Follow Us

PEPE, SHIB, and BONK Benefits Greatly From Bitcoin ETF Sentiment

Share on facebook
Share on twitter
Share on linkedin

Share

PEPE, SHIB, and BONK Benefits Greatly From Bitcoin ETF Sentiment
Share on facebook
Share on twitter
Share on linkedin

The approval of Bitcoin ETFs by the US Securities and Exchange Commission (SEC) has heightened the sentiment and momentum of the whole crypto market, specifically the meme coin sector from January 8th of 2024. 

The PEPE, SHIB, and BONK are one of the three meme coins that have established impressive gains in the last couple of sessions, riding the bullish wave of Bitcoin and the improved demand for digital assets investments.

Technical Overview of PEPE, SHIB, And BONK In 1-D

PEPE, SHIB, and BONK Benefits Greatly From Bitcoin ETF Sentiment
Source: PEPE/USDDT, SHIB/USD, and BONK/USD.1.D. by TradingView

Pepe (PEPE) Rides The Bullish Wave

PEPE has jumped 45.52% from January 8th taking support on the crucial demand zone at $0.0000011000. The coin has been indicating a strong uptrend, and the long-term outlook seems optimistic.

The CMP was $0.00000135 with an intraday decline of 0.87%. The next resistance level for PEPE is at $0.0000014400, while the support level is at $0.0000012500.

The technical indicators for PEPE show a bullish outlook, as MACD is showing a bullish cross and RSI is above 14 SMA, showing it has space to surge on a daily time frame. Moreover, the EMAs are supporting the price as it is above all major EMAs.

PEPE, SHIB, and BONK Benefits Greatly From Bitcoin ETF Sentiment
Source: PEPE/USDT: MEXC.1.D. by TradingView

Shiba Inu (SHIB) Shows Strong Performance

SHIB is in a parallel channel and it took advantage of the trendline support on January 8th and surged greatly about 23.77% on the daily chart and showed good performance during the span. 

The current price is at $0.00001013 and shows a short-term resistance as the long-term outlook is positive. The next resistance level for SHIB is at $0.00001100, while the support level is at $0.000009000.

Furthermore, SHIB is above all major EMAs, RSI is above the median line and shows more room upward, and the MACD started to converge as the histogram is decreasing, which can show a bullish cross next in the future sessions.

Source: SHIB/USD: COINBASE.1.D. by TradingView

Bonk (BONK) Advances Higher

BONK has risen greatly from the demand zone of $0.00001000 and showed 93.09% performance in just a few days on the daily chart from the date January 8th. 

The coin is showing the traits of violation in the uptrend, which could be a possible sign of a short-term correction in the process, overall the long-term outlook seems bullish. 

The CMP is at $0.00001551 with a decline of 4.40% in the last intraday session. The next resistance level for BONK is at $0.00001800, while the support level is at $0.00001500.

Source: PEPE/USDDT, SHIB/USD, and BONK/USD.1.D. by TradingView

Summary

PEPE, SHIB, and BONK are three meme coins that have benefited from the Bitcoin ETF approval and the positive sentiment in the crypto market.

Furthermore, the coins may face some resistance and correction in the short term, but the long-term outlook is optimistic. The technical indicators for all three coins are also positive, suggesting more room for growth.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Leave a Reply

Your email address will not be published. Required fields are marked *

Download our App for getting faster updates at your fingertips.

en_badge_web_generic.b07819ff-300x116-1

We Recommend

Top Broker

Top Rated Cryptocurrency Exchange

-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00