Top Meme Coins Soar – Bull Rally or Bull Trap?

Solana meme coin Popcat reached a new all-time high of $1.18 with a market capitalization of $1.15 billion. It has posted the highest gains of any top 100 cryptocurrency and is up by nearly 20%, data from CoinGecko reveals.

The crypto market sentiment is turning bullish after the Nonfarm Payroll report for September gave credence to the Federal Reserve’s soft landing projections.

The US economy added 254,000 jobs in September, substantially higher than the expected 147k. Meanwhile, the unemployment rate fell to 4.1%, below expectations of 4.2%.

The strong employment data has eased worries of an imminent recession. However, the likelihood of another 50 basis points rate cut at the November FOMC has also vanished, data from CME FedWatch reveals.

Nevertheless, the Bitcoin price has jumped by over 3% to trade as high as $62,500. However, meme coins have filled the top gainers list once again, with Popcat, Dogwifhat and Pepe leading the rally.

Top Meme Coins Soar – Bull Rally or Bull Trap?

Solana meme coin Popcat reached a new all-time high of $1.18 with a market capitalization of $1.15 billion. It has posted the highest gains of any top 100 cryptocurrency and is up by nearly 20%, data from CoinGecko reveals.

Now in price discovery, experts believe that Popcat will replicate Dogwifhat’s price action and skyrocket to $4 in a surprisingly short interval.

Meanwhile, the WIF price is also up by 13% on Saturday, trading as high as $2.30.

The top Bybit trader Bluntz indicates that Dogwifhat is poised for a strong bullish continuation.

With a lower timeframe accumulation and bullish divergence in the hourly timeframe, WIF could see a push towards the $3 price mark.

While Solana meme coins are leading the meme coin rally, Pepe isn’t far behind. The token saw a 10% green candle before a marginal pullback to $0.0000093.

The PEPE price failed to flip the 200-day Simple Moving Average, rejecting from the key level. Similarly, the meme coin is testing its recent breakout against Bitcoin in the weekly time frame. A daily close above these levels could pave the way for a strong bullish continuation.

However, the meme coin sector remains strongly correlated with Bitcoin. Therefore, any further uptrend will depend upon whether BTC manages to breach the $63k resistance, which is a confluence of its prior support, the 20-week SMA and the 200-day SMA.

Without a weekly close above $63k, the aforementioned meme coins could see their gains erased in the coming days.

The only exception to this trend

The above is the detailed content of Top Meme Coins Soar – Bull Rally or Bull Trap?. For more information, please follow other related articles on the PHP Chinese website!