The crypto market is observing a major shift from altcoins to meme coins with some big names rallying by as much as 1,000% this month. Thus, it evokes the curiosity of what can be expected from this sector in the second last month of the year.
BeInCrypto has analyzed five meme coin tokens that are likely set to defy expectations and validate the meme coin cycle claims that the founder of CryptoQuant, Ki Young Ju, is not on board with.
“I agree with everything memecoiners talk about, except for the memecoin cycle. Social media has evolved from being centered on relationships with friends and family to focusing on shared interests. The next step is social media driven by economic interests, which was the vision of Web3. Memecoins are just a temporary alignment of economic and shared interests in this transitional phase of social media,” said Ju.
Nevertheless, this does not take away from the fact that these five meme coins have something great ahead of them.
Goatsues Maximus (GOAT)
GOAT’s price shocked the crypto market with a remarkable 1,012% surge in under a month, achieving a new all-time high of $0.902. This rapid ascent has drawn attention to the meme coin, making it a standout in the altcoin sector.
GOAT’s recent price action has caught the eye of meme coin enthusiasts, who are optimistic about its potential. With strong momentum, the altcoin could achieve another all-time high in November.
Read more: 7 Hot Meme Coins and Altcoins that Are Trending in 2024
However, GOAT’s bullish momentum may face challenges if holders start to sell for profit. A sell-off could drive the price down to $0.466, a crucial support level. A breach below this level would likely invalidate the bullish outlook, signaling potential instability and prompting a cautious stance from investors.
Popcat (POPCAT)
POPCAT reached a new all-time high of $1.67 this month, marking a 60% rise over four weeks. Although its gains weren’t as dramatic as other meme tokens, POPCAT stands out as one of the top-performing Solana-based meme coins. Investors remain optimistic about its ongoing price potential.
POPCAT’s outlook for November appears mostly bullish, potentially pushing the altcoin closer to the $2.00 mark. The growing interest among meme coin enthusiasts is fueling this momentum, making POPCAT a key watchlist item.
However, if POPCAT holders decide to sell and secure profits, the price could fall toward $1.00, risking the current bullish sentiment. Such a drop would likely invalidate positive forecasts, highlighting the need for sustained holding.
Simon’s Cat (CAT)
CAT’s price has shown fluctuations since the start of the month, yet it continues its push toward a new all-time high beyond $0.00004650. This persistent attempt highlights investor optimism, as CAT remains a popular choice within the meme coin market. Traders are closely monitoring for any upward trend.
Currently, CAT sits 33.5% below its all-time high of $0.00004650. For CAT to reach this level, securing strong bullish momentum is essential. Achieving this upward drive could position the meme coin to break new records, sparking increased interest and potential investment across the market.
However, if CAT fails to maintain bullish momentum, it risks losing support at $0.00003410. A decline below this crucial level could push CAT down to $0.00002807, jeopardizing its upward outlook. This support loss would signal a potential downturn.
SPX6900 (SPX)
SPX has surged by an impressive 475% over the past four weeks, positioning it among the top-performing meme coins of the month. This rapid rise led SPX to achieve a new all-time high (ATH) of $1.198, drawing considerable attention from investors and meme coin enthusiasts alike.
In the last 24 hours, SPX recorded a 12% increase, indicating strong upward momentum. This recent rise places SPX on a promising trajectory, with the potential to reach another ATH in the coming month. Market sentiment remains optimistic, driven by SPX’s remarkable performance and continued growth.
However, if broader market conditions turn bearish, SPX may face downward pressure. A drop below the $0.704 support level could lead to a further decline toward $0.568. Falling below this threshold would likely invalidate the bullish outlook.
Gigachad (GIGA)
GIGA’s price soared by 129% over the past month, currently trading at $0.055. In the last 10 days alone, the altcoin set two all-time highs, with the most recent at $0.069. This upward momentum has made GIGA a popular topic within the meme coin community.
GIGA’s outlook for November leans bullish, with the potential to set another all-time high. The token has become one of the most discussed assets among meme coin enthusiasts, driving anticipation and trading interest. Market watchers are hopeful that continued demand will sustain this positive trajectory into the coming month.
Read More: 7 Best Base Chain Meme Coins to Watch in October 2024
However, GIGA’s bullish potential depends on maintaining support at $0.040. If this crucial level is lost, the price may dip to $0.026, which would erase recent gains. Such a decline would likely shift market sentiment and could invalidate the current bullish outlook, signaling a potential downturn for GIGA.
Disclaimer
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