PEPE. It also underscores the potential for significant returns. It remains to be seen whether the rally in BONK signals a broader uptrend among its peers or if it remains an isolated incident.