With the BTC price retesting its support level of $67,000 during the early Asian trading hours, the memecoin category has experienced a major price correction. With the current market trend, is this a crucial time to buy, hold, or sell meme coins?
Planning on investing in memecoins but concerned about its prospects? Dive in as, in this article, we have covered the short-term market sentiment and price analysis of the top 5 memecoins.
Shiba Inu (SHIB)
Amid increased price volatility, the Shiba Inu price has recorded a drop of ~4% in the past day with a trading volume of $348.79 million. Moreover, with the recent price rejection, it continues trading within the triangle pattern.
The EMA 50/200-day has displayed increased bullish sentiment in the 1D time frame. Further, with a potential Golden Cross, the SHIB price hints at a potential bullish reversal during the upcoming time.
If the bulls regain momentum, the Shiba Inu price will break out of its triangle pattern and head toward its resistance level of $0.00002350. Conversely, a bearish reversal could pull the price toward its low of $0.0000170.
Also, read Shiba Inu (SHIB) Price Prediction 2024 – 2030
Bonk (BONK)
With a drop of 1.89% in the past day, the BONK price has continued trading in a consolidated range between $0.00002125 and $0.0000270. Positively, it has surged 35.82% during the past month, highlighting a long-term bullish sentiment.
The Moving Average Convergence Divergence (MACD) records a neutral price action in the 1D time frame. This highlights a weak buying-and-selling pressure for the meme coin in the crypto market.
If the bullish sentiment sustains, the BONK memecoin will retest its resistance level of $0.0000270 this week. On the flip side, a bearish reversal could pull the price toward its low of $0.00002125 in the coming time.
Pepe (PEPE)
The PEPE memecoin has continued to display a weak price action by dropping 2.78% in the past day and 3.14% over the past week. Despite the recent market turmoil, it has maintained its price above the $0.000010 mark, suggesting a potential bullish recovery.
The RSI indicator continues hovering above the mid-point in the PEPE price chart. Moreover, its average trendline shows a high possibility of a bullish convergence, highlighting a potential positive reversal during the upcoming time.
Suppose, the bulls regain momentum, in that case, the Pepe memecoin will retest its resistance trendline of the triangle pattern. However, if the bears outrun the bulls, the PEPE coin price could plunge toward its low of $0.00000880.
Also, read Pepe (PEPE) Price Prediction 2024 – 2030
Dogwifhat (WIF)
With Bitcoin price retesting its $67,000 level, the Dogwifhat price has plunged ~5% in the past day with a trading volume of $318.98 million. With strong support around its $2.5 level, this memecoin hints at a potential reversal.
The SMA indicator has recorded a bearish convergence in the price chart with its MACD experiencing a similar action. However, amid increased price volatility, a bullish reversal can be highly anticipated.
Maintaining the bullish influence could result in the Dogwifhat price retesting its resistance level of $3.050. On the contrary, if the bears regain momentum, it could retest its support trendline of $2.10 this month.
SPX6900 (SPX)
The dynamic rally of SPX memecoin comes to a halt as it records a drop of 12.11% in the past day with a trading volume of $28.72 million. Notably, this Ethereum-based has surged 8,799.16% this year, making it one of the top performing memecoins.
The Relative Strength Index (RSI) has successfully retested its mid-point in the 1D time frame. Moreover, the 200-day EMA constantly supports the price chart, indicating a strong bullish sentiment in the crypto market.
If the market favors the bulls, the SPX price could head toward its upper resistance level of $0.992350 during the upcoming time. Negatively, if the crypto market loses momentum, the SPX6900 price could retest its $0.578950 level.
Also, read Dogwifhat (WIF) Price Prediction 2024 – 2030
Source: https://coinpedia.org/price-analysis/top-5-memecoins-to-watch-during-this-crypto-dip/