In Brief

  • Memecoins like BRETT, FLOKI, and SHIB signal potential rises.

  • BRETT shows technical indicators for possible upward movement.

  • FLOKI and SHIB form bullish patterns despite recent declines.

  • In the cryptocurrency market, despite Bitcoin (BTC) and leading altcoins showing signs of slowing down, some memecoins are signaling a potential rise. Notably, alongside Tron (TRC) and Bittorrent (BTT), the altcoins to watch this week include BRETT (BRETT), FLOKI (FLOKI), and Shiba Inu (SHIB).

  • BRETT (BRETT)

    BRETT memecoin made an impressive 14.52% rise last night. The price rose to $0.1194 but closed at a more cautious level of $0.089. BRETT’s inability to stay above the psychological threshold of $0.10 raises questions about the continuation of the upward trend.

  • Technical analysis shows a double bottom formation within a descending channel, indicating an upward movement. The positive crossover in the MACD indicator and the upward trend present a favorable outlook. The recent price rise suggests that the upward movement could continue to the resistance at $0.1125 with the completion of a morning star formation. However, the downward trend in the 150-day SMA indicates a risk of pullback from the $0.10 level.

  • If this level is surpassed, the Fibonacci levels at $0.1482 and $0.2246 could be tested. Otherwise, a pullback to the support level at $0.071 and, if broken, a drop to the support at $0.050 can be expected.

    FLOKI (FLOKI)

    FLOKI is trading within a falling wedge formation on the daily chart. The recent death cross between the 50 and 200-day SMA increased selling pressure on the memecoin, but the current horizontal trend suggests a double bottom rise possibility.

  • FLOKI is trading near the support level at $0.0001101, and the recent 7.17% rise formed a bullish candlestick pattern, increasing the likelihood of an upward breakout. Currently trading at $0.0001256, FLOKI is up 0.77% during the day.

    Potential rise targets for the popular memecoin are $0.0001834 and $0.00021. On the other hand, in a possible decline scenario, a pullback to the support levels at $0.001101 and $0.00010 can be seen.

  • Shiba Inu (SHIB)

    Shiba Inu is moving in a similar price trend as other memecoins. The daily chart shows a falling wedge formation, with SHIB finding support at $0.000001288 and experiencing a horizontal shift in the price trend.

  • With improving investor sentiment, SHIB formed a double bottom pattern. Additionally, the recent 2.33% rise completed a morning star formation. Currently trading at $0.000001372, SHIB is up 0.59% during the day.

    Although the upward trend in the memecoin and the bullish crossover in the MACD indicator are observed, the downward trends in the 50-day, 100-day, and 200-day SMAs indicate the possibility of a deeper correction. Still, in an upward breakout, the price could rise to $0.0000020 and then reach the resistance at $0.000002732. Otherwise, a pullback to the support point below $0.000001288, at $0.0000010, can be expected.

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