In the last week, the memecoins Bonk and Dogecoin have stood out from the rest of the crypto market for their performance on a graphic level, marking double-digit percentage increases.
In the list of “top performers” we also find other coins that have accompanied Bitcoin’s rally to $64,000 with strong demand from retail investors.
The smell of altseason is already in the air, but the market may not be ready to push meme coins and low-cap cryptos prices wildly, at least until Bitcoin’s dominance starts the dance.
All the details below.
Summary
The memecoins Bonk and Dogecoin show double-digit gains in the last crypto week
Starting from Monday, February 26th, the memecoins Bonk and Dogecoin have led the major increases in the crypto market fueling the FOMO of investors, already high after Bitcoin forcefully broke through the $60,000 threshold.
In detail, Bonk records a +80% since the beginning of the week with a maximum movement amplitude exceeding 115%, while Dogecoin settles for a +40% and a maximum amplitude of 59%.
From a technical analysis perspective, the breakout of Bonk has brought the memecoin prices to a value that had not been recorded for 73 days, reversing the downward trend in the graphic structure.
It is worth noting in particular how the old resistance of 0.000017 USD, which had hindered the potential recovery of the crypto in January, was forcefully surpassed on Wednesday, in a single candle by +29%.
I high volumes have grown as per the manual parallel to prices, supporting the bullish push of the bulls.
The RSI currently shows an overbought value, and could signal the start of a small corrective phase, with demand still maintaining control of the situation.
Unless over the weekend the price action of Bonk will drastically incinerate dropping below 0.000015 USD and establishing a huge top pattern, it is likely that the positive trend may continue in the coming weeks.
Even for Dogecoin the situation seems to be particularly interesting, since the prices of the memecoin have literally exploded in the last few days breaking the local maximum of 0.1 USD reached in December 2023.
Thanks to yesterday’s candle push, with which the crypto temporarily explored the $0.13 zone before taking a small step back in the evening, Dogecoin has returned to a price level not seen in about 480 days in the midst of the November 2022 mini-bubble.
Similar to Bonk, the favorite coin of Elon Musk has seen very high trading volumes this week, casting doubt on a possible continuation of the bullish trend.
At the moment the outlook seems to indicate another rally on the horizon, but market bears may prevail in the short term causing a small retracement.
If the corrective phase will last until below 0.1 USD, the previous movement will be invalidated and we could go hunting for the short, as the classic “spike” top pattern has formed.
Other cryptos with significant performance: is it altseason time?
The memecoin Bonk and Dogecoin are just some of the cryptos that have been on fire in the market in the last week, giving great joy to their token holders.
For example Pepe, which last May had started a brief phase of uncontrolled euphoria, has grown by over 130% since Monday establishing itself as the “top gainer” on Binance.
This memecoin is still trying to continue the upward trend, bringing prices towards new highs before the weekend.
It is also worth noting the excellent performance of FET, which in the last week shows a “modest” +47%, however coming from other very positive performances in the previous weeks.
FET, among other things, represents one of the few cryptos that has already surpassed its all-time high, anticipating the classic market cycle that sees a price explosion in the post-halving phases of Bitcoin.
The market optimism since Monday has also involved many other cryptos, such as the memecoins WIF and SHIB which have not been left out, and projects a bit more solid at a fundamental level like SOL, UNI, ATOM, TON, LINK, SNX, INJ, PYTH, APT and AAVE.
It is worth noting in this context the return from the ashes of historical crypto projects, born years ago compared to coins like Dogecoin and Bonk, which punctually at each bull market season come alive to enjoy the price recovery phases.
Among these we mention: XMR, NEAR, LTC, TETHA, XTZ, EOS; IOTA; BCH and XRP.
Even the AI and gaming sector made itself heard with AGIX, MANA, SAND and GRT offering good performances to their holders.
In general, we can say that almost the entire crypto market has pumped along with Bitcoin and Ethereum, with the memecoin sector receiving the largest portion of retail attention.
Given the boiling price action of purely speculative tokens without technical infrastructures, many already believe that the altseason has arrived.
Actually, although from now on a positive phase for altcoins could certainly start, perhaps it is still too early for the market phase preferred by degens, where any token records crazy price increases.
In particular, the dominance chart of Bitcoin gives us a snapshot of the current situation, where the market king seems to still have full control.
With a dominance index at 54% and a bullish trend in place, ready to record another leg up, it is unlikely that altcoins can suddenly be the most traded by investors.
Above all, especially in a period when all eyes are focused on the ETF issue, altcoins can only take advantage of moments of hype to increase their market capitalization, remaining however in line behind BTC and ETH, waiting for their moment of glory.
This could happen after Bitcoin’s dominance has surpassed the 60% level, coinciding with a breakdown of the index.
