Will These Top Meme Coins Perform in May?
The post Will These Top Meme Coins Perform in May? appeared first on Coinpedia Fintech News
The crypto market has witnessed a gradual drop in the last three days. Bitcoin dropped 5%, and bulls lost $350M in long-liquidations in the entire market. Amidst the crash, meme coins suffered the same fate and experienced a rise in supply pressure.
Despite the sector leaders Dogecoin and Shiba Inu registering an average drop of 10%, the bullish sun is finally shining upon them. With an intraday recovery raising the hopes of a trend reversal, will these top meme coins perform in May?
Will the new and trendy meme coins like BONK, PEPE or Floki jump higher? More importantly, are these the best new meme coins to buy and invest in 2024? Let’s take a look at our in-depth price analysis and find out if it is worth to buy meme coins this month.
Biggest Meme Coin DOGE Performance Under Scrutiny
With a market cap of almost $21.5B, Dogecoin ranks as the 8th biggest cryptocurrency in the world. The trading volume of the meme coin is almost $1.15B, but the DOGE price struggles to rise. With a pullback phase in motion, it registers a 25% drop in 30 days.
The pullback phase forms a falling channel pattern in the daily chart, and the solid resistance trendline leads to the third reversal. This undermines the secondary resistance trendline breakout and tests the $0.14 mark.
With three bearish days, the meme coin completes a triple bearish crow pattern at a crucial resistance zone. Thus, the short and medium-term price action reflects a surge in supply pressure.
However, a bullish comeback from the 38.20% trend-based Fibonacci level could instantly revert the sentiments. A breakout rally will potentially pump the DOGE price higher to the $0.2290 mark.
On the flip side, the $0.1226 demand zone is a critical support known for multi-contact reversals in recent times.
Falling Channel Traps Shiba Inu
As the second biggest meme coin in the crypto industry, Shiba Inu ranks 11th in the broader market with a market cap of almost $13.5B. However, the bearish impact of Bitcoin’s struggling performance has led to a pullback trend in SHIB price.
The meme coin declines under a falling channel pattern as the buying pressure decreases. Currently, the SHIB price is taking a lateral shift as the $0.000020 level becomes a bullish fort.
With the bullish divergence in the RSI line bolstering the possibility of an uptrend, Shiba Inu stands at a crossroads. As per the trend-based Fibonacci levels, the channel breakout rally will pump the SHIB price to $0.000041.
Conversely, a drop under $0.000020 will test the support trendline close to $0.000018.
Post-Retest Jump For PEPE Meme Coin
Being one of the only non-dog-themed top meme coins, PEPE becomes a top choice of whales with a market cap of almost $3.5B. Despite the 9% pullback in this week’s start, the price action reflects a high reversal and bull run likelihood.
With the bearish wedge breakout rally leading to the inverted head and shoulder pattern break, the underlying demand for PEPE is rising. The recent pullback comes as the retest of the broken neckline at $0.0000078, close to the 50% Fibonacci level.
With an intraday growth of 4.77% and a morning star pattern in the 1D chart, the meme coin is all set for a post-retest jump. As per the Fibonacci retracement of the pullback phase, the uptrend could hit the $0.000014 mark if it reclaims the $0.000010 mark.
FLOKI Eyes 65% Surge With This Retest
With the recent bullish comeback, FLOKI reminds the market that it is not just another dog-themed meme coin. With a market cap of $1.668 Billion, the FLOKI coin price registers a 420% YTD gain.
Furthermore, the recent price action in the 4H chart shows a retest phase of a resistance trendline breakout in motion. The pullback accounts for almost a 12% dip in four days. However, the intraday growth of 4.29% makes a bullish turnaround in the 4H chart and a morning star pattern in the 1D chart.
With increased chances of a bullish comeback, the MACD and signal lines give a bullish crossover. If the trend momentum sustains, the FLOKI price could reach $0.00030.
Double Bottom Reversal For BONK
As the top meme coin on the Solana ecosystem, BONK is a rising name in the meme coin industry. With a market cap of $1.544B, the BONK price action prepares for a double-bottom reversal to extend the uptrend.
With a bullish breakout of a falling wedge, the meme coin fluctuates at the 50% Fibonacci level. Further, the 38.20% and 61.80% Fib levels act as the borderlines on either side. Hence, a breakout of either side will determine the future price trend.
However, the failed double top leading to high anticipation of a double bottom reversal teases an uptrend. A bullish breakout could pump the BONK price to $0.00003786.
