Meme coins have seen a resurgence in popularity recently, with major players like Pepe (PEPE) and Shiba Inu (SHIB) posting double-digit gains over the past week.
Both coins have posted two-month highs and look to continue their hot streak in the coming days.
This renewed interest extends to newer market entrants like Meme Kombat (MK), an innovative blockchain-based battling game that has already raised over $870,000 in its ongoing presale.
Pepe Powers Higher as Token Regains Investor Belief
PEPE has been one of the best-performing meme coins over the past week, with the token rallying 57% to reach $0.00000117 at the time of writing.
This bounce comes after a prolonged downtrend that saw PEPE lose over 86% of its value from May’s all-time high.
However, the bullish sentiment now seems to be returning, sparked by a double bottom pattern on the daily chart at the $0.00000062 support level.
This pattern tends to appear immediately before a trend reversal, which now appears to be in full swing for PEPE.
A significant increase in trading volume, up 5% to $115 million in the past day, also signals renewed investor interest.
Furthermore, technical indicators like the Relative Strength Index (RSI) are in positive territory, hinting that the upward momentum could continue this week.
If PEPE can break above the next critical resistance level at $0.00000135, which was briefly tapped last week, it could pave the way for further gains throughout November.
Shiba Inu Breaks Out After Consolidation Period
Shiba Inu has also been in an uptrend over the past week, with its price increasing by 12% to reach $0.0000079 at the time of writing.
This rise comes after a period of consolidation for SHIB, which saw the token’s price trapped in a range between $0.0000067 and $0.0000071.
SHIB found support at the 50-day Exponential Moving Average (EMA) last Wednesday, helping push the price through the critical resistance level at $0.0000075.
Like PEPE, SHIB trading volume has also risen recently, hitting $119 million in the past day.
With its recent breakout, SHIB’s next target will likely be around $0.0000084, where the price struggled at the end of August.
If SHIB can close past this area, then there may be a clear path back to August’s high of $0.000011 – meaning it could be an exciting few weeks ahead for Shiba Inu holders if all goes well.
Trending Meme Kombat Presale Builds Hype for Upcoming Crypto Battle Arena
Meme Kombat (MK) is the latest meme coin generating substantial buzz, with its ongoing presale nearing the $900,000 milestone.
As an Ethereum-based battling game that merges aspects of crypto gambling, Play-to-Earn (P2E) mechanics, and meme culture, Meme Kombat offers a unique value proposition in the market.
The project is still in its development stage, yet momentum is building, as evidenced by the presale’s early traction.
Meme Kombat’s native MK token allows stakers to earn yields of 112% per year during the presale, with early buyers seeing their tokens staked automatically.
However, MK’s main utility lies in Meme Kombat’s battling feature, where players can bet their tokens on fights between iconic meme characters like DOGE and Pepe the Frog.
Winners are rewarded with more MK – providing a compelling use case for the token beyond just speculation.
With major exchange listings planned for once the presale concludes, MK looks poised for an exciting end to 2023.
The project’s whitepaper also outlines plans for upgraded features and new characters, ensuring that the gameplay remains fresh and engaging.
Meme Kombat’s experienced lead developer, Matt Whiteman, lends further credibility, given his impressive track record in the Web3 space.
All these factors combine to make Meme Kombat a project to watch closely as it continues to gain traction in its presale.
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