Top 3 gainers Fartcoin, Zerebro, DeepBook: Solana and Sui meme coins soar on bold risk-on wave
- Sui and Solana meme coins break out, outperforming major meme tokens Dogecoin and Shiba Inu.
- Fartcoin extends its bullish leg above $1.00, testing short-term resistance at $1.20.
- Zerebro gains exceed 200% from April’s low as investors turn to meme coins amid growing risk-on sentiment.
- DeepBook soars and hits extreme overbought conditions as bulls push relentlessly for gains, targeting $0.25 and $0.34.
Meme coins led by Fartcoin, Zerebro and DeepBook (DEEP) are extending gains during the Asian session on Wednesday amid soaring investor risk appetite. Bitcoin (BTC) briefly crossed $93,000 the previous day alongside widespread rallies among altcoins. Solana (SOL) and Sui sustained recoveries from the lows earlier in the month, plausibly driving investors to meme coins in their ecosystems.
Why are cryptocurrencies rallying?
The sudden uptrend in the market can be attributed to improving investor sentiment towards digital assets. Macroeconomic tensions in the United States (US) took a new twist amid President Donald Trump’s attack on Federal Reserve (Fed) Chair Jerome Powell for not lowering interest rates fast enough.
The President said he could fire Powell, rattling the US stock market as investors interpreted his comments as a direct attack on the central bank’s independence.
At the same time, President Trump believes that the US and China will make a deal on the tariff standoff. US Treasury Secretary Scott Bessent said on Tuesday that de-escalation would come “in the near future.” Bessent told investors at a closed-door JPMorgan event that tariffs on China “will come down substantially.”
Investors welcomed Bessent’s remarks, which fueled optimism and recovery across the crypto market. Whether this recovery is sustainable remains to be seen.
Fartcoin bulls battle $1.2 resistance
Fartcoin price holds firmly above support established at $1.00 while exchanging hands at $1.16, up more than 2% on the day. The meme coin’s uptrend follows a sustained rebound from the Q1 downtrend, buoyed by support at $0.20, tagged in March.
The Relative Strength Index (RSI) indicator’s position at 70.60 reinforces the bullish grip on Fartcoin, hinting that the token will break above $1.20 to pave the way for gains targeting the next key area at $1.50.
FARTCOIN/USDT daily chart
Still, the rally faces an increased pullback risk with the RSI in overbought territory. Hence, traders should prepare for different outcomes, including a reversal that could retest the $1.00 support. Intense profit-taking could lead to more losses, bringing into sight lower support areas at $0.90 and the 50-day Exponential Moving Average (EMA) at $0.75.
Zerebro price climbs, reclaims 8-hour 200 EMA
Zerebro’s price surges more than 20% on the day to trade at $0.0669 at the time of writing. The Solana-based meme coin holds above the 200 EMA on the 8-hour chart, cementing the bulls’ presence in the market.
Although the RSI indicator is heavily overbought, traders would look for another move beyond $0.0700, a resistance area tested in early February. Beyond this hurdle, Zerebro could tackle the liquidity at $0.0860 as part of a larger bullish plan to return above $0.1000.
ZEREBRO/USD 8-hour chart
A reversal could be anticipated in lower timeframes, especially with the RSI indicator at 94.91. Profit-taking and macroeconomic uncertainty may spark a sell-off. Moreover, meme coins often crash as sharply as they surge.
DeepBook price pumps defying overbought conditions
The Sui-based meme coin DeepBook has broken through the $0.2000 resistance, trading at $0.2071 at the time of writing. DEEP reversed its downtrend, turning the 50-day and 100-day EMAs into support zones on Tuesday. This increased risk-on sentiment encouraged investors to seek exposure, as they anticipated a major bullish move.
DEEP/USDT daily chart
If DeepBook holds the recently reclaimed support above $0.2000 on Wednesday, the chances of pushing past the next resistance at $0.2500 increase significantly. Clearing this level could see traders targeting the all-time high of $0.3411, potentially triggering a new price discovery phase.
Cryptocurrency prices FAQs
Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.
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