The meme coin market has shown potential recovery, with the market cap surging by 0.26% in the last day. Several analysts have shared their perceptions of the potential movements and strengths of various meme coins, providing insights for investors.
BONK’s Bullish Market Structure
Sjuul from AltCryptoGems highlighted a bullish market structure reversal for BONK around a macro support level. He stated, “The upside potential is huge, but avoid chasing a green candle and wait for a higher low.”
This suggests that while BONK shows promise, investors should wait for more favorable entry points to maximize potential gains.
$BONK has confirmed a bullish market structure reversal around a macro support level, which is a positive sign. The upside potential is huge, but avoid chasing a green candle and wait for a higher low. pic.twitter.com/zbzolhXZVk
— Sjuul | AltCryptoGems (@AltCryptoGems) July 8, 2024
Schmosby, another analyst, emphasized BONK’s strength compared to other meme coins. He noted that the coin has shown resilience and has the potential for decent gains.
Schmosby shared his experience, stating, “$BONK definitely showing strength compared to other big memes, my attention is focused here. Could get a decent few % from this trend break.”
He also mentioned a 10% pop after a delayed trendline break, underscoring the coin’s potential for short-term gains.
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Show more +Show less – FLOKI’s Resilience and Future Potential
TimelessBeing from Timeless Crypto discussed the resilience of FLOKI amidst recent market volatility. He observed that FLOKI has maintained a multi-month range without breaking down, which is a positive sign.
He stated, “In terms of blue-chip memes, this makes up the majority of my spot book and I will continue to hold for that anticipated year-end rally.”
TimelessBeing believes that FLOKI’s current position offers attractive valuations, making it a worthwhile long-term hold.
He mentioned, “The potential for large long unwinds is not really there when most participants have been taken out.” This suggests a less crowded trade and a potential for a strong upward move in Q4.
Read also: Dogfwifhat (WIF) Price Prediction: Can The Top 4 Meme Coin Flip PEPE?
BNB and Its Impact on Meme Coins
A parody account of Elon Musk highlighted the strength of BNB amidst a market downturn. The account noted, “I think it is noteworthy that BNB is trying to break out while the rest of the market is experiencing a bloodbath!”
This strength could positively impact FLOKI, given its status as a top BNB meme coin.
The account further emphasized, “This is bullish for $FLOKI as the top BNB #memecoin and the best BNB beta. I have always said #Floki will be THE main memecoin of this bull run!”
I think it is noteworthy that $BNB is trying to breakout while the rest of the market is experiencing a bloodbath!Impressive strength from #BNB vs $ETH, $SOL, or $BTC right now.This is bullish for $FLOKI as the top BNB #memecoin and the best BNB beta.I have always said…
— Elon Musk (Parody) (@ElonMuskPDA) July 8, 2024
This reinforces the sentiment that FLOKI could see gains as market conditions improve.
Conclusion
The meme token market is showing signs of recovery, with BONK and FLOKI distinguishing out for their durability and promise for future growth. Furthermore, the strength of BNB could boost FLOKI’s performance.
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