In the cryptocurrency market, while Bitcoin (BTC) and major altcoins exhibit a slowdown, certain memecoins are hinting at a possible increase. This week, Tron (TRC), Bittorrent (BTT), BRETT (BRETT), FLOKI (FLOKI), and Shiba Inu (SHIB) are the focus. These altcoins are showing potential trends that could lead to significant price movements, contrary to the general market trend.
BRETT’s Performance Analysis
BRETT memecoin experienced a remarkable 14.52% increase last night, reaching a high of $0.1194 before closing at $0.089. The inability to sustain above the crucial $0.10 level raises doubts about the continuation of its upward trend. Technical indicators suggest a potential rise, with a double bottom formation within a descending channel and a positive MACD crossover providing a favorable outlook.
Should BRETT surpass the $0.10 threshold, the next targets based on Fibonacci levels are $0.1482 and $0.2246. Conversely, failing to maintain this support could lead to a pullback to $0.071 and further down to $0.050.
FLOKI’s Market Position
FLOKI is currently in a falling wedge pattern on the daily chart. Despite the recent death cross between the 50-day and 200-day SMAs increasing selling pressure, the memecoin shows signs of a potential rise with a 7.17% increase. Trading near the support level at $0.0001101 and forming a bullish candle, FLOKI’s upward targets are set at $0.0001834 and $0.00021.
In a downturn, FLOKI could see a retreat to the support levels at $0.001101 and $0.00010. As of now, it trades at $0.0001256, marking a 0.77% daily increase.
Shiba Inu’s Movement
Shiba Inu (SHIB) follows a similar trend to other memecoins, forming a falling wedge pattern on the daily chart. SHIB finds support at $0.000001288, transitioning to a horizontal price trend. An improved investor sentiment has led SHIB to form a double bottom pattern and complete a morning star formation with a recent 2.33% rise.
Currently trading at $0.000001372, SHIB shows a 0.59% daily increase. Despite the bullish indicators and MACD crossover, the declining trends in the 50-day, 100-day, and 200-day SMAs suggest a potential deeper correction. However, in case of an upward breakout, SHIB might target $0.0000020 and $0.000002732.
Key Insights and Predictions
– BRETT could rise to $0.1482 and $0.2246 if it surpasses $0.10.
– FLOKI’s potential targets are $0.0001834 and $0.00021.
– SHIB might reach $0.0000020 and $0.000002732 upon an upward breakout.
– Downside risks include significant pullbacks for all three memecoins if current support levels fail.
In conclusion, while Bitcoin and other major altcoins slow down, memecoins like BRETT, FLOKI, and SHIB are displaying potential for significant upswings. Investors should watch for key support and resistance levels to navigate these volatile assets effectively.
