The memecoin market has witnessed a significant jump of 8.28%, resulting in its valuation rising to $53.58 billion. Despite having a market dominance of only 1.65% when compared to the total market of $3.28 trillion, it plays a pivotal role within the crypto community.
With one of the largest communities in the industry, the meme space is highly influential and acts as a medium for major whale activities. Moreover, with a 20.15% jump in its trading volume to $8.512 billion, marketers are speculating the memecoin segment to record waves amid the ongoing volatility.
Additionally, the top 3 memecoins have each closed Tuesday on a positive note in the Asian trading hours. Notably, the Dogecoin price has reclaimed the $0.16 mark with its jump of 6.23% today. Moreover, the Shiba Inu price rules the second position with a listing price of $0.00001167 and a valuation of $6.837 billion.
On the other hand, the Pepe memecoin is picking up pace with its double-digit price action today. This shows rising optimism among the investors toward memecoins, the most unstable category of the rapidly growing crypto-verse.
Let us now explore the possible meme coins that have the potential to outperform top cryptocurrencies during the upcoming altcoin season.
Top Meme Coins To Watch Amid Market Volatility
While DOGE, SHIB, & PEPE rule the top 3 positions of the category, crypto market has produced newer unique projects that have the potential to make it big during the upcoming time. Below are the list of few meme coins that are on the path of a multi-fold rally.
Dogwifhat ($WIF)
With an intraday jump of approximately 14%, the Dogwifhat price has successfully reclaimed the $0.850 mark. This has resulted in it recording a 63% rally in its daily trading volume to $565.29 million. Moreover, this meme coin has formed a strong support/resistance trendline around the $0.790 mark, making it a crucial watch point.
The Moving Average Convergence Divergence (MACD) shows a steady decline in the red histogram, suggesting increased buying pressure. With its EMA 12 & 26-day experiencing a bullish convergence, the WIF memecoin could maintain its positive price action.
Maintaining the value above $0.790 could set the stage for WIF coin price to retest its immediate resistance of $1.275. A sustained rally could push the price toward its upper high of $1.80 or $2.30. Conversely, a trend reversal may pull the value toward its crucial support of $0.50 or $0.30 soon.
Bonk ($BONK)
The Bonk price reclaims the $0.0000140 mark with its impressive price action of +8.65% today. With a market capitalization of $1.12 billion, it has secured the 64th position in the global crypto market. With a YTD return of -54.55%, it hints at a huge room for a 100% rally this year.
The Relative Strength Index (RSI) has successfully retested its oversold range (20) in the daily time frame. This has resulted in BONK memecoin heading toward its neutral point (50). However, it has shown a deflection just below and is valued at 42.64, suggesting rising uncertainty.
The RSI indicator is widely used among investors to determine the buying and selling pressure of a token in the market.
The Bonk price may retest its resistance of $0.000016325 or $0.000022925 if the bullish sentiment sustains. However, a retest to $0.000009400 is imminent if the bears regain dominance.
Floki ($FLOKI)
Following in the footsteps of the market trend, the Floki price has also recorded increased volatility of the past few days. With a price of $0.0000730, it has a market capitalization of $just over $700 million.
The Bear Bull Power (BBP) shows a constant red histogram over the past few days. However, the latest candle shows a major cut, suggesting a shift in the market trends. Considering this, the Floki price could maintain a positive action this week.
If the Floki memecoin price breaks above the resistance of $0.0000820, this could result in it heading toward its upper high of $0.0001140. On the contrary, increased liquidations may pull the value toward its crucial low of $0.00004725.
Notable Mentions
Fartcoin has also displayed potential over the past few days as it has successfully reclaimed the $1 mark, resulting in it constantly hovering under the limelight of investors. Moreover, the SPX6900 token has smashed the $1.30 mark today. This makes its 30-day return to +55%, thus making it a potential watch for the upcoming altcoin market.
End Note:
Considering the present market sentiments, the meme coins could make a strong bullish bounce back in the near future as most tokens are currently trading at a massive discount from their consolidated price levels.
Make sure to “DYOR” before investing in any digital asset. Moreover, the Memecoin market is known for experiencing a major price action within a short period of time, making it extremely uncertain to rely on any fundamentals or tips as it is highly influenced by celebrities.
Also Read: Why Did Coinbase Stock Jump Over 12% Today?
