PEPE and BONK look to be defying this outlook with notable gains in the past 24 hours.
Respected crypto analyst Michael van de Poppe believes a crypto bounce is likely amid multiple macroeconomic events this week.
Pepe (PEPE) and Bonk (BONK) are leading top meme coin gainers today as Dogecoin and Shiba Inu struggle alongside the broader crypto market.
Bitcoin’s sharp declines on Tuesday, coupled with bleeding for Ethereum, Solana and other altcoins, saw the sell-off pressure cascade into memecoins.
Analyst on crypto market outlook
According to crypto analyst Michael van de Poppe, while BTC and altcoins have struggled with downside pressure, a “bottom could be in” amid several macroeconomic events lined up for this week.
It includes the anticipated CPI release, FOMC meeting and the Federal Reserve’s interest rate decision. These are events that could have a notable impact on the broader market.
“The markets have been correcting down as the anticipation of these events usually has a negative relationship with the price action on the crypto markets, especially altcoins. On top of that, Roaring Kitty’s event and GameStop’s correction of last week didn’t have a positive impact on the price action,” he posted on X.
Van de Poppe says a bullish flip is likely given previous market reactions to FOMC meetings.
Pepe price
PEPE traded to lows of $0.00001163 on June 11, hitting the level amid downside pressure across the market.
While the price of Pepe remains below a downtrend line formed after the rejection from around $0.000017 in late May, today’s bounce sees it trade near $0.000013.
This price level has Pepe up 8% in the past 24 hours after paring some of the early gains amid intense volatility across the meme coin market.
Nonetheless, PEPE looks poised for more upside action if buyers hold the support area.
Bonk price
Bonk (BONK) is the first Solana-based dog-themed memecoin, which went parabolic in late 2023 to help Solana break above the $200 level.
In recent months, this token has lagged newly launched counterparts such as dogwifhat (WIF). However, Bonk remains a top meme coin on Solana and is currently soaring alongside GME.
Price of Bonk is currently at $0.00002872, up 6% in the past 24 hours. BONK soared to an all-time high of $0.00004547 in March this year.
While down 17% this past week, today’s bounce could spark a new surge.
The post Pepe, Bonk surge despite sell-off in memecoins appeared first on CoinJournal.