Meme Coins to Buy: The cryptocurrency market witnessed high volatility this week as macroeconomic data created a see-sar in investors’ sentiment. While the recently released CPI and PPI data favors risky assets, Bitcoin barely hit $70000 on Wednesday and reverted immediately.
On Friday, the BTC price plunged 2.3% to hit a $65000 level, signaling the continuation of the prevailing correction trend.
Crypto analytics firm Santiment reports that Bitcoin’s fall to $65,000, its lowest since May 16th, has caused fear among traders. The increased mentions of “selling” and “taking profit” on social media suggest widespread panic.
😨 The crowd is showing fear after Bitcoin has fallen to $65K, its lowest market value since May 16th. Spikes in mentions of #selling or #takingprofit are common after a drop, and a temporary bounce and buy opportunity may form if we see continued FUD & panic from small traders. pic.twitter.com/KwMjGogz4x
— Santiment (@santimentfeed) June 14, 2024
Santiment notes that such spikes in selling discussions are typical after significant drops, often leading to temporary rebounds. This pattern of fear-driven decisions highlights potential buying opportunities for savvy investors amid market volatility.
Also Read: Bitcoin Buy The Dip Calls Surge But BTC Price Drop Under $65,000 Can Be Fatal
1)Meme Coins To Buy – Dogecoin (DOGE)
Dogecoin (DOGE) is a decentralized cryptocurrency that began as a satirical meme but has since garnered a significant following. Over the past 11 weeks, the DOGE price witnessed an active correction trend marked by a downsloping trendline in the daily chart.
Dogecoin (DOGE)| Tradingview
Under the influence of this dynamic resistance, the dog-themed memecoin fell from $0.228 to $0.133 registering a loss of 41.8%, while the market cap fell to $19.25.
With the broader market signaling the continuation of a downtrend, the Dogecoin price may slip another 8% to seek support at $0.122. The coin price rebounded twice from this support within three months, indicating a strong accumulation zone.
If the support holds, the consolidation trend will prolong and attempt to breach the overhead trendline. If the buyers flip the above resistance into potential support, the coin price could chase a potential target of $0.175, followed by $0.228.
Also Read: Bitcoin, Dogecoin, Shiba Inu Falling Drastically: Here’s Why
2) Pepe coin (PEPE)
Initially launched to capitalize on the viral nature of Pepe the Frog meme, Pepe Coin aims to integrate memes into a digital currency for more engaging and relatable user experiences.
Pepe coin (PEPE)| Tradingview
Amid the current market consolidation, the Pepe coin price witnessed a V-top reversal from the $0.00001725. The bearish turnaround tumbled the asset 37.2% to trade at $0.0000108, while the market cap tumbled to $4.54 Billion.
With an intraday decline of 9%, the PEPE price teases a potential breakdown from a critical support level at $0.0000114, which coincides with the 50-day EMA and the 38.2% Fibonacci retracement level. If this breakdown persists, it could intensify selling momentum and potentially drive the PEPE coin price down to $0.000009.
According to the Fibonacci tool, the $0.000009 and $0.000007 levels, corresponding to the 50% and 61.8% Fibonacci retracement levels, respectively, represent significant areas of interest where buyers might emerge to reverse the trend.
Also Read: Meme Coins on Fire: Cat Coin KAI Takes Spotlight After Pepe Pump
3) Bonk
Bonk is a dog-themed memecoin designed specifically for the Solana ecosystem, aiming to be a community-centric digital currency.
An analysis of daily charts shows the BONK price leading its current recovery under the influence of rising channels. The two ascending trendlines maintain the higher-high and higher-low formation in BONK and prevent the holders from a more major correction.
Bonk| Tradingview
However, with the BTC price struggling to surpass $71000, the BONK price struggled to maintain momentum and reverted sharply from the $0.0000445 resistance. The fresh correction tumbled the asset 48.3% to hit $0.000023, while the market cap recorded at $1.6 Billion.
With sustained selling, the BONK price could plummet another 20% to retest the ascending trendline around $0.0000186. The crucial pivot level could replenish the bullish momentum and prepare the buyers for another reversal.
Key Takeaway
The MEME cryptocurrencies have always been a volatile asset class, reacting dynamically to any major change in the market. The sharp move may appeal to short-term participants but could trouble risk-averse traders. With the current market correction, the Meme coin recorded the most fall and therefore could offer a suitable dip opportunity before the market resumes on a bullish track.
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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
