Flow

FLOKI

Dogecoin

Shiba Inu

dogwifhat

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/meme-coins-surge-again-in-early-may/" data-wpel-link="internal">Meme Coins Surge Again in Early May</a><br></p>
<p style="text-align: justify">As in the past, between May 3 and 4, the <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a> revival brought meme coins back to the stage. Leading the way, dogwifhat (WIF) unexpectedly surged by 20.58%. At the same time, Dogecoin (DOGE) rose by 13.80%, while Pepe (PEPE) gained 12.93% in value. This rally was joined by other assets like Floki (FLOKI), Bonk (BONK), and <a href="https://en.coin-turk.com/shiba-inu-price-analysis-will-shib-price-reach-0-00001/" data-wpel-link="internal">Shiba</a> Inu (SHIB), which outpaced many other cryptocurrencies in the market.</p> 
<h2 style="text-align: justify" id="wif-and-doge">WIF and DOGE</h2> 
<p style="text-align: justify">While writing this article, the <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> of WIF had reached $3.32, and there was no significant resistance seen in the last four-hour chart. This situation could challenge the bears if WIF maintains its upward momentum.</p> 
<p style="text-align: justify">The golden ratio, known as the 1.618 level, marks the next potential support point for WIF at $4.36. Moreover, there seems to be a correlation between DOGE and WIF. If this correlation continues, DOGE could rise to $0.18, marking a 19.17% increase.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-347762 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/wif.png" alt="" width="940" height="571"></p> 
<p style="text-align: justify">However, the Relative Strength Index (RSI) shows that both WIF and DOGE are in the overbought zone. This indicates that <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> should be cautious. If profit-taking starts, there could be a pullback in the prices of these cryptocurrencies. Nevertheless, the upward scenario could bring further value increases.</p> 
<h2 style="text-align: justify" id="pepe-and-floki">PEPE and FLOKI</h2> 
<p style="text-align: justify">The market dynamics of PEPE were similar to those of WIF, and FLOKI also benefited from this trend. When examining the four-hour chart, the breakout experienced by PEPE and FLOKI appears to stem from a bull flag formation.</p> 
<p style="text-align: justify">This breakout is due to the exhaustion of sellers’ power. Therefore, if PEPE’s price increases, FLOKI is likely to show a similar trend. However, if PEPE’s price falls, FLOKI could also decline. Additionally, the Awesome Oscillator (AO) indicated an increasing upward momentum.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-347763 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/floki.png" alt="" width="948" height="597"></p> 
<p style="text-align: justify">Therefore, PEPE’s price could continue a similar upward trend with FLOKI’s price. Moreover, the OBV metric also showed an increase, indicating strong buying pressure keeping the price up.</p> 
<h2 style="text-align: justify" id="bonk-and-shib">BONK and SHIB</h2> 
<p style="text-align: justify">An analysis of BONK and SHIB charts shows some differences. Sometimes their prices move together, and other times they diverge. Notably, the Money Flow Index (MFI) on the BONK/USD four-hour chart indicates that the BONK token has entered the overbought zone.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-347764 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/bonk.png" alt="" width="955" height="602"></p> 
<p style="text-align: justify">This situation arises as the MFI reading reaches 89.99. A reading above 80.00 indicates that an asset is overbought. At the same time, a high MFI reading, indicating intense capital inflow, suggests that traders may soon start taking profits, which could lead to a drop in SHIB and BONK prices.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/meme-coins-surge-again-in-early-may/" data-wpel-link="internal">Meme Coins Surge Again in Early May</a></h5>

Meme Coins Surge Again in Early May

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