Memecoin Bull Run: Dogecoin, Shiba Inu, Pepe Lead the Charge

• Dogecoin shows strong recovery, with $0.0998 as key support and $0.103 resistance.
• Shiba Inu shows stability, with key support at $0.0000130 and resistance at $0.0000134.
• Pepe’s volume drop signals caution, but support at $0.057132 suggests recovery potential.

Memecoins have become a go-to for crypto enthusiasts seeking to profit from high volatility and rapid price movements. Among the top contenders in this space are Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE). Each of these coins boasts a unique community, distinct market behavior, and potential for substantial returns.

Dogecoin (DOGE) on the Rise

Dogecoin, originally created as a joke, has grown into one of the most recognized and traded cryptocurrencies. Over the last 24 hours, Dogecoin’s price increased by 2.80%, reaching $0.1027. The market cap also increased by 2.81%, bringing it to $14.98 billion. Trading volume saw a notable jump, up 6.29% to $509.82 million.

A significant dip saw Dogecoin’s price touch a low of $0.0998. However, a strong recovery followed, driving the price towards the $0.103 level. The $0.0998 mark now stands as a key support level.

If the price revisits this level, it could provide a cushion against further declines. On the other hand, the $0.103 level represents near-term resistance. A successful break above this level might indicate continued upward momentum.

Read also: Meme Coin Meltdown: Are Dogecoin, Shiba Inu, FLOKI, and PEPE Doomed?

Shiba Inu (SHIB) Shows Strength

Shiba Inu, another popular memecoin, has seen a 1.34% increase in its price over the last 24 hours, bringing it to $0.00001338. Its market cap has also expanded by 1.33%, reaching $7.89 billion. Trading volume rose by 2.16% to $140.45 million, suggesting steady interest from investors.

Shiba Inu’s price has briefly dipped to a low of $0.0000130, only to bounce back quickly. This level now serves as a critical short-term support. If the price declines, this area might attract buyers. Conversely, the $0.0000134 mark acts as resistance. If Shiba Inu breaks through this resistance, it could lead to further gains, solidifying its uptrend.

Pepe (PEPE) Shows Promise

Pepe, a relatively new entrant in the memecoin arena, has shown a 3.30% price increase, bringing it to $0.057363. The market cap now stands at $3.1 billion, reflecting the same percentage increase. However, the trading volume has significantly decreased by 50.42% to $459.8 million, indicating a reduction in trading activity compared to the previous day.

Pepe’s price briefly touched $0.057132 before recovering, signaling a recovery trend. This level serves as a vital support, where buyers might step in if the price declines again. Looking ahead, $0.0574 is identified as a resistance level. A move above this level could suggest sustained bullish momentum for Pepe.