Meme Coins to Buy: The cryptocurrency market witnessed high volatility this week as macroeconomic data created fluctuations in investor sentiment. While recently released Consumer Price Index (CPI) and Producer Price Index (PPI) data favor risk assets, Bitcoin barely reached $70,000 on Wednesday and immediately bounced back.
On Friday, the price of Bitcoin fell by 2.3% to reach the $65,000 level, indicating the continuation of the prevailing correction trend.
Cryptocurrency analytics firm Santiment reported that Bitcoin’s price drop to $65,000, its lowest level since May 16, has spooked traders. Increasing references to “selling” and “taking profits” on social media indicate widespread panic.
😨 The public shows fear after the price of Bitcoin fell to $65,000, its lowest market value since May 16. Rallies in signals to #sell or #takeprofit are common after a decline, and a temporary bounce and buy opportunity may form if we see continued FUD and panic from small traders. pic.twitter.com/KwMjGogz4x
— Santiment (@santimentfeed) June 14, 2024
Santiment points out that such spikes in sell discussions are typical after big declines, and often lead to temporary bounces. This pattern of fear-driven decisions highlights potential buying opportunities for savvy investors amid market volatility.
Read also: Buying Bitcoin on Rising Calls, but BTC Price Dropping Below $65,000 Could Be Fatal
1) Meme coins to buy – Dogecoin (DOGE)
Dogecoin (DOGE) is a decentralized cryptocurrency that started as a meme but has since gained a large following. Over the past 11 weeks, DOGE price has seen an active corrective trend marked by a downward trend line on the daily chart.
Under the influence of this dynamic resistance, the dog-themed memecoin fell from $0.228 to $0.133, recording a loss of 41.8%, while the market value fell to $19.25.
With the broader market signaling a continuation of the downtrend, Dogecoin price may fall another 8% to gain support at $0.122. The currency price has rebounded twice from this support in three months, indicating a strong accumulation zone.
If the support holds, the consolidation trend will prolong and attempt to break the upper trend line. If buyers turn the above resistance into potential support, the coin price could chase a potential target at $0.175, followed by $0.228.
Read also: Bitcoin, Dogecoin and Shiba Inu decline dramatically: here’s why
2) PEPE coin
Pepe Coin was initially launched to capitalize on the viral nature of the Pepe the Frog meme, and aims to incorporate memes into a digital currency for more engaging and relatable user experiences.
Amid the current market consolidation, the Pepe coin price witnessed a V-shaped reversal from $0.00001725. The downward shift saw the asset fall 37.2% to trade at $0.0000108, while the market cap fell to $4.54 billion.
With an intraday decline of 9%, PEPE price teases a possible breakout from the critical support level at $0.0000114, which coincides with the 50-day moving average and the 38.2% Fibonacci retracement level. If this collapse continues, it could intensify the selling momentum and possibly lead to the price of PEPE coin falling to $0.000009.
According to the Fibonacci tool, the $0.000009 and $0.000007 levels, corresponding to the 50% and 61.8% Fibonacci retracement levels, respectively, represent important areas of interest where buyers may emerge for a trend reversal.
Read Also: Meme Coins Are On Fire: Cat KAI Coin Spotlights Pepe Pump
3) Bonk
Bonk is a dog-themed memecoin designed specifically for the Solana ecosystem, and aims to be a community-centric digital currency.
Analysis of the daily charts shows that BONK price is leading its current recovery under the influence of ascending channels. The two rising trend lines maintain the BONK top, top and bottom formation and prevent holders from a larger correction.
However, with BTC price struggling to cross $71,000, BONK price struggled to maintain momentum and rebounded sharply from the $0.0000445 resistance level. The new correction led to the asset falling by 48.3% to $0.000023, while the market capitalization recorded $1.6 billion.
With continued selling, BONK price may fall another 20% to retest the uptrend line around $0.0000186. A crucial pivot level could renew bullish momentum and prepare buyers for another reversal.
Key takeaways
MEME cryptocurrencies have always been a volatile asset class, dynamically reacting to any major market change. This sharp movement may attract short-term participants but may upset risk-averse traders. With the current market correction, Meme has recorded the most decline and thus could provide a decent pullback opportunity before the market resumes an upward trajectory.
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