The crypto market has rebounded nicely over the past two days, with Bitcoin bouncing off lows around the $56,000 level to current prices near $64,000. This positive momentum has impacted various sectors, including the meme coin space.
Top meme coins like WIF are up 22%, while other prominent memes like SHIB have climbed 11%, and BONK has risen 9% in the last 24 hours.
Meme coin king DOGE price is also up today over 20%.
As the overall market sentiment improves, investors are closely watching the price movements and predictions for these popular meme cryptocurrencies. Let’s dive into the analysis and projections from crypto analysts and experts.
WIF Price Prediction
According to the 99bitcoins YouTube channel, which boasts over 700,000 subscribers, WIF (also known as DogWithHat) shows promising signs of continued growth. The channel stated:
“We can see in terms of market cap, we’re currently sitting at $3.1 billion, making this top 37 across 10,000 active cryptocurrencies. In terms of volume, we’re at number 18, which is great as well. And again, on the week as well, looking great, up 17%.”
The channel further noted that despite April’s downturn, WIF appears poised for bullish momentum entering May, with technical indicators like moving averages signaling strong buy signals.
“People want to load up on DogWithHat, again, very, very exciting things. It’s been a meme coin that’s just been so eccentric, everyone loves this coin,” the channel added.
While WIF is down 12% on the monthly chart, it hasskyrocketed an astonishing 1,600% over the past six months. Analysts predict WIF could potentially hit prices between $5 and $10 in May, highlighting the meme coin’s growing popularity and bullish sentiment.
BONK Price Prediction
Jacob Bury, a YouTuber with 38,000 subscribers, shared his technical analysis and price predictions for BONK. He explained his strategy of setting alerts on lower Relative Strength Index (RSI) levels to identify potential buying opportunities.
“So, to look at the technical analysis side of Bonk, um, just to reiterate my sort of strategy here with meme coins, I tend to set alerts on the lower RSI regions. So, for example, when Bonk hit 33 on the relative strength index here on the daily time frame, um, what that actually did, as you can see here, it presented a buying opportunity.”
Bury highlighted the importance of monitoring RSI levels, suggesting buying when the RSI falls below 40 during bull markets and selling when it rises above 80.
Looking ahead, Bury believes BONK could experience another significant upward move over the next three to six months, potentially reaching the $0.00006 region, representing a 2x opportunity from current levels.
“I do think it is possible because of the low Market C and the amount of growth we’ve still got remaining for the crypto space. I don’t think we are near the end at all in these crypto markets, and Bonk has just had a great demonstration of growth,” Bury stated.
Shiba Inu (SHIB) Price Prediction
Shifting focus to the popular Shiba Inu (SHIB) meme coin, Bury acknowledged the recent market downturn but expressed optimism for SHIB’s future growth.
“This has been a very much sort of poor start to May overall in the crypto space, but I do want to see Sheba start to grow more and more. We’re starting to see Doge up, Pepe up, um, you got Bonk up as well, quite a few meme coins are starting to shine once again, and overall, you can’t really argue with the performance of the day.”
Bury highlighted the increasing burn rate for SHIB tokens, with a 500% surge in the last 24 hours, indicating a significant number of tokens being removed from circulation.
He also noted substantial whale burns, including a recent 14.9 million token burn and a 35.8 billion token burn a few days ago.
From a technical perspective, Bury employs the RSI strategy, aiming to buy when the indicator dips below 30, as these levels have historically presented favorable buying opportunities for SHIB.
“So it’s looking all right, actually; it’s not looking too bad. So Sheini has had a big, big pump from this level. We can see there’s a lot of support at this dead on 0.00002 region, and since then, if you bought there, you’re up a good 15% at the moment.”
Bury suggests that if SHIB can retest the $0.00000028 level, it could form a double bottom bullish reversal pattern, potentially triggering a continued upside move for the meme coin.
Both the 99Bitcoins channel and analyst Jacob Bury have emphasized the potential for returns from newly emerged meme coin launches like Dogeverse and Sealana, projects that could see substantial gains in the coming weeks according to their analysis.
