In latest crypto news, some memecoins kicked off the month of April on a bullish footing. This is after their plunge during the market downturn recently.
Notably,Dogecoin (DOGE), Pepe (PEPE), and Shiba Inu (SHIB) are showing strong gains in the cryptocurrency market.
PEPE and SHIB Breakout Signals Renewed Strength
Interestingly, in 2024 the memecoin asset classes were among those that posted remarkable gains as investors’ bets paid off.
In complement, the current trend among DOGE, PEPE, and SHIB suggests these memecoins have rediscovered their upward path.
DOGE price has soared past a critical resistance level of $0.170 within the last 48 hours.
At the start of trading activity, the coin hovered at $0.1645 before it rode on a bullish wave. During the previous day’s trading, Dogecoin price hit a high of $0.1751, fueled by buy pressure in the market.
As of this writing, DOGE price was trading down by less than 1% at $0.1717. However, following a slight pullback by market participants, the trading volume has dropped by 9% to $1.11 billion.
PEPE registered the highest rebound, with the price gaining 6.23% the previous day, and traded at $0.000007674, followed by a 3.3% drawdown. At the time of writing, it was trading at $0.00…7442.
In the last 30 days, PEPE has battled bearish pressure as the memecoin could not rise above $0.000007904. This development greatly dampened sentiment, causing the price to stagnate.
However, PEPE’s technical indicators showed the memecoin could aim for more gains; the recent breakout suggests a bullish move.
A crucial factor that could determine the continued rise in price is its ability to find support above cleared resistance levels.
This would require ecosystem support and community engagement from the frog-themed memecoin.
For SHIB, despite a 4.22% drop in price to $0.00…1239, the memecoin registered an over 27% growth in trading volume, rising to $232.24 million, at the time of writing.
A key target hinting at a comeback for the dog-themed memecoin is its ability to reclaim $0.000015. If SHIB breaches that level, then it could reattempt the $0.00002.
DOGE Rebounds Despite Musk’s Statement
Meanwhile, in the broader crypto ecosystem, new developments have come to light that might influence price trajectory.
SHIB, for instance, could experience a sustained rally after its lead developer, Shytoshi Kusama, broke his silence after over one month of mysterious disappearance.
Soon after, the enigmatic Kusama posted on X, a Japanese SHIB enthusiast, KURO revealed the developer’s location and hinted at a bullish project.
“Cracking the Chrysalis,” KURO wrote.
This subtle hint has left many speculating on what could be next for the Shiba Inu ecosystem.
The leading memecoin, Dogecoin, also received notable but bearish news on the last day of March.
Serial entrepreneur and Dogecoin fan Elon Musk dashed the DOGE community’s expectations.
This anticipation hinges on speculations that the coin could play a role in the Department of Government Efficiency (D.O.G.E).
“There are no plans for the government to use Dogecoin or anything,” Musk stated in a video.
Despite the bearish crypto news, the memecoin’s bullish start to April suggests users are moving on unaffected by the update.
Crypto news: What’s Next for Memecoin Market?
DOGE’s upward rally has slowed to a sideways movement. Bulls need to support the asset to continue its upward trajectory and break key resistance levels.
If the ecosystem support does not hold, DOGE could likely slide to the $0.1632 support zone. The coming days will clearly define DOGE’s next path.
This projection is also the same for PEPE and SHIB as they look to sustain gains in their rebound journey.
