The market capitalization of the memecoin recently surpassed $73 billion thanks to a more bullish market, with many small-cap coins emerging as big winners. However, leading memecoins have struggled to maintain strong highs.
As August begins, the most important question remains: which cryptocurrencies will continue to gain and lead the next phase of growth? BeInCrypto analyzed three of these cryptocurrencies that show positive indicators for this month.
Meme Core (M)
MemeCore has emerged as one of the best-performing tokens in the memecoin space, having seen a remarkable increase of 911% since its launch.
The altcoin is trading at $0.557, continuing to attract attention due to its massive growth and strong market presence, indicating the potential for further gains in the near future.
The rise of MemeCore, especially after mid-July, has put the altcoin on a path towards important milestones: its all-time high (ATH) of $1.01 and breaking the $1.00 barrier.
Although it is currently 79% lower than its all-time high, strong support from investors will be crucial to reach these key levels in the future.
However, if the sentiment of investors shifts towards selling pressure, MemeCore may struggle to maintain its momentum.
A drop below the support level of $0.440 could push the altcoin into a consolidation phase, which may halt further growth and bring it closer to the $0.298 area.
REKT (REKT)
REKT has seen notable growth in July, rising by 221%. The altcoin is currently trading at $0.000001155 and continues to maintain strong momentum this month.
This significant rise positions REKT as a prominent memecoin, showing potential for further growth as market sentiment remains positive.
The presence of the Parabolic SAR indicator below the candlesticks indicates an active bullish trend for REKT. If current market conditions persist, this indicator suggests the possibility of the memecoin's price rising further.
REKT could potentially advance towards $0.0000013 and possibly exceed this level, marking an important milestone for the altcoin.
However, unexpected market conditions could cause the price of REKT to drop. If the price falls below the support level of $0.000000933, the altcoin may see a rebound to $0.000000745.
A continued decline below this level would invalidate the current bullish expectations.
Fat Penguins (PENGU)
The Bingo coin is currently trading at $0.035, which is 33% lower than its all-time high (ATH) of $0.046. With the Bollinger Bands tightening, the memecoin is preparing for a wave of volatility.
This indicates the potential for significant price movement in the near future, especially if the bullish momentum continues.
If PENGU fails to break the resistance level at $0.040, downward pressure may push the price back. In this case, the price of the memecoin could drop to $0.029, with further losses potentially bringing it down to $0.023.
This decline could invalidate the bullish expectations and indicate a reversal of momentum.