Crypto Price Prediction 10/5: Meme Coin Market Rallies as Bitcoin Holds $60K

Crypto Price Prediction: The crypto market witnessed ease from the early weeks of the sell-off allowing the Bitcoin price to hit $63800 on Friday. Amid the renewed recovery, the meme cryptocurrencies were among the higher gainers accentuating the nature of this asset class showing rapid movement during changes in market dynamics

In a recent tweet, the crypto analytics firm Santiment highlighted ongoing negative sentiment toward major cryptocurrencies since Bitcoin halving on April 19th. Contrary to expectations, this significant event did not lead to an immediate increase in market capitalization. The tweet pointed out the heightened uncertainty in the market, noting the withdrawal of smaller wallet holders from the cryptocurrency space.

The sentiment toward #crypto's top cap assets is still rather negative. This has been the case since the April 19th $BTC #halving didn't immediately result in rising market caps throughout #cryptocurrency. With uncertainty high, small wallets dropping out of the sector may be… pic.twitter.com/7FXYheGnX0

— Santiment (@santimentfeed) May 9, 2024

Santiment suggests that this reduction in smaller, possibly more speculative investors, could be a beneficial cleansing of the market, potentially setting the stage for more stable recoveries for Bitcoin and other altcoins as the summer approaches.

Also Read: 2 Top Reasons Dogecoin Price Will Rally Soon

1) Dogecoin (DOGE)

Dogecoin (DOGE) is a decentralized, peer-to-peer digital currency that began as a meme but quickly gained a massive following. What sets Dogecoin apart is its vibrant community and the lighthearted identity that promotes widespread usage and greater accessibility than traditional cryptocurrencies. 

Dogecoin (DOGE)| Tradingview

Amid the recent market sell, the DOGE price reverted from the combined resistance of $0.169 and a downsloping trendline. This bearish turnaround tumbled the asset value 10.8% within four days to currently trade at $0.15, while the market cap plunged to $21.75.

For buyers to take control of the asset, they need to break through the overhead trendline. This breakthrough would indicate the conclusion of correction patterns and potentially propel DOGE’s price beyond $0.228. 

Conversely, if the dynamic resistance remains unbroken, DOGE’s price is likely to continue its current correction phase.

Also Read: Just-In: BitMEX Launches Bitcoin, ETH, SOL, XRP, DOGE Options

2) Pepe Coin (PEPE)

Pepe Coin (PEPE) is a memecoin that draws its inspiration from the popular Pepe the Frog meme, and gained quick traction due to its community-centric approach, which includes a no presale event, zero transaction taxes, and an initial liquidity pool that was burnt to avoid large dumps.

Pepe Coin (PEPE)| Tradingview

The Pepe Price has witnessed a steady recovery since last week, evidenced by the higher high and higher low formation in daily charts. From a swing low of $0.00000393, the memecoin rallied 124% to reach the current trading price of $0.00000873.

By the press time, the PEPE coin holds a market cap of $3.65 Billion, while the 24-hour trading volume wavers at $741.6 Million.

If the buyers manage to sustain above the recently reclaimed $0.000008 support, the buyers could drive a rally beyond $0.00001.

Also Read: Pepe Coin Price Analysis As Trading Volume Plunges 20% To $742M, Is 2024 Bull Run Over?

3) Book of Meme (BOME)

Book of Meme (BOME) is an innovative memecoin based on the Solana blockchain, designed to archive and eternalize meme culture in the digital realm. The project uniquely combines memes with decentralized storage solutions, aiming to create a permanent digital repository of meme content on the blockchain, accessible through platforms like IPFS and Arweave. 

Book of Meme (BOME)| Tradingview

Since last month, the BOME coin price has been trading sideways struggling to surpass the intense supply pressure at the $0.0125 mark. However, as the emerging trendline is gradually uplifting the asset price is higher revealing the formation of an ascending triangle pattern. 

The Book of Meme token currency trades at $0.0117, while the market cap stands at $810 Million. A potential breakout from the $0.0125 neckline will accelerate the buying momentum and asset the buyers to $0.0186, followed by $0.029.

Also Read: Top 3 Cryptos To Invest In According To Experts Are ETFSwap (ETFS), Bonk (BONK), And BOOK OF MEME (BOME)

Key Takeaway

The leading digital asset Bitcoin witnessing renewed demand pressure at the $60000 psychological level has bolstered the altcoin market to develop a local bottom. As the ongoing correction begins to wane, it’s likely to attract buyers looking for opportunities at lower prices, thereby injecting fresh buying pressure into the market.

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