Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
Pepe and Bonk Prices Surge Over 30% Amid $400 Million Liquidation: What to Expect Next

The post Pepe and Bonk Prices Surge Over 30% Amid $400 Million Liquidation: What to Expect Next appeared first on Coinpedia Fintech News
The memecoin market is currently booming, with numerous Solana-based meme coins experiencing significant price increases during recent trading sessions. The news of a potential spot Ethereum ETF approval by the SEC this week has triggered a buying demand in the crypto market, driving up meme coin prices as well. Pepe and Bonk have seen their prices surge by over 30% in just 24 hours. Analysts, however, predict mixed signals in the hours ahead.
Market Liquidation Nears $400 Million
In the past 24 hours, the crypto market has experienced significant buying demand. Bitcoin (BTC) surged past the $70,000 mark, while Ethereum (ETH) is approaching the $4,000 milestone. Coinglass data reveals that total market liquidations exceeded $390 million.
Also read: Top Reasons Why the Crypto Market is Up Today: Altcoins Time to Shine?
Notably, Solana (SOL) meme coins are rising sharply. The price of Pepe hit a new all-time high today, and Bonk leads the meme coin rally with a robust 30% gain.
Pepe Price Analysis
Pepe is currently facing increased bearish pressure following a selloff at its recent high of $0.00001281. The price is attempting to drop below the EMA20 trend line; however, bulls are strongly defending a decline. At the time of writing, Pepe is trading at $0.00001212, surging by over 30% in the last 24 hours.
Buyers are trying to maintain the price above the 20-day EMA ($0.00001034). If they succeed, the PEPE/USDT pair might climb back to the high of $0.0000128. This level is crucial for bears to defend, as a rally beyond it could lead to a rise towards the overhead resistance zone between $0.000015 and $0.000017.
On the other hand, a break and close below the $0.00001-$0.000008 support zone would confirm a bearish pattern. The pair could then drop to the strong support at $0.0000055. With the RSI level rising sharply towards the overbought region, traders might expect a correction.
Bonk Price Analysis
Bonk price has been on an upward trend recently, with the bulls pushing it above the overhead resistance of $0.000029. Currently, Bonk is trading at $0.0000323, marking a surge of over 27% in the last 24 hours.
The bulls are now aiming for a move toward $0.00003693, and a successful push could see the price rising to $0.000047. However, bears may strongly resist any surge within these levels.
A key level to watch is the EMA20 trend line. A strong rebound from this level would indicate that bulls are buying on dips, increasing the chances of breaking the psychological resistance at $0.000037. On the other hand, if the price drops sharply and falls below the 20-day EMA, it would suggest that bulls are exiting their positions, potentially triggering a correction down to the 50-day SMA at $0.00002275.
On the 4-hour price chart, the RSI level is surging and currently trades around 70, which might trigger a bearish correction.
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