The cryptocurrency market has witnessed a jump of 3.82% in 24 hours with a trading volume of $140.24 billion. Following this, the Bitcoin price recorded a 24-hour high of over $94,500, indicating a significant increase in the bullish action. On the other hand, top altcoins followed in the footsteps of the market trend by adding notable value to their respective portfolios.

However, the memecoin market has gained this week’s spotlight as a large number of these tokens have displayed a positive outlook. While Dogecoin price jumps 13.38%, Shiba Inu price adds 11.17%, and Trump coin jumps 14.56%, Bonk & Floki meme coins steal the show with an impressive surge of 24.74% & 27.36%.

With this, marketers are now closely monitoring the price action of these meme coins. Are you one of many looking for the same? In this write-up, we will uncover the market sentiment and possible weekly price prediction of these 2 memecoins.

The smart contract projects have displayed a strong bullish turnaround over the past few days. This has resulted in Ethereum-based altcoins successfully regaining momentum. Following in the footsteps, the Bonk price has witnessed a double-digit rally in its valuation overnight, highlighting increasing bullish action for these projects in the crypto space.

The Relative Strength Index (RSI) has successfully retested its average trendline around the 53.77 level. This has resulted in it recording a sharp rise toward the overbought range in the daily time frame, highlighting an increase in the buying-over-selling pressure for the memecoin.

Suppose the bulls maintain the Bonk price above its important resistance level of $0.00001575. This could result in the meme coin preparing to test its upper price target of $0.0000230. On the contrary, if the crypto market encounters unexpected volatility, the BONK memecoin could crash toward its crucial support level of $0.000010.

With a surge of over 108% in its intraday trading volume to $159.47 million, the Floki coin price has outperformed the top memecoin in terms of daily returns. Moreover, with a market capitalization of $668.23 million, this memecoin is back under the top 100 tokens.

The Moving Average Convergence Divergence (MACD) shows a constant green histogram in the Floki memecoin price chart. Moreover, its averages for 12 & 26-day records show a similar trend. With its 50-day EMA on the path of experiencing a positive convergence, the Floki price may continue gaining momentum this week.

A sustained bullish action could push the price of this meme coin toward its $0.00008950 level. However, a negative action may result in it retesting its pivotal support level of $0.0000600 in the upcoming time.