While several meme coins are down in a fresh market reduction, Pengu and Bonk remain strong daily with a new bullish formation.
Recent market fluctuations have generated a lot of fearful controversy whether the bull cycle has topped out or not. While some institutional investors are still holding strong with optimism of one last leg up, many traders are pessimistic as they panic for a potential price crash.
As a matter of fact, the overall market is technically reaching an extremely overbought condition as several meme coins enter a mini bearish phase since the start of the year. Although Bonk and Pengu have regained momentum and continued to show strength amid the latest market drops.
Few Meme Coins Defying Market Odds
Aside from Bonk and Pengu, which have consistently charted major gains for a week, many meme coins are seriously bleeding out today as Bitcoin loses footings again after almost retesting its recently marked all-time high (ATH).
Other meme coins that follow trends are Fartcoin, Useless Coin and AI Agents. Moderate gains from Turbo, Pepe and Shiba have also put their prices in a green zone over the past hours, although they may record losses if Bitcoin’s price continues to drop.
Few Binance Alpha tokens, and most especially assets on Dex are not left behind in the daily posting gain as they registered a significant profit at the time of writing.
What To Expect With The Current Market Behaviour
The fate of the entire market lies in Bitcoin’s future direction. However, if BTC calms or even resumes bullish, the meme coin market may see a strong recovery with Doge and others rising back above their key monthly high. Otherwise, a huge breakdown can be expected in the long term.
Further drops in the flagship asset could lead to a serious decline of meme coins in the future with Pengu and Bonk joining the ride. But as of now, they appear to be footing a new bullish phase.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/market-watch-bonk-and-pengu-sustains-momentum-despite-latest-market-downturn-what-happened/
