beincrypto.com
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.
For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
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.
The post 3 Meme Coins To Watch In The Third Week Of August appeared first on BeInCrypto.