Despite the overall market calm, meme coins managed to make headlines throughout Q3 2024.
As Q4 approaches, some meme coins are still showing signs of upside potential. BeInCrypto has analyzed five of these coins to watch.
First Neiro on Ethereum
First Neiro on Ethereum shares the same ticker token as fellow meme coin Neiro Ethereum, but the former has been in the spotlight since its launch in September. In less than two weeks, NEIRO has surged 4,313% to reach an all-time high of $0.00137.
Despite a slight correction since then, NEIRO looks set to continue its upward trend and could potentially set a new all-time high in October. Given that the next major price point is $0.00250, the meme coin is likely to end up with a higher price formation around this level.
However, failure to break the current record high could see the coin drop below the support at $0.00103, which could invalidate the positive outlook and push NEIRO to $0.00076 or lower.
BabyDoge Coin
Among the most prominent meme coins, BabyDoge stands out with its 131% surge over the past month. It is currently trading at $0.000000002241 and is looking to break two major barriers at $0.000000002320 and $0.000000002571.
These resistances have held BabyDoge back since April of this year, and a surge could put the digital asset on track to reach $0.000000003800. This level currently marks the coin’s all-time high, and an “Optimistic October” could catalyze a rally to this level.
On the other hand, if history repeats itself, BabyDoge will lose its bullish momentum. As a result, the meme coin may fall back to $0.000000001968, invalidating the bullish hypothesis.
Shiba Inu (SHIB)
The second-largest meme coin, Shiba Inu, is poised to break out of a three-and-a-half-month-old barrier. The current price of Shiba Inu is testing the local resistance of $0.00001961.
If this level is broken, Shiba Inu will face the $0.00002093 level, which has acted as crucial support and resistance in the past. Although the range between $0.00002093 and $0.00002976 represents a consolidation for the meme coin, SHIB can build the necessary momentum to break out of it.
However, failure to break either of the mentioned resistances could dissipate the bullish momentum. This would drag SHIB to $0.00001699, and if it loses this level, it could drop to $0.00001462.
Mother Iggy
MOTHER is among those few coins that have a better chance of forming a new all-time high than continuing the momentum. Historically, this meme coin has seen sharp spikes and even sharper corrections.
The coin is facing an all-time high of $0.242 and needs a 93% rise to break it. Given that October is known to be a bullish month, Mother has a strong chance of breaking this level and forming a new high. This is likely to happen if the coin first turns the $0.149 level into support.
However, Mother could see a pullback if it fails to breakout, which could push the meme coin below $0.10. Losing the support at $0.092 would invalidate the bullish theory, leading to a drop to $0.051.
Dogwifhat (WIF)
WIF price is looking for a 55% chance of rallying in the next month as it breaks out of the wedge. This bullish pattern suggests that the price could rise to $3.43 in the coming weeks for the meme coin.
While this rally is possible, WIF faces multiple resistances on its way. The meme coin will need to rely on the broader market to make these gains and confirm the pattern. Along with gains, WIF will also form a four-month high.
However, considering that the $2.36 and $2.75 levels have formed critical barriers in the past, WIF may fail to break them. If that happens, the price will remain around the $2.01 support level.
