The meme coin sector is showing signs of recovery, in line with the broader cryptocurrency market.
Tron-based SUNDOG managed to establish itself as a must-watch coin this week, leaving behind top meme assets like PEPE.
SUNDOG (SUNDOG)
SUNDOG’s price has surged by 66% over the past week, currently trading at $0.34. During this rally, it set a new all-time high of $0.378, a level that could be surpassed if the bullish trend continues through the weekend.
This optimism is fueled by the improving market conditions, with SUNDOG benefiting from low volatility and minimal selling pressure as a low-cap coin. However, if selling pressure increases, the chances of hitting a new all-time high diminish.
Read more: Which Are the Best Altcoins To Invest in September 2024?
In that case, SUNDOG could fall to $0.27, and a further drop below this level would invalidate the bullish outlook, potentially pushing the price down to $0.203.
Popcat (POPCAT)
POPCAT showed a strong performance this week, though not quite as remarkable as SUNDOG. The asset saw a 48.7% increase after bouncing off its support level of $0.49. This rally pushed POPCAT’s price to $0.73, and it now aims to break the $0.75 mark.
If it manages to surpass this level, POPCAT could make a run toward its all-time high of $1.00. Even if it doesn’t reach a new ATH, it is likely to consolidate between $0.75 and the current resistance, as it has historically done.
Read More: What Are Meme Coins?
But if the breach of $0.75 fails altogether, a drawdown is likely. POPCAT would find an opportunity to halt the decline by testing $0.64 as support first. Falling through it would further invalidate any bullish outlook, sending the meme coin to $0.49.
Pepe (PEPE)
The third-largest meme coin globally saw a 17% rally this week, which might seem underwhelming. However, considering the broader crypto market experienced only mild growth, this performance remains notable. Investors remain hopeful as PEPE’s current trajectory shows potential for further gains.
During its recent rally, PEPE successfully flipped the $0.00000780 mark into a solid support level. Throughout August, the altcoin consolidated above this support, with resistance positioned at $0.00000904. This pattern of consolidation is expected to persist into September, likely keeping PEPE within a narrow trading range between these two levels.
Read More: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Although a drop below $0.00000780 appears unlikely, it would invalidate the bullish outlook for PEPE. Such a decline could dissipate the coin’s upward momentum, dragging it down to the $0.00000633 level.
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