Meme coins have proven over the past week that their growth is largely dependent on the broader market conditions. As Bitcoin rallied, so did the value of highly volatile tokens, which are now collectively worth over $71 billion.
BeInCrypto has analysed three meme coins that investors should watch in the coming week.
Pudgy Penguins (PENGU)
PENGU price surged by 81% last week, becoming one of the top-performing altcoins. Trading at $0.029, the meme coin is now just 61% away from its all-time high (ATH) of $0.046. This impressive rally has generated significant attention from investors, boosting market confidence in the altcoin.
Despite the 61% gap from the ATH, PENGU recently rallied by 30% in just 24 hours. With the altcoin approaching a Golden Cross, it’s poised for further gains. If this momentum continues, PENGU could break through key resistance levels and rise past $0.030, reaching closer to the ATH of $0.046.
However, if investor sentiment turns negative, PENGU could face a reversal. A sell-off would likely trigger a price drop, pushing the meme coin to $0.022 or lower. Losing this support would invalidate the bullish outlook, signaling potential market weakness for PENGU moving forward.
Non-Playable Coin (NPC)
NPC surged by 23% in the last 24 hours, bringing its price close to $0.21. This strong performance has gained traction in the market, positioning the altcoin to continue its rise. With growing investor interest, NPC could maintain its upward momentum, setting the stage for further growth.
The Parabolic SAR sits below the candlesticks, signaling an active uptrend for NPC. If the altcoin manages to secure $0.021 as support, it could reach $0.24 or higher. This would continue the bullish trend, attracting more buyers and solidifying the positive market sentiment surrounding the meme coin.
However, if the bullish momentum falters, NPC may face a decline. If the altcoin fails to secure a further rally, it could drop to $0.017 or lower. Losing this support would invalidate the bullish thesis, signaling potential market weakness and investor uncertainty.
Mog Coin (MOG)
MOG has seen impressive growth, rising 88% within a week and currently trading at $0.000001892. The altcoin has attracted attention due to its strong performance, making it one of the top performers in the market. This surge shows promising potential for further gains, given the right conditions.
To continue its upward trajectory, MOG must secure $0.000002014 as a support level. Successfully flipping this resistance into support will likely propel the meme coin toward $0.000002354. If MOG maintains its momentum, it can establish a solid foundation for further price increases and attract more investor interest.
However, if market conditions turn unfavorable, MOG could experience a decline. A drop below $0.000001623 would invalidate the bullish thesis, pushing the altcoin down to $0.000001374. This price movement would signal a potential correction, making it crucial for MOG to maintain key support levels to avoid further losses.
Disclaimer
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