Memecoins Jump into Action as the Market Sentiments Flip after the Latest Pullback during the Past Weekend

While the other tokens maintain a consolidated upswing, Bonk leads the rally and Pepe follows the suit

Memecoins like Dogecoin, Shiba Inu, and Floki Inu experienced a massive rally in 2023. These tokens, which are known for their lighthearted nature and community-driven initiatives, garnered attention amidst the broader crypto market recovery. As Bitcoin price sustained above the crucial support at $57,000, traders remained optimistic about the upcoming trend.

Among the memecoins, BONK price remained the top gainer with a rally of over 12% in the past 24 hours. The token price showcased a breakout from a falling wedge pattern, which is usually encountered during a downtrend. As the price reached the apex of the pattern, it hinted at an upcoming bullish reversal. Now, the price is set to encounter the next resistance at $0.000029, followed by a crucial resistance at $0.000032. Breaking these levels could lead to another 15% upswing.

On the other hand, PEPE price also gained momentum and rose by 8% in the past 24 hours. The token price, after slipping below $0.00000925, attracted strong buying volume at the monthly lows. This led to a price rebound from the lower support, and now the PEPE price is approaching $0.00001 resistance. Breaking this level could lead to another 5% upswing.