Oct 8, 2024
6thTrade
Meme coin season seems to be heating up again, with several tokens posting significant double-digit gains. Leading the charge are cat-themed Popcat (POPCAT), Ethereum-based Mog Coin (MOG), and First Neiro on Ethereum (NEIRO).
Currently, POPCAT has risen by 15% over the last 24 hours, while MOG has climbed by 18.40%. NEIRO has been the standout performer with a 46.60% increase over the same period. With growing interest in these meme coins, letâs delve deeper to see if these rallies can continue, potentially helping meme coins regain their spotlight.
Popcat Keeps Rising, But a Pullback Might Be on the Horizon
On Saturday, October 5, Popcat reached a new all-time high of $1.29, as reported by BeInCrypto. Today, the price has climbed even higher to $1.43, reflecting significant enthusiasm around this meme coin.
However, the 4-hour chart reveals resistance at $1.48. The Relative Strength Index (RSI), which measures price momentum, currently stands at 72.05. Since an RSI reading above 70 typically indicates an overbought condition, there could be a potential price correction ahead.
For POPCAT, a pullback toward $1.28 seems possible. However, if buying pressure remains strong, the token could continue its climb, possibly reaching $1.60 in the near term.
Mog Coin Aiming for the $0.0000020 Mark
Unlike Popcat, Mog Coinâs rise to $0.0000016 didnât bring it to a new all-time high, but the token still shows potential for further gains in the short term. On the daily chart, the Moving Average Convergence Divergence (MACD) indicator is positive, indicating bullish momentum.
The MACD helps assess market trends, signaling whether an asset is in a buying or selling phase. With the current positive MACD reading, thereâs a good chance MOG could continue to climb. If the bullish momentum holds, MOG could hit $0.0000020 soon. However, if buying pressure wanes, the price might dip to around $0.0000014.
NEIROâs Bullish Surge Faces a Potential Slowdown
First Neiro on Ethereum (NEIRO) also hit a new all-time high, peaking at $0.0015 before pulling back. Following this high, the Balance of Power (BoP) indicator also declined. The BoP is used to evaluate the overall strength of buyers versus sellers, where positive values indicate bullish dominance and negative values indicate bearish dominance. $NEIRO
Currently, NEIROâs 4-hour chart shows a BoP value of -0.32, suggesting that sellers are taking control. If this bearish sentiment persists, NEIROâs price could fall to around $0.0012. However, if buyers regain the upper hand, the tokenâs value could recover and potentially surpass $0.0016.
Overall, meme coins like Popcat, Mog Coin, and NEIRO are experiencing notable growth, but each faces specific challenges that could affect their future movements. Keeping an eye on key indicators such as RSI, MACD, and BoP will be crucial to determine whether these tokens can maintain their rallies or face corrections ahead.
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Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.