The meme coin sector is often seen as a challenging investment area for crypto investors due to its high volatility. These assets typically exhibit more dynamic movements than the broader market, making them popular for speculative trading. During the recent June correction, most major meme coins experienced significant downturns, testing key support levels. However, given the overall bullish trend in the market, this pullback may present an optimal buying opportunity, especially for meme coins with the most vibrant communities.

• Meme Coins- Dogecoin (DOGE)

Dogecoin, the largest meme coin, is known for its charitable initiatives and active participation in social media. Over the past three months, the DOGE price has showcased a steady downtrend under the influence of a flag pattern formation.

The correction trend tumbled the asset from $0.228 to $0.124 registering a loss of 46.3% while the market cap plunged to $17.98 Billion. Amid the weekend uncertainty, the DOGE price is wavering sideways seeking support for the flag support around $0.12.

Under the influence of this pattern, the DOGE price is likely to see a 15% rebound and challenge the overheard trendline. A successful break will signal the uptrend continuation and bolster buyers to hit a $0.228 high.

Also Read: Dogecoin Price Analysis: Reasons DOGE Sell-Off Below $0.1 Imminent

Dubbed the “Dogecoin killer,” Shiba Inu has built a massive community that continues to grow, driven by innovative projects and DeFi integrations. An analysis of the daily chart in SHIB shows the formation of the flag pattern. In theory, the chart setup is known to lead a temporary pullback within two trendlines to regain bullish momentum.

In the past three weeks, the Shiba inu price plunged from $0.000029 to $0.0000178 recording a 39% fall while the market cap fell to $10.53 Billion. If the pattern holds true, the memecoin could rise another 22% to attempt a breakout from the resistance trend.

If the buyers flip the overhead trendline to support, the SHIB price could chase the potential target of $0.0000295, followed by $0.0000456.

Also Read: Crypto Headlines Of The Week: Bitcoin Bull Run Fades While ETH ETF & Shiba Inu Advance

Inspired by the Pepe the Frog meme, Pepe Coin has quickly gained popularity for its playful branding and strong community-driven initiatives. Throughout June, the PEPE coin has witnessed a steady downtrend, tumbling its price from $0.00001725 to $0.0000113 accounting for a 34.5%.

As per the coinmarketcap, the PEPE coin holds a market cap of $4.78 Billion, while the 24-hour trading volume is at $365.79. Million. The two downsloping trendlines are currently driving the aggressive downtrend. Amid a healthy correction and bullish flag pattern, the coin price is poised for a bullish breakout in the near future.

A daily candle closing above the overhead trendline will signal the end of the current correction. If sustained buying, the PEPE price could chase the initiated target of $0.0000175, followed by an extended rally to $0.00005.

Also Read: Pepe Coin Price Analysis Hints 40% Rally As Bull Flag Forms Amid Healthy Retracement

Named after Elon Musk’s dog, Floki Inu leverages celebrity influence and strategic marketing. It has a vibrant community engaged in charitable initiatives and environmental projects. Amid the recent market correction, the FLOKI price witnessed a V-top reversal from the high of $0.00035.

The bearish turnaround has tumbled 52% to trade at $0.000165, while the market cap currently holds at $1.6 Billion. With the Bollinger band indicator challenged on the downside, the FLOKI price indicates a high momentum downtrend, with the potential to breach 200D EMA around $0.00014. 

However, with the daily chart projecting a higher high and high low formation intact, the FLOKI is likely to witness high demand pressure at $0.00014 and $0.00011 support.

Also Read: Floki Inu Price Rally: Smart Money Stakes 14 Billion Tokens, Signals Bullish Sentiment

A newer sensation in the meme coin world, dogwifhat has quickly gained traction due to its unique and humorous branding. Its presence on social media platforms and participation in viral trends have contributed to its vibrant community and increasing adoption.

The Solana-based meme coin shows witnessed a blood bath in June, registering a loss of 59% as the price fell from $4.08 to $1.66. With no clear support in daily charts tested before, the psychological level of $1.5 remains the next best bet for WIF buyers.

For sidelined buyers, the formation of a reversal is crucial before expecting a sustainable bottom. A bearish crossover state between the daily EMAs (20, 50, 100) indicates the path to least resistance is down.

Takeaway

The meme coin sector remains a high-risk, high-reward investment space due to its inherent volatility and speculative nature. However, the top meme coins like Dogecoin, Shiba Inu, PepeCoin, Floki Inu, and Dogwifhat, known for their vibrant communities, are poised to rebound and may offer substantial gains for investors as the broader market uptrend is intact.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.