The memecoin recovery is underway with some of the assets leading the charge. It remains to be seen if others will recover soon.
- Memecoins saw a decline in overall market cap as prices declined. Bonk and Pepe have increased in the last 24 hours.
The market experienced a significant decline on 11th June, and memecoins were not spared from the downturn. However, in the last 24 hours, Pepe and Bonk have outpaced the market, leading the memecoin recovery.
Bonk, Pepe breaks from memecoin trend
An analysis of the memecoin rankings on CoinMarketCap showed significant declines in the value of most assets over the last seven days.
Dogecoin (DOGE), which has the largest market cap among memecoins, declined by over 15% over the previous seven days and nearly 1% in the last 24 hours.
However, further analysis showed that Pepe and Bonk had followed a different trend in the last 24 hours, showing signs of recovery.
Despite this short-term uptick, they remain in the red over a longer time frame. The chart indicated that in the last 24 hours, Pepe has recovered over 8%, marking the highest recovery among the top-6 memecoin assets as of this writing.
Additionally, analysis showed that Bonk had the second-highest gains in the last 24 hours.
The data indicated that it had recovered by over 7% as of this writing. Similar to the frog-themed asset, Bonk’s decline remained in double digits in the last seven days.
How Pepe has trended in the last 24 hours
An analysis of Pepe coin on a daily time frame showed that while the market was down on 11th June, it saw an increase.
The chart indicated that the memecoin’s value rose by over 5%, trading at around $0.00001137. As of this writing, it has increased again by almost 3%, now trading at around $0.0000131.
Source: TradingView
Additionally, the analysis showed that the memecoin’s support, represented by its short moving average (yellow line), was holding strong.
Also, the recent climbs have pushed it into a bull trend. An analysis of its Relative Strength Index (RSI) indicated that it had crossed slightly above the neutral line, signifying a weak bull trend as of this writing.
What about BONK?
An analysis of Bonk on the daily time frame showed that, like Pepe, it saw a slight increase in the previous trading session. However, it is in the current trading session that Bonk is experiencing a significant price increase.
As of this writing, Bonk was trading with an almost 6% increase. The chart indicated that it was close to climbing above its yellow line, which has served as resistance until now.
Despite the significant price increase, Bonk remained in a bearish trend, although this trend appeared to be weakening.
Source: TradingView
An analysis of Bonk’s Relative Strength Index (RSI) showed that it was currently below the neutral line. However, as of this writing, it was approaching the neutral line, indicating that the bear trend was weakening.
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