Share articles to

Academy Trading Ideas Article
Bitcoin Ethereum DeFi NFT Crypto Market Daily

Memecoins SHIB and BABYDOGE lead crypto market surge

2021.10.07 Adam James

BTC is still the cryptocurrency market’s primary driver, but memecoins are seeing astounding gains.

The global cryptocurrency market capitalization is up more than 6% over the past 24 hours to nearly $2.4 trillion. Driving the market higher is its leader, BTC, which is up 5% over the same period. Some altcoins are also performing well — particularly DOT, which is up by roughly 11%.

Still, nothing is outperforming SHIB. The memecoin is up another 54.5% across global exchanges, bringing its seven-day increase up to 386%.

The cryptocurrency market is a sea of green today, with only select altcoins experiencing losses. Source: COIN360

Top altcoin gainers and losers: Memecoins continue surge

  • LMCH/USDT +50.21%
  • EC/USDT +44.36%
  • BABYDOGE/USDT +31.67%
  • SNC/USDT -8.70%
  • SOC/USDT -11.23%
  • CELT/USDT -17.05%

Memecoins continue to dominate on OKEx today, per the exchange’s default time settings. BABYDOGE has added more than 30%, while SHIB has gained more than 20%. KISHU, meanwhile, is up by 11%.

BABYDOGE is up by more than 30%. Source: OKEx

BTC technical analysis: Breakout looking for support

The price of BTC is starting to pull back after yesterday’s surge. Eager buyers will almost certainly be looking to step in near the top of the wide zone of historical trading interest (red) and inside the four-hour ribbon of exponential moving averages.

Barring a cascading sell-off back through the wide zone of previous resistance, the price of BTC is generally considered bullish.

OKEx’s BTC/USDT 4h chart — 10/07. Source: OKEx, TradingView

ETH technical analysis: Bearish against BTC

ETH failed to keep pace with BTC yesterday but is currently trying to recover what was lost. However, it will first have to break through an area of likely resistance around 0.067 BTC — which will also coincide with the four-hour EMA ribbon.

OKEx’s ETH/BTC 4h chart — 10/07. Source: OKEx, TradingView

Not an OKEx trader? Sign up and claim your new joiner bonus!

OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.

Follow OKEx Insights on Twitter and Telegram.

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.



%d bloggers like this: