Dogecoin spearheaded a significant rally in the meme coin market, surging 13%. SHIB, PEPE, and BONK followed suit, each experiencing double-digit gains and breaking through key resistance levels.

However, overbought technical indicators suggest a potential short-term correction is possible as these assets approach major hurdles.

Meme coins have staged a comeback in the cryptocurrency market. Dogecoin has led this resurgence, briefly exceeding $0.11. Shiba Inu, PEPE, and BONK also participated in this broader rally, achieving impressive double-digit gains amidst renewed market optimism. These tokens have surpassed technical resistance levels and are testing higher price points.

DOGE Leads the Charge

According to Coinglass data, DOGE's surge past a descending trendline and its 50-day Simple Moving Average (SMA) triggered $11.68 million in short liquidations—over 85% from short positions. This breakout positions DOGE for a potential move towards the $0.1809 resistance level, a key target for bullish investors.

A close above this level could, according to analysts, propel DOGE as much as 80% higher in the coming weeks, targeting $0.2106 and the 100-day SMA as subsequent resistance zones. Conversely, failure to break $0.1809 might result in a pullback towards its 50-day SMA support, potentially leading to a period of consolidation.

SHIB and PEPE Rally Past Resistance

SHIB and PEPE mirrored DOGE's performance, posting significant gains and breaking above their 50-day SMAs. PEPE jumped over 14%, surpassing key resistance at $0.00000762. Its next hurdle is the 100-day SMA; a successful breakout could lead to $0.00001076, while a failure to maintain upward momentum might cause a retest of recent support levels.

SHIB similarly broke a descending trendline and its 50-day SMA. Maintaining current levels could target the $0.00001612 resistance. However, like PEPE, SHIB faces potential selling pressure near the 100-day SMA.

BONK's Strong Performance

Solana-based meme coin BONK was a top performer, soaring over 20% to test the crucial resistance level at $0.00001579, coinciding with the 100-day SMA. BONK's resilience, bouncing 25% from Monday's lows, suggests strength. A breakout above this zone could potentially lead to a 55% price increase.

However, rejection at this resistance might cause a return to the 50-day SMA, which has recently provided strong support.

The post Dogecoin Tops Meme Coin Gains — SHIB, PEPE, BONK Soar to Monthly Records appeared first on ETHNews.