Bitcoin bulls are gearing up for a potential push towards a new all-time high this week, with Moo Deng and Bonk expected to steal the spotlight in the cryptocurrency market.
After two consecutive days of losses, the total cryptocurrency market capitalization has rebounded by 3.5% to reach $3.48 trillion. This recovery was triggered by Bitcoin’s successful defense of the $105,000 support level on July 2, leading to a bullish reversal. The flagship cryptocurrency surged to an intraday high of $109,600, representing a nearly 4% gain from its recent local bottom, before stabilizing at around $108,900. With Bitcoin just $2,900 away from retesting its all-time high, analysts are optimistic about the potential for fresh record levels.
Amidst the positive sentiment in both institutional and retail investor segments, meme coins like Moo Deng and Bonk are experiencing renewed interest this week. Moo Deng, in particular, saw a significant rally following the announcement of its listing on South Korean crypto exchange Upbit. The meme token shot up 31% within 20 minutes of the listing announcement, with gains exceeding 45% over the past 24 hours. The upcoming celebration of Moo Deng’s first birthday on July 10, 2025, has also contributed to the token’s recent surge, fueled by the global internet sensation created by the baby pygmy hippo.
On the technical front, Moo Deng’s price is holding above its 20-day and 50-day moving averages, indicating strong bullish momentum and trend support. The token has also formed a round bottom pattern, a bullish reversal structure that could signal further upward movement.
Bonk, on the other hand, has seen a 21% increase in price over the past 24 hours, trading at $0.0000172 with a market cap of $1.3 billion. Traders are closely monitoring Bonk as the project plans to burn 1 trillion BONK tokens once it reaches 1 million holders, a milestone that is quickly approaching. Token burns are viewed as bullish events as they reduce the supply in circulation, potentially amplifying price impact.
From a technical perspective, Bonk has broken out of a falling wedge pattern on the daily chart, a bullish signal that suggests sustained upward movement. The token is also holding above its 50-day exponential moving average, with the MACD indicator flipping positive, indicating a shift in momentum in favor of buyers.
Overall, both Moo Deng and Bonk are poised for potential short-term price appreciation, supported by strong chart structures, improving sentiment, and upcoming milestones. However, it is important to note that this article does not constitute investment advice and is intended for educational purposes only.