In the past 24 hours, meme coins have experienced positive movements, with Dogecoin (DOGE) and Pepe (PEPE) registering significant gains.
DOGE has seen a substantial rise to the $0.078 level, while PEPE has reached $0.00000125, effectively recovering most of the losses incurred over the weekend.
The market, however, isn’t solely dominated by established meme coins. The newly emerging gaming coin, Meme Kombat (MK), is generating attention and has recently surpassed the $1.7 million funding milestone during its presale phase.
Dogecoin’s 13% Rebound
Dogecoin has demonstrated remarkable resilience in the face of bearish momentum, rebounding nearly 13% from its low of $0.069 on Tuesday.
After reaching the $0.082 level and experiencing a 15% drop, DOGE appears to have found support at the 50-day exponential moving average (EMA) in the 4-hour time frame. This support has served as a foundation for the coin to push upward.
A potential near-term target for DOGE is a return to Saturday’s high, representing an additional 4% increase from its current price.
Despite the increase in bullish momentum, spot trading volumes have declined by 6% in the past 24 hours, totaling $626 million. This suggests that the recent price surge might be attributed to a smaller group of traders rather than widespread market participation.
Nevertheless, the clear formation of higher highs and higher lows on the daily chart for DOGE indicates a resumption of the previous uptrend, signaling growing investor confidence.
Pepe Coin Follows DOGE’s Path, Recovers After Steep Decline
Pepe Coin mirrors the trajectory of Dogecoin (DOGE) as it stages a recovery following a sharp drop, reflecting a positive trend in the broader meme coin market.
Like DOGE, PEPE experienced a pullback from Friday to Tuesday, witnessing a decline of over 21% in its value.
However, PEPE’s resilience is evident as it rejected the $0.00000108 level as support on the 4-hour chart, reigniting its bullish momentum. The 4-hour uptrend in PEPE indicates a potential shift in control back to the bulls.
The recent rebounds in DOGE and PEPE appear to lack a clear catalyst, suggesting that market sentiment and technical factors are driving these movements.
The release of better-than-expected US Consumer Price Index (CPI) data may have contributed to a more positive outlook in the broader crypto market, providing a boost to both meme coins.