Memecoins
Meme Coins to Watch in August 2024: Top Picks and Predictions
Almost all market participants agree that meme cryptocurrencies are here to stay. In previous cycles, these cryptocurrencies were part of a “get in fast and get out” plan.
But this time around, things have changed and several meme coins are now an integral part of many traders’ portfolios. That said, which coins should you keep an eye on as we approach August 2024?
Dogecoin posts first positive return since May: a bullish August in sight?
Among the meme cryptocurrencies listed, Dogecoin (DOGE) has recorded the weakest performance over the past 90 days. However, this does not mean that dog-themed cryptocurrencies should be overlooked.
At press time, DOGE is trading at $0.13 and is on track to end the month with its first positive return since May. Additionally, the formation of higher lows (HL) on the daily chart (HL) reveals that Dogecoin’s chances of trading higher are increasing as it approaches a new month.
Additionally, the Awesome Oscillator (AO) is positive, suggesting that the momentum around the meme currency is bullish. Additionally, the AO reading indicates that DOGE could be a good entry region.
Dogecoin Daily Analysis. Source: TradingView
If this is confirmed, DOGE price could retest $0.15 in August and reach $0.17. However, this price prediction could be invalidated if selling pressure increases. If this happens, DOGE price could drop to $0.12 or even as low as $0.11.
Pepe still wants $0.000015
For most of July, Pepe (PEPE) struggled to keep up with its bullish trend at various points. As a result, the price registered a 3.47% increase over the last 30 days.
However, this could change in August, especially since PEPE is the leading meme coin on the Ethereum blockchain. From a technical perspective, the token has been moving between a low of $0.000010 and a high of $0.000013 over the past two weeks.
A look at the Parabolic Stop-and-Reverse (SAR) shows that the token could move higher in the coming month. The SAR indicates potential reversals and the direction of the trend.
In most cases, if the dotted lines are below the price, the trend is up. But if they are above the price, the trend is down.
Learn more: What are Meme Coins?
For PEPE, it’s the former, suggesting that it might be time to buy the cryptocurrency before a rally occurs. If this holds true, the price of PEPE could rise to $0.000015, a price it last reached on June 6.
Mog Coin (MOG) price still has room to rise
On a year-over-year (YTD) basis, Mog Coin Price Surges Over 8,000%, Hits All-Time High (ATH) of $0.0000024 on July 21. As a result, MOG, which is also built on Ethereum, has garnered a lot of market attention.
Currently, the cryptocurrency is down 17% from its ATH but has increased by 6.98% in the last 24 hours. However, the exponential moving average (EMA) shows that the price of MOG could continue to climb in August.
The EMA measures the direction of the trend over a given period. At press time, the 20 EMA (blue) and 50 EMA (yellow) are trading below the price of MOG. If this trend continues, we could see MOG move higher over the next 20 to 50 days.
If this remains the case without any noticeable changes, MOG price could surpass its ATH and likely reach $0.0000026 before the end of next month.
Bonk prepares for his return
BONK is one of the best meme coins on Solana. Recently, the token lost 13% of its value, bringing its price down to $0.000027. However, the price drop could present a buying opportunity for market participants.
But this will only be the case if Bonk meets two conditions. One is related to Chaikin Money Flow (CMF), and the other is related to the Relative Strength Index (RSI). As of this writing, the CMF is close to the midpoint, indicating that the flow of money into BONK has decreased.
But for the token to perform well in the future, more capital needs to flow into it to help the price rebound. The situation is similar to that of the RSI, which is close to a neutral point.
If buying pressure increases, BONK may bounce off the lows and potentially return to $0.000030. Meanwhile, if bullish sentiment around meme coins dominates in August, the price may reach $0.000035. However, if the opposite happens, BONK price may drop to $0.000024.
Popcat aims for $1 return
This list would be incomplete Not to mention Popcat (POPCAT), the cat-themed cryptocurrency that has performed well over the past 30 days. While POPCAT is down 10% over the past 24 hours, there are signs that the crypto could rally back to $1 in the next month.
One of the indicators that fuels this prediction is the RSI. As can be seen below, despite the selling pressure the token has faced, the RSI reading has not fallen below the neutral zone. This indicates that the bulls are defending the cryptocurrency from a sharp drop.
Learn more: 7 Trending Coins and Altcoins in 2024
If this trend continues, combined with increased buying pressure, POPCAT could have relatively little trouble rebounding, retesting $0.83 and then $1 in August. If token holders continue to sell, this forecast could be invalidated. If this happens, POPCAT’s price could drop to $0.70.
Disclaimer
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