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Crypto currency market’s popular meme token BONK recently experienced an impressive price movement, reaching its highest level within the month. The rally raises the question of whether other popular meme tokens like Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE will follow suit.
BONK Sees Over 30% Increase
The value of Solana-based meme token BONK has risen by more than 30% in the last three days, sparking interest among crypto investors. This significant price movement occurred after BONK broke out of a descending triangle on February 9, pushing its market value from $0.0000103473 to a notable high of $0.0000141310. The indicated momentum suggests BONK may not have reached its peak yet.
Moreover, technical predictions could indicate a potential rise to $0.0000174432, which would be an additional increase of 23.50%. In contrast, the meme token sector’s pioneer, Dogecoin, has exhibited more static behavior. It has been trading in a parallel channel since the beginning of January. Currently, DOGE is struggling with the mid-trend line of this formation and could be facing a critical juncture. If it is rejected at the resistance of $0.083, a drop to $0.077 could be imminent. Conversely, a break above the mentioned resistance could lead to a test of the channel’s upper boundary, resulting in a 6.58% rise to $0.088.
Price Forecast for SHIB
Meme token heavyweight altcoin Shiba Inu recently exited a descending parallel channel formation on February 8. This breakout points to a promising 20.56% rise, potentially lifting SHIB to $0.000011058.
Since the rally, Shiba Inu has recorded a 3.20% increase and still has significant room for growth, with an additional 16.52% rise expected. If PEPE reaches the neckline of its formation at $0.00000159878, this could represent an astonishing 57% increase. Moreover, a breakthrough beyond this level could trigger a 63% rise, propelling PEPE to new highs of $0.00000260585.
