Most market participants believe that meme tokens are not a passing phenomenon, but a long-term trend. In the past, they were often used to quickly earn money and then exit investments. However, the situation has now changed, and many traders have included a number of memecoins in their investment portfolios. Let’s figure out which coins are worth paying attention to in August 2024.
Dogecoin: Should We Expect Growth in August?
Among the coins in our top 5, Dogecoin (DOGE) has shown the worst performance over the last 90 days. However, that does not mean it can be written off.
DOGE ended the month with positive returns. Moreover, the formation of higher lows on the daily chart increases the token’s chances of growth in August.
Awesome Oscillator (AO) also shows positive values. This indicates a bullish sentiment for the coin and also indicates a potentially good entry point into the market.
If the forecast is confirmed, the price may test $0.15 again in August and reach $0.17. However, if the selling pressure intensifies, DOGE may fall to $0.12 or even $0.11.
Pepe: aiming for $0.000015 again
Pepe (PEPE) has struggled to maintain its upward trend in July. The price has risen by about 3.5% in the last 30 days. However, this may change in August, especially considering that PEPE is one of the leading memecoins on the Ethereum blockchain.
Technically, the token has been fluctuating for the last two weeks between a low of $0.000010 and a high of $0.000013. The Parabolic Stop and Reverse indicator points (SAR) are below the token price at the time of writing. This is a signal that the uptrend is continuing.
This arrangement of dots relative to the price is considered bullish and may encourage traders to buy or hold the asset. It can be seen as a signal that it may make sense to buy the cryptocurrency before the rally begins. If the forecast is confirmed, the price could rise to $0.000015, the highest level since June 6.
Mog Coin (MOG): Potential for Growth
Since the beginning of the year, the price of Mog Coin has increased by more than 8000% and reached an all-time high of $0.0000024 on July 21. As a result, MOG, which is also based on Ethereum, is attracting increasing attention from the market.
The coin is currently below its all-time high, but the exponential moving average (EMA) shows that MOG may continue to rise in August. EMA shows the direction of the trend for a certain period. Now 20 EMA (Blue colour) and 50 EMA (yellow) are below the price. If the trend does not change, the token may trade higher in the next 20-50 days.
If the situation remains stable, the price may move to the all-time high and possibly reach $0.0000026 before the end of next month.
Bonk Price Prepares for Return
BONK is one of the leading memecoins on the Solana blockchain. It recently lost 13% in price, dropping to $0.000027. However, this decline could be a good buying opportunity.
To do this, Bonk must fulfill two conditions. The first is related to the Chaikin indicator (Chaikin Money Flow, CMF), the second – with the relative strength index (RSI). CMF is currently close to the midpoint, indicating a decrease in the inflow of funds into BONK. For the token to successfully grow, capital inflows need to increase, which will help the price rebound. The situation with RSI is similar, it is also close to the neutral point.
If buying pressure intensifies, BONK could bounce off the lows and potentially return to $0.000030. If bullish sentiment prevails in the memecoin segment in August, the price could reach $0.000035. Otherwise, BONK could fall to $0.000024.
Popcat: Targeting a Return to $1
The price of Popcat (POPCAT), a cat-themed meme coin, has performed well over the past 30 days. The asset could rise to $1 next month. This is what the RSI index suggests. As you can see below, despite recent selling pressure, the RSI has not fallen below the neutral zone. This suggests that bulls are protecting the price from a serious fall.
If this trend continues and buying pressure increases, POPCAT could easily rebound. In that case, it will test $0.83 again and could then reach $1 in August. However, if HODLers continue to sell, this forecast could be wrong. The price could then fall to $0.70.
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Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
