It is all about decentralization, distributed ledger, Proof of Work, Proof of Stake, and Direct Acyclic Graph, and all those fancy, sophisticated terms when it comes to blockchain, until you find out about memecoins. It is that moment that defines that blockchain is not just for the tech-savvy. What started as a joke developed into a serious matter, and memecoins play a major role in the crypto space. In this article, we will be discussing Fartcoin, Dogwhifhat, and Pepe, the top trending memecoins.
Fartcoin (FARTCOIN)
The Fartcoin captures the 64 with a market capitalization of 1.36 billion after gaining more than 27% during the last 7 days. With the market cap appreciating, traders have been active buying and selling the memecoin, sending the trading volume of the coin up by 4% to $ 267 million.
Fartcoin/USDT 1-Day chart (Source: Tradingview)
Fartcoin is making the cup and handle pattern on the daily chart. As the cup has been fully formed and the handle is in the process of being made, we could expect a bullish breakout at any given time. Even at present, there is a chance of a breakout as neither the RSI nor the Bollinger bands signal an overbought condition; hence, the probability of a market correction, which could retrace the price, is out of the equation. If the coin breaks out of the pattern and starts to appreciate now, it could reach $2.8, as shown in the chart.
The thesis behind the arrows is that when the cup and handle pattern forms and breaks out, the coin is expected to appreciate by the depth of the cup. However, some traders who are tentative about the breakout wait until the prices cross the rim of the cup.
Pepe (PEPE)
The Pepe memecoin broke above the $0.0000125 resistance level after a week-long period. The memecoin has a trading volume of 1.5 billion, which is 17% up in the last 24 hours, while its price has appreciated by 2.3% to $0.00001271 in the last 7 days. The Pepe memecoin is trading inside a falling wedge, and the breakout might sometimes be delayed as the wedge is not fully formed.
Pepe/USDT 4 hour (Source:tradingview)
Since the token has hit the upper trendline of the wedge, it may once again test the lower trendline and another lower low. And this pattern of rebounding of the upper and lower trendlines might continue a few times before the bulls muster the power to break this trend. The RSI indicator reads a value of 56, which is neutral; however, the direction of the line has turned down, indicating a bearish feel in the market. As such, Pepe could fall to as low as $0.00000993.
Dogwhifhat (WIF)
According to CoinMarketCap, the WIF memecoin is ranked 75th by market cap. The memecoin gained 3% value in the past 7 days, and it is priced at $0.9920 at present. People seem to be losing interest in this token as the trading volume has decreased by 30% in the last 24 hours to 414 million.
WIF/USDT 4-hour (Source: Tradingview)
On the 4-hour chart, WIF is trading inside a rising wedge, which has a bearish breakout pattern. Inside this pattern, the token made lower highs and higher lows, as the range of price fluctuation keeps shrinking. When the token breaks out of the pattern, it may fall as low as $0.573. Supporting this bearish sentiment, the RSI indicator has dropped below the SMA line, signalling that WIF is performing below par.
Disclaimer: Please note that all predictions are based on data analysis and are provided for informational purposes only. They do not constitute financial advice. Altcoin Desk is not liable for any financial decisions you make.
