The week began with a rocky note as Crypto leader Bitcoin fell below $116,000. The Altcoins followed suit, among which Meme Coins was also a hit. But some made it into green pain on the charts.
Beincrypto analyzed three such meme coins. This highlights the direction this week and what investors should be aware of.
Comedian (banned)
This week, the ban emerged as one of the top-performing meme coins, with a 31.6% increase over the past seven days. At a price of $0.068, the cryptocurrency currently shows strong upward momentum. This surge highlights a renewed interest in the ban.
The ban is currently testing resistance at $0.069. This is at a level that has hindered progress over a month. However, the presence of a parabolic SAR indicator under the candlestick suggests that uptrends are active. If purchasing pressure continues, the ban could ultimately violate this barrier and push towards $0.074.
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However, if investors’ sentiment changes and pressure sells, the ban could fall below support at $0.067. A decrease to below $0.063 could negate bullish outlook, bring traders to attention and perhaps launch a broader revision.
Not useful (not useful)
This week, unhelpful experienced volatility has been able to record a 12% increase and is currently trading at $0.292. Meme Coin has tested this price level as support, showing stability after recent fluctuations.
The one-sided cloud shows unhelpful and intense momentum, suggesting it could bounce off $0.292. If this uptrend continues, the price could rise to a resistance level of $0.364. Breaking through this barrier is essential to challenge the highest ever-growing $0.441 and not helping to attract more investors’ profits.
However, bear pressure leads to a downward inversion, making it useless below the level of support. As sales accelerate, the coins can soak up support of $0.292 and $0.249. Such a decline would undermine the bullish outlook.
A stocky penguin (penguin)
Pengu has seen a significant 21% decline over the past week, causing concern among investors. Meme Coin, which is currently trading at $0.0314, has been lowered monthly. This decline raises questions about the sustainability of recent bullish momentum and the possibility of further price erosion.
Despite the recession, Pengu has surpassed the important 50-day index moving average (EMA), indicating a possible recovery. To regain lost ground, the coin must regain a support level of $0.0322. In doing so, it offers hope for a bounceback and restores investor trust in the short term.
If sales pressure continues, the pen risks below support at $0.0298. A deeper slide could push meme coins below $0.0280, further attenuating market sentiment.
Post 3 meme coins to watch in the third week of August first appeared on Beincrypto.
