After a recent global crypto market crash that saw Bitcoin price fall below $60,000, the crypto community is closely monitoring the performance of meme coins; PEPE and BONK. While investors may be uncertain on whether to sell or hold onto their investments, it is crucial to conduct a thorough analysis to help make a well-informed decision. Exploring the complexities of PEPE’s and BONK’s market dynamics, this article offers understanding of their possible price trends.
PEPE Vs BONK: Market Performance
Comparing PEPE and BONK in terms of market performance, Pepe Coin is currently priced at $0.000007807, showing a notable increase of 15.72% in the past 24 hours compared to BONK. In the past week, the Ethereum-based memecoin has experienced a rise of 3.40% in its value, with its performances over last month and year-to-date reaching 8.16% and 630.21% respectively.
PEPE has a market capitalization of $3.28 billion, placing it at the 30th position, with a trading volume of $1.25 billion in the past day. The frog-themed token has a circulating supply of 420.69 trillion PEPE tokens. Pepe Coin hit its all-time high of $0.00001074 on March 14, 2024, but has since decreased by 26.42%.
On the other hand, BONK is currently trading at $0.0000259, and has witnessed a growth of 16.96% in its value over the past day. Yet, its performance in the previous week and month have not been as positive, indicating a drop of 0.11% and 12.35% respectively.
However, year-to-date, BONK’s value has grown by 4093.62%. Boasting a market cap of $1.69 billion, the meme coin based on Solana, holds 56th position, according to CoinMarketCap. With a trading volume of $517.73 million within the past day, the token has 65.19 trillion BONK in circulation. Having reached its all-time high of$0.00004704 on March 4, 2024, the token’s value has fallen back by 44.4%.
Both meme coins experience fluctuations in their prices across various time periods, with PEPE displaying a more significant performance over one year, while BONK showing an increase in value over the past day.
PEPE Vs BONK: Sell or HODL?
When considering whether to sell or HODL regarding PEPE versus BONK, it’s crucial to delve into the technical analysis and indicators guiding their market performance.
Looking at PEPE, its moving averages present a mixed picture. While the exponential and simple moving averages across various timeframes lean towards a buy signal, indicating potential upward momentum, the Ichimoku Base Line remains neutral. However, oscillators like the MACD Level suggest a buy, aligning with the moving averages’ bullish sentiment.
Additionally, the Relative Strength Index (RSI) is neutral, reflecting a balanced market sentiment without significant overbought or oversold conditions.
Considering Fibonacci support and resistance levels, PEPE appears to be hovering around pivotal points. Its price seems to have support at the Fibonacci level of $0.000006469811, while resistance is visible around $0.000008998569.
Turning to BONK, its moving averages present a more bullish outlook, with both exponential and simple moving averages signaling a buy. The Hull Moving Average also aligns with this sentiment, indicating potential upward movement.
Similar to PEPE, oscillators for BONK provide a mixed signal, with some indicators suggesting a buy such as the MACD Level remaining neutral. The RSI stands at a neutral level, reflecting balanced market sentiment.
In terms of Fibonacci levels, BONK also shows support at the Fibonacci level of $0.00002155, with resistance potentially forming around $0.00003077.
Considering these technical indicators, investors might lean towards a cautious HODL approach for both PEPE and BONK. While the moving averages and some oscillators suggest potential upward momentum, it’s essential to monitor how these cryptocurrencies respond to support and resistance levels, as well as any shifts in market sentiment indicated by oscillators like the RSI.
