Dogecoin Leads the Rise of Meme Coins — SHIB, PEPE, BONK Soar to Monthly Records

Memecoins have started to make a comeback in the crypto market. Notably, Dogecoin is leading the group of cryptocurrencies that has experienced a surge. The token has slightly increased above $11. Other tokens including Shiba Inu, PEPE, and BONK have followed the leading trend of a broader bullish rally, witnessing these tokens achieve impressive double-digit gains. This bullish trend occurs amid a broader resurgence of optimism in the crypto market. These tokens have surpassed technical resistance levels and are testing higher price levels. DOGE Leading According to data from Coinglass, DOGE has surged past the downtrend line and the 50-day Simple Moving Average (SMA), triggering a wave of short liquidations worth $11.68 million — with over 85% coming from short positions. The breakout of Dogecoin puts DOGE on a potential move towards the resistance level of $0.1809, a major target for the bulls. If DOGE closes above this level, analysts predict it could rise by up to 80% in the coming weeks, targeting $0.2106 and the 100-day SMA as the next major resistance zone. However, failing to surpass $0.1809 could lead to a pullback to the 50-day SMA support level, potentially returning to a consolidation phase. SHIB and PEPE Recover After Resistance SHIB and PEPE are following the lead of DOGE, with each coin recording significant gains and surpassing their 50-day SMA. PEPE surged more than 14% and broke through the key resistance level at $0.00000762. Now, the meme coin faces the next barrier at the 100-day SMA. A successful breakout could pave the way to $0.00001076, but failing to maintain the bullish momentum could lead it to retest the recent support level. SHIB reflects this pattern, breaking through the descending trend line and the 50-day SMA. If it continues to hold the current level, it may head towards the resistance level of $0.00001612. However, like PEPE, SHIB faces potential selling pressure near the 100-day SMA. BONK is bullish Among the best-performing coins, the meme coin BONK based on Solana has surged over 20% to test the important resistance level at $0.00001579, reinforced by the 100-day SMA. BONK has shown resilience after bouncing up 25% from Monday's low, and breaking through this zone could lead to a bullish increase of 55%. However, any rejection at this resistance level could cause the price to revert to the 50-day SMA, which has provided strong support recently.