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Best Memecoins Tokens To Accumulate During This Crypto Market Correction!
The cryptocurrency market has shown negative price action for the second day in a row, indicating a growing bearish sentiment in the cryptocurrency space. Additionally, major coins have leveled off all their gains from the recent surge, highlighting mixed sentiment.
Memecoins later showed a similar trend as they saw a significant correction in their respective portfolios. With the rising volatility in the cryptocurrency space, will memecoins make a comeback this month?
Read on as in this article we have covered the market sentiment and price analysis of the top 5 memecoins that have the potential to see significant uptrends in their respective portfolios in the near future.
Mog Coin (MOG):
Despite seeing a correction of around 20% in the last 24 hours, MOG price has jumped 4.14% in the last seven days. Furthermore, the memecoin has risen 11.02% in the last 30 days and has a YTD return of around 3,100%.
TradingView: MOG/USDT
The Moving Average Convergence Divergence (MACD) shows a steady decline in the green histogram, indicating increased selling pressure for memecoin in the crypto space. Additionally, the averages show a high possibility of a negative crossover, suggesting uncertainty in the future price action.
On the other hand, the SMA indicator is recording a negative crossover in the 1D time frame, suggesting a negative outlook for the MOG coin price in the near future.
If the market regains momentum, Mog price will prepare to retest its upper resistance level of $0.000002130. On the contrary, if bears continue to dominate the market, Mog Coin cryptocurrency will crash towards its low of $0.000001950.
Dog Wife (WIF):
Despite having jumped 1.37% in the last seven days, the price of dogwifhat has lost 10.28% in the last 24 hours and 35.16% in the last 30 days. On the positive side, this memecoin has a Year-to-Date (YTD) return of 1,096.96%.
TradingView: WIF/USDT
The SMA technical indicator shows a potential bearish convergence, suggesting strong bearish sentiment for WIF price in the cryptocurrency market.
Furthermore, the RSI failed to break out of its midpoint, recording a negative price trend. Furthermore, the mean shows a high possibility of a negative crossover, suggesting that the price of WIF coin will continue to lose value this week.
If dogwifhat price holds its value around the crucial support level of $2.10, the bulls will regain momentum and prepare to test its upper resistance level of $3,990 in the near future. However, in case of bearish action, memecoin will drop towards its low of $1,240.
Bonk (BONK):
BONK memecoin has seen a similar trend, correcting 4.85% over the past day with a trading volume of $358.71 million, a change of -8.38%. However, it has jumped 9.42% over the past seven days and is up 67.30% in valuation this year.
TradingView: BONK/USDT
On the positive side, the MACD is showing a rising green histogram, indicating increased buying-selling pressure in the cryptocurrency space. In addition, the averages are showing a steady uptrend, suggesting that Bonk price will continue to gain value this week.
On the other hand, the simple moving average (SMA) is consistently acting as a support to the price chart in the 1D time frame, suggesting a positive outlook for BONK memecoin.
If the market pushes the price of BONK coin above the resistance level of $0.0000270, this memecoin will head towards its upper resistance level of $0.00003390 during the next few weeks. On the negative side, if the bears take control, the price will crash towards its low of $0.0000150.
Pepper (PEPPER):
Amid the cross-border market correction, Pepe price has lost 6.01% in the past 24 hours and 13.29% in the past seven days. In addition, memecoin has fallen 28.39% in the past 30 days. However, it has increased 737.27% this year, showing a long-term positive influence.
TradingView: PEPPER/USDT
The technical indicator, MACD, shows a constant flat line in the histogram, highlighting weak price action for memecoin in the cryptocurrency space. Additionally, the averages are showing a neutral trend, suggesting mixed sentiment for PEPE price.
If the market regains momentum, PEPE coin price will prepare to test its upper resistance level of $0.00001410. Conversely, if the bears overwhelm the bulls, memecoin will crash towards its important support level of $0.00000880.
WHY WHY):
Built on the BNB Smart Chain (BEP20), the WHY project is a meme-based cryptocurrency. It draws inspiration from internet memes and has received considerable attention from the cryptocurrency market in recent weeks.
With a trading price of $$0.0000001153 and a circulating supply of 420 trillion WHY tokens, this memecoin has secured the 545th position in the global cryptocurrency list with a market cap of $48.42 million.
Despite seeing a correction of around 12% in the last 24 hours with a trading volume of $21.13 million, a change of +13.12%. This altcoin has seen a 437.87% increase in valuation since the inception, giving rise to a strong long-term bullish sentiment.