Memecoins Surge in Price Following Tense Strait of Hormuz Situation

The cryptocurrency market experienced a significant surge on Monday, with several memecoins exhibiting green candles. The increase in prices is attributed to the passing of two tankers through the Strait of Hormuz, which eased tensions between the US and Iran.

Bitcoin's rise above $74,000 also contributed to the upward trend, as it broke a resistance level that had been previously unbreachable. Altcoins such as Ethereum, Solana, and XRP reacted positively to the news, but the most notable gains were seen in the memecoins category.

Dogecoin (DOGE) and Shiba Inu (SHIB), two of the most popular memecoins, saw significant price increases. DOGE surged above 4.8% within a 24-hour period, with some analysts predicting it could reach the next resistance level at $0.110 if it breaks above its daily resistance.

Shiba Inu also exhibited bullish momentum, recovering around 13% from its last week's horizontal support and reaching near the 50-day EMA. The momentum indicators for SHIB/USDT are bullish, suggesting a close above $0.0000062 will trigger its momentum towards the weekly resistance at $0.0000068.

Other memecoins such as PEPE Coin, Bonk (BONK), and TRUMP Coin also saw significant gains, with some analysts predicting they could reach new resistance levels if their trend persists.