Memecoins
The 3 Best Meme Coins to Buy as Bitcoin Under $65,000 Triggers Another Correction
Meme Coins to Buy: The cryptocurrency market saw high volatility this week as macroeconomic data created a shift in investor sentiment. While the recently released CPI and PPI data favors risky assets, Bitcoin barely reached $70,000 on Wednesday and immediately came back.
On Friday, BTC price plunged 2.3% to a level of $65,000, signaling the continuation of the current correction trend.
Cryptocurrency analytics firm Santiment reports that Bitcoin’s fall to $65,000, its lowest level since May 16, has sparked fear among traders. Increasing mentions of “selling” and “taking profits” on social media suggest widespread panic.
😨 Crowd shows fear after Bitcoin fell to $65,000, its lowest market value since May 16. Spikes in mentions of #sale Or #takeprofit are common after a decline, and a temporary rebound and buying opportunity may form if we see continued FUD and panic from small traders. pic.twitter.com/KwMjGogz4x
–Santiment (@santimentfeed) June 14, 2024
Santiment notes that such spikes in sales talk are typical after significant declines, often leading to temporary rebounds. This pattern of fear-driven decisions highlights potential buying opportunities for savvy investors amid market volatility.
Read also: Bitcoin Buys Dip Calls, But BTC Price Drop Below $65,000 May Be Fatal
1) Meme Coins to Buy – Dogecoin (DOGE)
Dogecoin (DOGE) is a decentralized cryptocurrency that started as a satirical meme but has since attracted a significant following. Over the past 11 weeks, DOGE price has been in an active correction trend marked by a descending trendline in the daily chart.
Dogecoin (DOGE)| Commercial view
Under the influence of this dynamic resistance, the dog-themed memecoin rose from $0.228 to $0.133, registering a loss of 41.8%, while the market capitalization fell to $19.25.
While the market as a whole signals a continued downtrend, the Dogecoin Price could slide another 8% to seek support at $0.122. The coin price has rebounded from this support twice in three months, indicating a strong accumulation zone.
If support holds, the consolidation trend will extend and attempt to break above the overhead trendline. If buyers turn the resistance above into potential support, the coin’s price could pursue a potential target of $0.175, followed by $0.228.
Read also: Bitcoin, Dogecoin and Shiba Inu are falling significantly: 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 relevant user experiences.
Pepe coin (PEPE)| Commercial view
In the current context of market consolidation, the Pepe Coin Price witnessed a reversal of the V-shaped high from $0.00001725. The bearish reversal caused the asset to fall 37.2% to trade at $0.0000108, while the market capitalization fell to $4.54 billion.
With a 9% intraday decline, PEPE price hints at a potential breakout from a critical support level at $0.0000114, which coincides with the 50-day EMA and 38 Fibonacci retracement level .2%. If this outage persists, it could intensify the selling momentum and potentially push the price of PEPE coin 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 important areas of interest where buyers could emerge for reverse.
Read also: Meme Coins on Fire: Cat Coin KAI takes center stage 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 that BONK price is leading its current recovery under the influence of ascending channels. The two ascending trendlines keep BONK forming higher and lower and preventing holders from a larger correction.
Bonk | Commercial view
However, while BTC price struggled to break above $71,000, BONK price struggled to maintain momentum and reversed sharply from the $0.0000445 resistance. The new correction caused the asset to fall by 48.3% to $0.000023, while the market capitalization recorded $1.6 billion.
With sustained sales, the BONK Price could fall another 20% to retest the ascending trendline around $0.0000186. The crucial pivot level could rebuild bullish momentum and prepare buyers for another reversal.
Key to remember
THE EVEN Cryptocurrencies have always been a volatile asset class, reacting dynamically to any major changes in the market. This sharp move could attract short-term participants, but could disrupt risk-averse traders. With the current market correction, Meme coin has seen the biggest decline and hence could provide a suitable downside opportunity before the market resumes on an upward trajectory.
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