Memecoins are gradually becoming a strong part of the crypto industry. Over the last year, the crypto market has seen a lot of assets with this tag.
In this article, we will go over some of these cryptocurrencies, how they performed this month, and they may move in the coming days
Top Four Memecoins
1. Dogecoin (DOGE)
Dogecoin is back to its downtrend after it saw a small positive change in price last month. Over the last thirty-one days, the asset was mostly bearish as we noticed several red candles on the daily chart. As a result, the coin is down by more than 10% on the monthly scale.
Of the four weeks, only one was positive. The first week of May was bearish as the asset lost more than 3%. After facing rejection at $0.81, it started a downtrend that saw it retraced to a low of $0.76. Following this event, there was huge uncertainty as to further price movements.
The next seven-day session was the most bearish is the altcoin recorded its loss. During the first day, DOGE opened trading at $0.076 and saw slight increases before the correction. It broke the $0.075 support and hit a low of $0.070 before rebounding. Although t closed a little higher, it failed to erase more than a 5% loss. The said mark flipped two days later as dogecoin hit a low of $0.069 before recovering.
After losing $0.075 that Monday, that was the last time the asset had a close above it. Although it made an attempt it on May 17 with relative success, it retraced and closed at the mark. Another attempt took place last week Sunday. However, it failed as the altcoin peaked at $0.74.
The last three days of the current month is spelling bad omen for dogecoin. Over the last three days, the coin is down by almost 3%. This is also having a notable impact on indicators.
One such is the Moving Average Convergence Divergence. We noticed the 12-day EMA is slightly arched downward which may mark the start of a bearish divergence. Additionally, the Relative Strength Index is also on a downtrend and may fall below 40 within the next four days.
One level to watch is the $0.070 support. Further slips may guarantee a retest of the $0.065 barrier. On the other hand, DOGE may attempt $0.080.
2. Shiba Inu (SHIB)
Shiba Inu continues its slip down the global cryptocurrency market cap ranking. A look at its performance this month explains the reason for this drop. The token is down by more than 16% over the last thirty–one days. This also marks its biggest loss over the last six months.
Breaking the action down to the weekly charts, we noticed that asset under consideration started the month with traders expecting positive results. However, this never happened as it retraced after hitting a wall at the $0.00001040 resistance. It retraced and to a low of $0.00000919. Although it saw slight recovery, this was not enough to completely erase the losses. As a result, it closed with losses of more than 7%.
The next week was not different as the asset lost another critical level. After its open, it faced strong selling pressure an retarced as trading conditions became less desirable. As a result, it broke the $0.000090 support, It retraced and slowly edged towards the $0.0000080 barrier of halted its advances at $0.000083.
It made an attempt at the highlighted marks last week with little success. lAlthough it surge d above it, it faled to gain stability above the mark. Nonetheless, this was the only bullish week for the asset.
With a focus on the coming month, indicators are not optimistic. One such is the Relative Strength Index. The metric isat 36 and willl continue to sink as trading conditions worsen. Nonetheless, dipping below 30 may mean rebound for the asset.
One of the key levels the rebound may take place is the $0.000075 support. This may result in a retest of sveral resistance like the $0.000090 and the $0.00010.