Almost every market participant agrees that meme coins have come to stay. In previous cycles, these cryptos were part of a “get in quick and get out” venture.
But this time, things have changed, and several meme coins are now a major part of many traders’ portfolios. That said, what coins should you keep an eye on as August 2024 nears?
Dogecoin Records First Positive Return Since May: Bullish August Ahead?
Out of the meme coins listed, Dogecoin (DOGE) has the lowest performance over the last 90 days. However, that does not imply that the dog-themed coins should be overlooked.
At press time, DOGE trades at $0.13 and is on its way to finishing the month with its first positive return since May. Furthermore, the formation of higher lows (HL) on the daily chart (HL) reveals that Dogecoin’s chances of trading higher increase as a new month approaches.
In addition, the Awesome Oscillator (AO) is positive, suggesting that the momentum around the meme coin is bullish. Furthermore, the AO reading indicates that DOGE could be a good entry region.
If validated, the price of DOGE could retest $0.15 in August and reach $0.17. However, this price prediction could be invalidated if selling pressure increases. If this happens, DOGE price may decline to $0.12 or as low as $0.11.
Pepe Wants $0.000015 Again
For most of July, Pepe (PEPE) struggled to keep up with its uptrend at different points. As a result, the price has noted a 3.47% increase in the last 30 days.
However, this could change in August, especially as PEPE is the top meme coin on the Ethereum blockchain. From a technical perspective, the token has been trading between a swing low of $0.000010 and a swing high of $0.000013 over the last two weeks.
A look at the Parabolic Stop-and-Reverse (SAR) shows that the token could move to the upside next month. The SAR indicates potential reversals and trend direction.
In most cases, if the dotted lines are below the price, then the trend direction is upward. But if it is above the price, the trend is downward.
Read More: What Are Meme Coins?
For PEPE, it is the former, suggesting that it could be time to buy the crypto before a rally occurs. If validated, the price of PEPE may rise to $0.000015 — a price it last reached on June 6.
Mog Coin (MOG) Price Has More Room to Grow
On a Year-To-Date (YTD) basis, Mog Coin price has increased by over 8000% and reached an All-Time High (ATH) of $0.0000024 on July 21. As a result, MOG, which is also built on Ethereum, has been getting a lot of market attention.
Currently, the meme coin is 17% down from its ATH but has increased by 6.98% in the last 24 hours. However, the Exponential Moving Average (EMA) shows that MOG’s price may continue to jump in August.
The EMA measures trend direction over a period of time. At press time, the 20 EMA (blue) and 50 EMA (yellow) are trading below the MOG price. If this trend continues, we could see MOG trade higher over the next 20 to 50 days.
If this remains the case without any notable changes, MOG’s price may surpass its ATH and probably reach $0.0000026 before next month ends.
Bonk Prepping for Comeback
BONK is a part of the top meme coins on Solana. Recently, the token has lost 13% of its value, bringing the price to $0.000027. However, the price decline could present a buying opportunity for market participants.
But this will only be the case if Bonk meets two conditions. One is related to the Chaikin Money Flow (CMF), and the other is related to the Relative Strength Index (RSI). As of this writing, the CMF is close to the midpoint, indicating that money flow into BONK has reduced.
But for the token to perform well going forward, more capital has to flow into it to help the price bounce. It is similar to the situation with the RSI, which is close to a neutral point.
If buying pressure increases, BONK can bounce off the lows and potentially return to $0.000030. Meanwhile, if bullish sentiment around meme coins dominates in August, the price can reach $0.000035. However, if the opposite happens, BONK’s price may drop to $0.000024.
Popcat Sets Sights on $1 Return
This list would be incomplete without including Popcat (POPCAT), the cat-themed meme coin that has performed well over the last 30 days. Although POPCAT notes a 10% decline in the last 24 hours, there are signs that the crypto may rally to $1 next month.
One indicator propelling this prediction is the RSI. As seen below, despite the selling pressure the token has faced, the RSI reading did not drop below the neutral region. This indicates that bulls are defending the crypto from a severe nosedive.
Read More: 7 Hot Meme Coins and Altcoins that Are Trending in 2024
If this continues, combined with a surge in buying pressure, POPCAT may find it relatively easy to bounce, retest $0.83, and then $1 in August. If the token holders continue to sell, this forecast may be invalidated. Should this happen, POPCAT’s price may drop to $0.70.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
