In a week of weakness for most cryptocurrency markets, meme coins have returned to important support levels. This increases the interest of long-term HODLers and reverse traders in certain community-driven cryptocurrencies such as Dogecoin, Shiba Inu, Pepe, etc.
With a proven volatile history of quick and sharp moves, the coin is poised to perform this week.
So, are you ready to learn about the volatility of the meme coin sector? Here are the top five meme coins to consider buying next week.
Dogecoin
As the biggest meme coin with a higher market capitalization and trading volume, DOGE undoubtedly sits at the top of our list. Although the downtrend is clear as heaven on the daily chart, the continued support of the 200-day EMA makes it a profitable investment option in the cryptocurrency market.
Additionally, the downward trend in volume during the down phase signals a bullish reversal as the channel expands. Buyers are currently expecting a double bottom pattern to form at the 200-day EMA.
If buyers gain momentum and break the overhead trend line, DOGE price could rise 16% to $0.0916.
shiba inu
One of the top-rated dog-themed meme coins, Shiba Inu is an investment choice for all newcomers and pro traders in the market. SHIB price, known for its fast price movements, is forming a wedge pattern on the daily chart.
Similar to Dogecoin, a double bottom pattern may be seen in the SHIB price at the 200-day EMA. Moreover, a low price rejection candle signals a high momentum reversal due to active buying at low levels.
So a potential bullish reversal could lead to a 25% rise to $0.00001195 next week.
pepe
Meme Breaking the barrier of dog-themed coins in the cryptocurrency world, PEPE was launched as a frog-themed coin and started making waves. However, as is the fate of all other meme coins, after the initial boom it takes a plunge to enter a lateral move.
On the daily chart, PEPE price action shows a downward channel testing an important support area at $0.0000010. Additionally, since the long tail candle is predicting a bullish cycle within the channel, the possibility of a bullish reversal is raised.
On the optimistic side, a reversal rally could lead to a bullish breakout and test the overhead resistance at $0.000000151.
Bonk
BONK, the highest-rated meme coin on the Solana blockchain, continues to grow in popularity. With a bull market likely occurring in 2024, BONK price could potentially start forming higher lows and signal an upward trend.
Coupled with the overall recovery of the memecoin sector next week, BONK prices may surge, shocking the market. Optimistically, a reversal trend could reach $0.000018.
maze
Cryptocurrency Myro, named after Solana founder Raj Gokal’s dog, is on the rise. With a 980% rise in just 20 days, the exponential growth on the daily chart creates multiple bullish candles.
Meanwhile, volatile price movements on the 4H chart provide space for price movement analysis. The trend-based Fibonacci retracement shows the prospect of a bullish trend towards $0.35 if buyers break above $0.26.