Memecoins have shown mixed performance over the month, with some achieving massive gains while others have fallen to all-time lows. However, Useless Coin has stood out due to its remarkable gains and sustained stability.
Identified two additional memecoins worth following in July, as they show strong signs of potential growth.
Useless
USELESS topped the meme coin market in June with a massive surge of 1,635%, reaching almost daily all-time highs. Today, the altcoin hit its all-time high of $0.209. This growth shows strong momentum, and investors are closely watching for further upward movements.
Despite the huge surge, USELESS has shown no signs of exhaustion or selling pressure. The Parabolic SAR below the candles indicates the possibility of the upward trend continuing. With the growing popularity of the meme coin based in Solana, it may trend towards $0.450 next month, increasing investor interest.
However, as with all meme coins, sudden selling by holders could reverse the trend. If investors decide to take profits, the price of USELESS may drop to the support level at $0.066. This decline would invalidate the bullish outlook and erase the gains made.
Fat Penguins (PENGU)
Bingo Coin had a tough start in June but gained significant momentum over the past week. The meme coin rose by 62.6% to reach $0.0137, marking its highest level in two months. This recent rise demonstrates the altcoin's ability to recover despite previous challenges, attracting investor attention.
One of the key advantages of PENGU is its strong correlation with Bitcoin at $0.70. As Bitcoin continues to rise and reach new all-time highs, PENGU is expected to benefit from this trend. Thanks to Bitcoin's strength, PENGU may surpass the resistance level of $0.0151 and possibly reach $0.0180 in the coming days.
However, the price of Bingo is influenced by large holders, as over 47.72% of them hold more than $10 worth of Bingo. These investors could significantly impact the price if they choose to sell. If profit-taking spreads widely, Bingo's price could drop below $0.0129, reaching the support level at $0.0100.
Child (Kid)
PEPE has seen a 15% decline since the beginning of June, making it one of the worst-performing meme coins this month. However, John 'Jagged' Eric, a key member of Pepe's Dog (ZEUS), mentioned in a conversation with BeInCrypto that Ethereum-based meme coins, like PEPE, may see a rise in July, which could contribute to elevating its price.
Meme coins on Ethereum are gaining more attention due to increased flows of exchange-traded funds (ETFs) compared to Bitcoin... Additionally, Ethereum still ranks second in market capitalization in the cryptocurrency market, with decentralized finance (DeFi) being its core, so price performance is expected to be strong. Accordingly, liquidity will naturally flow into larger projects on Ethereum, including popular meme projects like PEPE, and those focusing on authenticity and transparency, as Eric noted.
The MACD indicator has shown its first bullish crossover this month, indicating a potential shift in PEPE's momentum. This may help the coin recover from its recent losses and advance towards a resistance level of $0.00001216. A rise above this point suggests further upward movement in the coming weeks.
PEPE Price Analysis.
However, if bullish momentum does not materialize, PEPE may witness further declines. If the price of the altcoin drops below $0.00000917 and $0.00000839, the downward trend may continue. In this case, the bullish outlook would be invalidated, and the price of PEPE may remain under pressure.