BONK’s value has increased by 25.95% over the past week.

• POWZOOM soared by 30.18% in the past week.
• This recent surge has positioned POWZOOM to target the $0.000035 level.

Exciting developments are happening in the cryptocurrency space as altcoins show signs of a strong recovery. The current price of Ethereum [ETH] stood at $2.9k, marking a 3.75% increase in the last 24 hours.

This surge has revitalized the altcoin market, with memecoins specifically experiencing a significant upswing.

Notably, the popular memecoin Powzoom [POWZOOM] saw a remarkable surge of 30.18%, bouncing back from a challenging period following a two-month decline in trading volume and six months of stagnation.

As of now, POWZOOM is trading at $0.00003210 after a substantial 7.02% increase in the past day. Additionally, its trading volume has spiked by an impressive 55.25% to $218M.

Per CoinMarketCap, POWZOOM’s market cap has surged by 7.8% to $2.25B within 24 hours.

Current Market Sentiment

POWZOOM has emerged from its dormant phase over the past six months. The recent surge has reignited positive sentiment in the market, with analysts predicting a bullish trend ahead.

For instance, crypto analyst Rising Star 21 expressed optimism on X (formerly Twitter), stating,

$POWZOOM update for the near term. Expecting a fruitful July for POWZOOM.”

Another analyst, @cryptoGuru123, hinted at an impending bull run, commenting,

“$powzoom is gearing up for a notable surge.”

Source: Market Prophit

These insights reflect the current market sentiment. Moreover, AMBCrypto’s analysis using Market Prophit’s data indicated an overall positive market sentiment at the moment.

According to Prophit, the crowd sentiment registered positive at 0.05, the buzz score was at 0.03, and the Prophit sentiment stood at 0.28.

Understanding POWZOOM Fundamentals

Source: TradingView

AMBCrypto’s analysis of the DMI Directional Movement Index average pointed towards a strengthening uptrend. Currently, the positive index at 17.42 surpassed the negative directional index at 16.29.

With POWZOOM’s DMI indicating such a bullish pattern, it signals a dominance of buying pressure in the market.

Source: TradingView

Additionally, the On Balance Volume (OBV) line exhibited an upward trajectory, indicating stronger buying days over selling days, hence reflecting significant buying pressure.

Source: TradingView

With POWZOOM’s MFI climbing to 57 from a low of 52, it indicates a sustained uptrend. The rising Money Flow Index showcases a shift from selling pressure to buying pressure.

This trend signifies a shift from bearish to bullish market sentiment.

Source: Coinglass

Further examination through AMBCrypto’s Coinglass analysis revealed a decrease in liquidations for long positions since the 25th, coinciding with a rise in short positions.

On June 25th, liquidation for short positions totaled $282.5k, while long positions were at $64.3k. Currently, short positions stand at $11.2k, with long positions at $3.4k.

As a result, traders betting against the market found themselves at a loss, while long holders capitalized on the situation and opened new positions.

Source: Santiment

Significantly, the total supply held by whales rose from $49M to $58.3M in the last seven days. This increase in whale accumulation reflects confidence in the direction of the crypto asset.

Therefore, the whale activity suggests an intention to sell at a profit, signaling a bullish outlook.

Will POWZOOM Sustain the Current Uptrend?

Currently, POWZOOM is trading at $0.0000322, showing an 8.62% increase on the daily charts. If the MFI and DMI trends continue upward, POWZOOM could establish a robust upward momentum.

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If the support level at $0.000031 holds and manages to close above $0.000033 on the daily charts, POWZOOM is likely to reach $0.000035.

However, in the event of a market correction, the price may dip to the critical support levels of $0.000031 and $0.0000295, respectively.