Date: Wednesday, August 07, 2024, 09:21 AM GMT
The recent downturn in the crypto market, which dragged Bitcoin from $70K to $49K in just six days due to global market turmoil and geopolitical tensions, seems to be easing. Bitcoin has bounced back and is now trading at $57K, up from its low of $49,121.
In the past 48 hours, top memecoins have shown significant recovery, rebounding from a steep decline of over 40%. The market cap of memecoins has also returned to green, rising by 4.15% to $38.4 billion.
Here are the top 5 memecoins showing strong bullishness:
- Popcat (POPCAT): Up by 35.82%
- Cat in Dog World (MEW): Up by 19.86%
- Neiro Ethereum (NEIRO): Up by 44.97%
- Mog Coin (MOG): Up by 15.55%
- Brett (BRETT): Up by 6.38%
What’s Ahead?
The main factor for this recovery is Bitcoin’s strong rebound from its support level at $50,800, pushing its current price to $56,936, a 15% increase in the last 48 hours. Bitcoin has broken through the resistance level of $56,700 and is now eyeing the next resistance at $59,708.
If Bitcoin maintains this upward momentum, we could see further gains in the prices of memecoins. This recovery rally could be just the beginning of a broader market resurgence, so keep an eye on these top-performing memecoins as they continue their bullish trend.
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial advice.