In the past week, it has been evident that the growth of memecoins largely depends on the overall market performance. When Bitcoin breaks out, the value of highly volatile tokens also increases, pushing the total capitalization of the memecoin group above 71 billion USD.
And below are the 3 notable names that investors should closely monitor in the new week.
Pudgy Penguins (PENGU)
The price of PENGU has surged over 90% in the past week, becoming one of the best-performing altcoins. With the current price fluctuating around the mark of 0.028 USD, this token is only 61% away from its historical peak of 0.046 USD. This strong upward trend has attracted significant attention from investors and contributed to building confidence in the market.
Although there is still a 61% distance to the old peak, PENGU has consistently recorded strong upward momentum recently. Currently, this memecoin is approaching the Golden Cross pattern – a technical signal that often indicates a new upward trend. If this momentum continues, PENGU could break important resistance levels and surpass the 0.03 USD mark, getting closer to the ATH of 0.046 USD.
However, if market sentiment turns negative, PENGU could record a trend reversal. A sell-off could pull the price down to 0.022 USD or even lower. If the price breaks through this support zone, the upward trend will be invalidated, signaling a weakening risk in the near future.
Non-Playable Coin (NPC)
NPC has increased over 30% in the past 7 days, bringing the price close to the mark of 0.021 USD. This strong performance helps NPC attract interest from the market and solidify its growth position. With growing interest from investors, this memecoin could continue to maintain its upward trend.
The Parabolic SAR indicator is currently below the candles, indicating that the upward trend is still active. If NPC can maintain the level of 0.021 USD as a support level, the price could continue to rise to 0.24 USD or higher. This upward trend will attract more buying power and reinforce positive sentiment surrounding this memecoin.
However, if the upward momentum slows down, NPC may face a correction. In the event that it cannot maintain the bullish momentum, the token could drop to the level of 0.017 USD or lower. Losing this support zone would invalidate the bullish scenario, indicating instability in market trends and investor sentiment.
Mog Coin (MOG)
Since the beginning of last week, the price of MOG has surged by up to 78% and is currently trading at 0.000001791 USD. The strong upward momentum makes MOG one of the most prominent names in the altcoin market this week. The token's outstanding performance indicates potential for further breakthroughs if market conditions are favorable.
To maintain the upward trend, MOG needs to turn the level of 0.000002014 USD from resistance into support. If successful, this memecoin could advance to the price range of 0.000002354 USD. Sustaining a stable upward momentum will help MOG build a solid foundation for higher price levels and attract more capital from investors.
However, if the market turns negative, MOG may face a strong correction. If the price drops below 0.000001623 USD, the upward trend will be invalidated, and the token could continue to decrease to the level of 0.000001374 USD. Such price movements would indicate a clear correction, forcing MOG to hold key support zones to avoid deeper losses.