The week started off on a rocky note as crypto leader, Bitcoin, slid below $116,000. Altcoins followed suit and among them meme coins took a hit as well. However, a few made it out to pain green on the charts.
BeInCrypto has analysed three such meme coins, which highlight their direction this week and what investors should watch for.
Comedian (BAN)
BAN has emerged as one of the top-performing meme coins this week, posting a 31.6% rise over the past seven days. Currently priced at $0.068, the cryptocurrency shows strong upward momentum. This surge highlights renewed interest in BAN.
BAN is now testing the resistance at $0.069, a level that has hindered its progress for over a month. However, the presence of the Parabolic SAR indicator below the candlesticks suggests the uptrend is active. If buying pressure continues, BAN may finally breach this barrier, pushing it toward $0.074.
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However, if investor sentiment shifts and selling pressure intensifies, BAN could fall below its support at $0.067. A decline to $0.063 or lower could invalidate the bullish outlook, signaling caution for traders and possibly initiating a broader correction.
Useless (USELESS)
USELESS experienced volatility this week but managed to post a 12% rise, currently trading at $0.292. The meme coin is testing this price level as support, showing some stability after recent fluctuations.
The Ichimoku Cloud indicates bullish momentum for USELESS, suggesting it could bounce off $0.292. If this uptrend continues, the price could rise to $0.364, a key resistance level. Breaking through this barrier is essential for USELESS to challenge its all-time high of $0.441 and attract further investor interest.
However, bearish pressure could lead to a downward reversal, pushing USELESS below its support levels. If selling accelerates, the coin could dip through the $0.292 and $0.249 supports. Such a decline would undermine the bullish outlook.
Pudgy Penguins (PENGU)
PENGU has seen a significant 21% drop over the past week, causing concern among investors. Currently trading at $0.0314, the meme coin has reached a near-monthly low. This decline raises questions about the sustainability of its recent bullish momentum and the likelihood of further price erosion.
Despite the downturn, PENGU remains above the critical 50-day exponential moving average (EMA), signaling potential for a recovery. To regain lost ground, the coin must reclaim the $0.0322 support level. Doing so would offer hope for a bounce back and restore investor confidence in the short term.
If the selling pressure persists, PENGU risks falling below its support at $0.0298. A deeper slide could push the meme coin toward $0.0280 or lower, further dampening market sentiment.
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Disclaimer
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