As Bitcoin trades just under $110K as of the time of this writing, many meme coins including mainstays such as Dogecoin (DOGE) and Shiba Inu (SHIB) are in the green.
However, there are three meme coins in particular which the market should be paying attention to this summer.
Fartcoin has emerged as the week’s top performer, surging 17.93% to reach $1.29.
The meme coin’s trading volume has also seen a significant increase, with $267 million in 24-hour volume recorded. This surge follows Fartcoin’s addition to Coinbase’s asset roadmap on June 6th, a surge which was accurately predicted by CryptoWeekly.
While the listing also likely contributed to heightened investor interest, technical indicators suggest a potential trend reversal for the meme coin.
Fartcoin Trend Reversal Analysis
Source: TradingView
The Average Directional Index (ADX) is rising, approaching the 25 threshold that confirms trend strength. The 50-day exponential moving average (EMA) sits at $1.10, with the current price trading comfortably above this key support level.
Finally, resistance levels are identified at $1.30, $1.50, and $1.61, while support zones include the psychological level at $1.00-$1.02.
Dogwifhat, trading as WIF, has shown resilience after testing the $0.80 support level, now trading at $1.012.
The technical structure reveals a potential breakout setup, with the 50-day EMA providing crucial support and the 200-day EMA sitting higher at $1.15. The narrowing gap between these averages is reversing, with the faster moving average pulling to cross the slower one, a classically bullish configuration.
The Squeeze Momentum Indicator for WIF shows an interesting pattern: the token recently exited a compression phase with momentum bars turning positive. This, combined with a 15% daily gain, suggests buyers are returning with conviction. Volume patterns support this thesis, with $650 million in daily trading representing a 95% increase from previous sessions.
Critical levels include resistance at $1.15, $1.40, and $1.55, with support at $0.86 and $0.79. A sustained break above $1.20 would likely trigger momentum toward $1.40.
Pepe maintains its position as the dominant Ethereum (ETH) based meme coin with a $5.36 billion market cap, demonstrating more measured gains compared to its Solana (SOL) counterparts. The price increase to $0.00001273 comes with a substantial volume of $1.66 billion, indicating broad-based participation.
An Investor Deposited 1 Trillion PEPE Tokens Into Binance This Week
Source: X (@OnchainDataNerd)
Technical indicators for Pepe show the 50-day EMA providing dynamic support around $0.00001151, with the current price trading above this crucial level. Resistance levels are found at $0.00001309, $0.00001352, and $0.00001435, while support zones are at $0.00001183 and $0.00001100.
Ultimately, the confluence of neutral ADX, expanding Squeeze Momentum, and price above both EMAs suggests accumulation before the next major move.
What factors are contributing to the recent surge in meme coin prices?
The resurgence in meme coin prices is attributed to Bitcoin’s approach to all-time highs, increased investor risk appetite, and significant developments such as exchange listings and roadmap additions.
Are these meme coins suitable for long-term investment?
Meme coins are highly speculative and volatile. While they can offer short-term gains, they may not be suitable for long-term investment without substantial utility or backing.
How can I monitor the performance of these meme coins?
Platforms like CoinMarketCap and TradingView provide real-time data, charts, and technical indicators to help monitor the performance of meme coins.
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