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5 Meme Coins to Watch in July 2024: Top Picks
Only a few cryptocurrencies can boast of outperforming meme coins in this cycle. Despite their long-standing dominance, these tokens may not fade into the background anytime soon.
Furthermore, investors will look to allocate some of their capital to these cryptocurrencies in the new month. Here are the best BeInCrypto meme coins to keep an eye on in July.
The MAGA hat (MAGA) is a tribute to the Trump campaign
MAGA, the cryptocurrency launched in honor of U.S. presidential candidate Donald Trump, tops the list, and for good reason. The country’s elections are scheduled for November, and the first round of debates took place on Thursday, June 27.
Launched a few months ago as one of Trump’s Make America Great Again narrative meme coinsMAGA reached a market cap of $263 million in the last week of May.
However, at the time of writing, that value has fallen to $161 million, largely due to profit taking. Since its launch, the price of MAGA has increased by an incredible 5,034%.
Technical analysis of the 4-hour chart reveals that the value may be higher in the month of July. As of this writing, MAGA is trading at $0.00032. The 4-hour chart also looks at indicators, including the Moving Average Convergence Divergence (MACD) and the Supertrend.
The Supertrend helps traders identify market trends and spot buy and sell signals. The MACD, on the other hand, checks whether a trend is bullish or bearish by subtracting the 26-day EMA from the 12-day EMA.
At press time, the green part of the Supertrend is below the price of MAGA, specifically at $0.00029. This implies a buy signal for the meme coin. With the red region nowhere to go, MAGA could reach $0.00038 in the near term.
However, the MACD remains negative, indicating that the momentum is turning bearish. If that happens, the meme coin could rise back to $0.00025. But buyers can take advantage of the discount. As a result, this could lead the price of MAGA towards $0.00042 before the end of July.
The decline of Jeo Boden (BODEN) could be an opportunity
It closely follows the MAGA meme coins, BODEN. The reason for this inclusion is clear as day, especially as political tension in the United States rises. Max Jones, founder of Memepad, explains this in a recent statement.
“Memecoin PolitiFi are an important reflection of the industry’s public image in relation to the ongoing election campaigns in the United States,” Jones observes.
On June 27, BODEN’s price was $0.13, a 12% drop from June 26. However, the meme coin continued to plummet after the first public debate, with the price plummeting to $0.080.
Also, the 4-hour chart shows that BODEN is near its bottom due to the descending triangle formed on the 4-hour chart.
This pattern is characterized by a series of lower highs and a flat trend line that acts as support. If demand is low in this case, the bearish pattern could continue. The Awesome Oscillator measures momentum and supports a move down to $0.060.
However, if the bulls defend this region, BODEN price may recover and possibly retest $0.15 in July.
To know more: What are meme coins?
Frog-themed Pepe Eye Earnings (PEPE).
PEPE is one of the major meme coins built on Ethereum. Because of the upcoming spot launch of the Ethereum ETF, will be one to watch in July.
At the time of writing, PEPE is trading at $0.000012. However, the price is above the 20 EMA (blue), which is the average price of the cryptocurrency over the last 20 trading days. As long as PEPE does not fall below this price, the token will not see any correction.
Furthermore, the relative strength index (CSR), which measures the momentum, is rising. If it continues like this, PEPE will be able to retest the $0.000015 mark in July. However, the rejection of the forecast could push the value down to $0.000011.
POPCAT Price Drops But Can It Recover?
One notable inclusion is POPCAT, one of the leading meme coins on Solana blockchain. In the last 24 hours, POPCAT Price increased by 16.58%. The Bollinger Bands (BB) on the 4-hour chart show that the token is trending higher volatility.
In addition to volatility, the BB also shows whether a cryptocurrency is overbought or oversold. When the top level band of the indicator touches the price, it is oversold. Conversely, if the lower band touches the price, it is oversold.
Earlier, the upper band touched POPCAT at $0.60, indicating that the token was oversold. The retracement later occurred and at the time of writing, it is trading at $0.54. The Relative Strength Index (RSI), which initially read above 70.00, indicated the same.
It appears that POPCAT may reverse trend to $0.49 as the bullish momentum wanes. It could also drop to $0.42 if many holders post profits.
If this happens, it could provide another buying opportunity for traders. Furthermore, the token could replicate its recent July performance. If this were to happen, POPCAT price could try to reach $0.67.
Dogwifhat (WIF) moves towards rebirth
In April, predictions were circulating, predicting that WIF would hit $5. But after hitting an all-time high of
$4.84, the meme coin went through a correction phase that caused the price to plummet to $1.59 on June 23.
However, the cryptocurrency has increased in value by 3.51% over the past 24 hours. Trading at $2,106, the Money Flow Index (MFI) shows that capital has started to flow back into the WIF market.
This increase in reading is a sign of buying pressure. If sustained, WIF price may not return to its all-time high, but targets between $2.47, $2.98, and $3.35 seem plausible in July.
Another factor that can push the price up is optimism regarding the recent Solana ETF applicationespecially since WIF is the most prominent meme coin on the blockchain.
To know more: How to Buy Solana Meme Coins: A Step by Step Guide
In conclusion, there are other meme coins to keep an eye on. One of these is BOBBY, named after Robert Kennedy Jr., another candidate running for president of the United States.
BOBBY’s market cap of $87.36 million is much lower than BODEN and MAGA. Meanwhile, Max Jones adds that the token is in the mix.
“As the campaign heats up, these memecoins could serve as a popularity check between the respective candidates. While it’s still unclear which of these memecoins will stand the test of time, they currently serve as an unusual deciding factor for Trump, Biden, and RKF,” says Memepad founder.
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