Memecoins Lead the Rally as Bitcoin Gains Strength, Market Capitalization Heads Towards $5 Billion

Popcat (POPCAT) has displayed massive strength, eyeing to reach the crucial resistance while Baby Doge Coin is set to mark new highs

Bitcoin price remained strong on Monday, slowly inching towards reclaiming the crucial resistance at $42,000. The BTC price showcased a strong bullish outlook in the past few weeks, despite the traders shifting their focus towards memecoins. Notably, memecoins have displayed exceptional strength, leading the market rally as the total market capitalisation heads towards $5 billion.

Memecoins have been displaying different strengths each day, while the top 2 memecoins DOGE & SHIB maintained an ascending consolidation. As a result, the traders have shifted their focus towards these memecoins rather than the top ones, and the volume of these tokens is rising comparatively.

In other news, two memecoins, Popcat (POPCAT) & Baby Doge Coin (1MBABYDOGE), demonstrated huge potential for triggering a massive run. Let’s have a look!

Popcat (POPCAT) Price Eyes 25% Upswing; Needs To Clear These Barriers

The Popcat (POPCAT) price displayed massive strength in the past few months and surged by over 24,000%. Although the price is facing some bearish action, it remains within the bullish range & aims to trigger another 30% upswing. However, to do so, the price is required to clear some pivotal resistance, which may push the POPCAT price above $1.

A close look at the above chart reveals that the POPCAT price is trading within an expanding rising channel, which is considered extremely bullish. The latest rise has flipped the Gaussian channel into bullish, but the RSI has reached the upper threshold. However, even in case of a pullback, the ascending support may offer a base to trigger a rebound. Unfortunately, the volume remains restricted within the lower range, which may be a matter of concern.

Therefore, the POPCAT price is required to enter and break above the crucial resistance zone between $0.91 and $0.93, beyond which the bulls may push the prices above $1, forming a new ATH.

Baby Doge Coin (1MBABYDOGE) Consolidates Before The Next Run

The Baby Doge coin is facing huge bearish activity after undergoing a massive run during the past weekend. The price remained above the gains, suggesting the possibility of reviving a strong rise after a small consolidation. Interestingly, the traders are pouring in massive liquidity onto the token and hence the memecoin is expected to form new yearly highs soon.

The 1MBABYDOGE price remains stuck within a rising parallel channel and has dropped below the average bands following an increase in selling pressure. The volume has also consolidated, which points towards a potential pullback. However, it appears to be just another relaxation, as the memecoin seems to be preparing for the next upswing. The StochRSI has reached the lower threshold and is preparing for a rebound, while the RSI trades below the descending resistance.

Hence, the Baby Doge Coin is believed to test the local support zone between $0.002 & $0.00207 and trigger a strong rebound to reclaim the lost resistance. In case of a failed attempt, the horizontal support at $0.001932 may hold the rally, preventing excess price drain.

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