The third week of August 2024 has been eventful for meme cash. In contrast to the second week, when a ton of the top-ranking cryptos endured losses, most meme cash posted good points.
Among the many plethora of tokens, Ethereum-based Pepe (PEPE), Solana’s Popcat (POPCAT), and the lately launched Sundog (SUNDOG) on Tron had been the standout performers. Here’s a breakdown of what drove their huge good points.
PEPE’s Buying and selling Quantity Soars, Comes Again Alive
After a low interval of exercise, the value of frog-themed PEPE elevated by 25% within the final seven days. The surge was largely pushed by renewed curiosity, particularly on August 23. On the talked about date, the value of the meme coin jumped from $0.0000080 to $0.0000090 inside just a few hours.
This worth enhance was additionally accompanied by a sudden rise in buying and selling quantity, resulting in hypothesis that PEPE’s worth might be primed for extra good points. As of this writing, the buying and selling quantity is sort of $1 billion, representing a 106% hike within the final 24 hours.
From the technical angle, the day by day PEPE/USD chart revealed that the token had earlier fashioned a bearish pennant. The pennant is a technical sample that implies a possible continuation of a downtrend after a short consolidation interval.
Nevertheless, as seen under, bulls invalidated the sample. Indications from the Relative Energy Index (RSI) present {that a} rise in shopping for momentum helped neutralize bearish need.
The RSI measures momentum utilizing the scale and pace of worth adjustments. If it will increase, momentum is bullish, however a lower signifies in any other case.
Learn extra: What Are Meme Cash?
As well as, the chart above exhibits that the RSI studying continues to maneuver to the upside. If this development continues, PEPE’s worth would possibly rise to $0.000010, the place the 61.8% golden pocket ratio positions.
Nevertheless, if crypto whales resume promoting off the token or meme cash exit the current mania, the value would possibly retrace. Ought to this occur, the meme coin may drop to $0.0000082.
POPCAT Leverages Binance Itemizing
POPCAT, one of many prime meme cash on Solana, posted a formidable 67.38% worth enhance this week. In line with BeInCrypto’s findings, the viral cat-themed token hit a dramatic spike after Binance introduced itemizing it on its futures market.
On the identical day, Lookonchain reported {that a} whale bought the meme coin, valued at a staggering $5.73 million. This improvement strengthened POPCAT’s upswing as the value hit $0.77.
Earlier than POPCAT’s notable enhance, the cryptocurrency was confined in a symmetrical triangle. This triangle seems when two trendlines join a sequence of swing highs and lows converge.
Usually, a breakdown under the technical sample results in a cheaper price. Nevertheless, for POPCAT, it broke above the sample whereas serving to the value hit a month-to-month excessive. Moreover, the Bollinger Bands (BB) has expanded, indicating excessive volatility across the Solana-based token.
Additionally, the higher band of the indicator had tapped POPCAT’s worth. Sometimes, if the decrease band hits the value, it’s oversold. Subsequently, the other occurring signifies that the meme coin is overbought, suggesting that the value would possibly lower.
The Steadiness of Energy (BoP), which measures shopping for and promoting power, seems to help this thesis as a result of the studying was turned down.
For context, a rising BoP signifies that consumers’ power outweighs sellers. However a falling one signifies sellers’ dominance. Thus, evidently merchants are reserving earnings from the current enhance.
Ought to this proceed, POPCAT’s worth would possibly drop to $0.63. Nevertheless, if shopping for stress outpaces the promoting quantity, this prediction might be invalidated. Ought to this be the case, the worth may hit $0.83.
SUNDOG Worth Hits One other Peak
Speak about saving the perfect performer for the final. Sundog is a meme coin launched on Tron, because of the lately developed SunPump, a token generator conceived by Justin Solar, the blockchain’s founder.
Immediately marks 9 days because the meme coin was launched. Inside that quick interval, the value has elevated by over 100 instances its preliminary worth. This worth enhance might be related to the hype round SunPump’s improvement and the shift in consideration from Solana meme cash to Tron’s.
Within the final seven days, SUNDOG’s worth has elevated by nearly 400% and lately hit a brand new excessive of $0.28. On the hourly timeframe, the value has barely decreased to $0.26. Moreover, the Fibonacci retracement exhibits a possible pullback to the 23.6% stage at $0.25.
Learn extra: 7 Sizzling Meme Cash and Altcoins which might be Trending in 2024
Ought to holders of the meme coin understand extra good points, the worth would possibly drop. Nevertheless, the broader market expects SUNDOG to get extra change listings like different meme cash. If this occurs within the coming week, the value would possibly surpass $0.28 and attain a brand new all-time excessive near or above $0.30
Disclaimer
In step with the Belief Undertaking pointers, this worth evaluation article is for informational functions solely and shouldn’t be thought-about monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market circumstances are topic to alter with out discover. At all times conduct your personal analysis and seek the advice of with knowledgeable earlier than making any monetary selections. Please word that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.
