Here is a price analysis guide to the best cryptocurrencies you can invest in for a strong recovery
Posted 13 hours ago
Meme cryptocurrencies have always been lucrative investments for market participants due to their dynamic movement and massive returns. Although its volatility may rattle some investors, with the right setup it can offer a huge return on investment. In this article, we will analyze some popular memecoins to get a glimpse of their future predictions
Also Read: Are Crypto Whales and Team Pepe Dumping Tokens for These New Coins – Traders Choosing the ‘Next Pepe’
Bibi Price Analysis: Bullish reversal from strong support
Pepe price has been gradually correcting over the past 6 weeks, marked by a series of lower highs and lower lows since its peak at $0.00000188. This decline eroded the gains made during the June and July rally, causing a decline of 57.6% to the June low of $0.00000082.
However, the daily chart shows that the correction is better limited to two downtrend lines of the channel pattern. With the recent price sell-off in the cryptocurrency market, this memecoin has fallen to the lower trend line of the channel in an attempt to find appropriate support.
As the upward momentum increases, there is a potential for a 30% price increase from the current trading price of $0.0000009. However, for a more specific trend change, an upward breakout from the overhead resistance is definitely advised, which could push the prices towards the $0.00000188 mark.
LUNC Price Analysis: Set to Prolong the Recovery Rally
In mid-August, the price of Terra Classic came under intense selling pressure, causing its value to drop sharply from $0.0000658 to $0.00005234, marking a 34% drop and retesting the support trend line of the descending channel pattern.
Notably, the currency price has shown a history of bouncing back from dynamic support, resulting in a bullish rebound. Over the past 6 months, the currency has been characterized by a steady downtrend within a channel pattern. On August 17, the daily chart showed a long rejection at the lower border of the channel, indicating demand.
This increased the price by 20% to $0.0000624. Looking ahead, if the currency maintains a position above $0.6, buyers could lead a retracement rally of about 22%, targeting the upper channel trend line. A stronger confirmation of a trend reversal may emerge from an upward breakout beyond the resistance trendline. This breach could lead the price to rise to the $0.000144 level.
SHIB Price Analysis: Opportunity to enter a decline
The daily time frame chart shows a correction phase where Shiba Inu price found a decent support at $0.00000725. Rising demand pressure triggered a slight consolidation process that formed in a triangle setup of a bearish pennant pattern.
At the time of writing, SHIB price was trading at $0.00000809 and was consolidating within two converging trend lines. A possible breakout from the lower trend line will accelerate selling pressure and a 38% price drop to the lower bound of the wedge pattern.
This decline could be an opportunity for SHIB to gather as a falling wedge pattern usually triggers an upward breakout to lead a massive rally. A post-breakout rally could push this memecoin to $0.000018.
The content provided may include the personal opinion of the author and is subject to the market situation. Do market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.