The meme coin market is witnessing a vibrant week, with at least three names truly standing out in the crowd, attracting the attention of traders.
Although trading meme coins always carries high risks and is notorious for severe volatility, this week they are 'reviving' strongly. Fartcoin leads with a 17.93% increase to $1.29, followed by Dogwifhat up 15.04% and Pepe up 9.60%. The synchronization in this upward momentum occurs as Bitcoin trades around $106,000 and risk appetite returns to the cryptocurrency market after several weeks of consolidation.
The trading volume of all three tokens has exploded, with Fartcoin reaching $267 million, Dogwifhat reaching $640 million, and Pepe leading with over $1.64 billion in 24 hours, according to CoinMarketCap. This surge in activity coincided with Fartcoin being added to Coinbase's asset roadmap on June 6. Meanwhile, Dogecoin, 'the king of memes', is trading at $0.1918, modestly up 3% compared to other meme coins.
Technical indicators in the meme coin space are continuously emitting strong bullish signals, with major moving averages converging, indicating breakout potential. As Bitcoin approaches its all-time high and institutional capital from spot ETF funds continues to consolidate, these high-beta assets are poised for the next growth phase of the cryptocurrency bull market.
Fartcoin: Trend reversal signal
Fartcoin is the best-performing meme coin yesterday and continues to hold this position today, with a 9.5% increase reaching a peak of $1.32 before adjusting to the current level of $1.26. The Average Directional Index (ADX), an indicator measuring the strength of price trends, is steadily increasing, approaching the threshold of 25. This level confirms trend strength and the end of a bearish correction that pulled the price down 47% after reaching an all-time high on May 23. ADX rising while price increases solidifies the validity of the rally, not merely a rebound due to overselling.
The 50-day exponential moving average (EMA 50) is currently at $1.10, with price action trading comfortably above this important support level. The gap between the 50-day and 200-day moving averages continues to widen, confirming bullish momentum in the medium term. This increasing differentiation often signals sustainable upward pressure, particularly when accompanied by rising volume.
Key resistance levels are $1.30 (immediate), $1.50 (medium-term target), and $1.61 (major resistance). Support zones include the psychological level of $1.00-$1.02. With ADX trending towards 25 and Squeeze Momentum (an indicator signaling price compression before a large trend) giving bullish signals, a daily close above $1.30 could trigger acceleration towards $1.50.
There is a price discrepancy opportunity on the Poloniex cryptocurrency exchange, where this coin is trading at $1.08, although with lower volume.
Dogwifhat (WIF): Breakout potential
Dogwifhat, trading with the WIF code, continues to show resilience after testing the important psychological support level of $0.80, with this Solana-based meme coin currently trading at $1.012.
The technical structure indicates a potential breakout setup. While the 50-day EMA around $0.88 has provided crucial support in recent corrections, the price action has now decisively broken above this level. The 200-day EMA is higher at $1.15, which means the market is still in a downtrend. However, the gap between these moving averages is narrowing, with the faster moving average pulling up to cross the slower moving average – a classic configuration signaling bullish sentiment.
The Squeeze Momentum indicator for WIF shows an interesting pattern: the token has recently escaped a compression phase with momentum bars turning positive. This, combined with a 15% daily increase, indicates buyers are returning with confidence. Volume patterns support this argument, with $650 million in daily trading volume, up 95% from previous trading sessions.
Important levels include resistance at $1.15 (immediate), $1.40 (major resistance), and $1.55 (yearly high). Support levels are $0.86 (200-day EMA) and $0.79 (recent low). A sustainable breakout above $1.20 is likely to trigger momentum towards $1.40, while failing to hold above $1.00 could lead to a retest of EMA support.
Pepe: Leading Ethereum meme coin shows controlled strength
Pepe maintains its position as the dominant meme coin based on Ethereum with a market capitalization of $5.36 billion, showing a more controlled price increase compared to competitors on Solana. The price increase to $0.00001273 comes with significant volume of $1.66 billion, indicating broad participation.
However, there is an interesting point to consider. There has been a significant movement of 1 trillion PEPE into Binance – this could signal a potential token sell-off in the near future. Typically, when a large amount of any coin is sent to a cryptocurrency exchange, there is little reason to do so unless it is about to be sold.
The 50-day EMA for PEPE provides dynamic support around $0.00001151, with the current price action trading above this important level. The 200-day EMA at $0.00001118 is slightly lower, creating a small buffer that typically acts as final support in corrections. The short distance between these moving averages suggests the token may move sideways without any significant upward or downward trends.
Important levels include resistance at $0.00001309 (immediate), $0.00001352 (secondary resistance), and $0.00001435 (major resistance). Support zones are found at $0.00001183 (immediate support) and $0.00001100 (psychological level). The convergence of neutral ADX, expanded Squeeze Momentum, and price above both EMAs indicates accumulation before the next major move.
Next important levels to watch: Fartcoin - breaking resistance at $1.30; Dogwifhat - testing resistance at $1.20; Pepe - challenging resistance at $0.00001309.
source: #Decrypt