Memecoins are gradually gaining momentum and could rival several traditional cryptocurrencies. March proved this right as several of these assets were introduced to the market. Most of them were launched on Solana, increasing FUD within the ecosystem.
With Bitcoin halving slowly approaching, many wonder how these assets will perform this month. Let’s see.
Top Five Cryptocurrencies to Watch
Dogwifhat (WIF)
Since its launch in December 20223, Dogwifhat only started gaining significant momentum in late February and has enjoyed massive volatility since. March marked the continuation of the surge as it gained more than 400% and attained a new all-time high of $4.85.
WIF is not off to a good start this April as it is down by more than 22%. However, in anticipation of the halving, the crypto market may see significant decreases. After the event, the sector will recover.
With the current price in view, the memecoin may see more price decline within the next two weeks. This comes as more traders are exiting or taking profit. It is also worth noting that the asset’s trading volume is gradually reducing with selling pressure increasing. As per on-chain data, over the last 24 hours, its trading volume dropped by more than 5%.
The chart also points to the bearish prediction. The Moving Average Convergence Divergence is currently printing negative signals. Since its bearish divergence three days ago, it has shown no signs of reverting to its previous trend. The downtrend of the 12-day EMA continues as the 26-day EMA follows. Nonetheless, the Relative Strength Index halted its decline and holds around 53.
A closer look at the chart points to a possible low. Following the recent rebounds at $3.20 and previous actions at $3, WIF may retest this mark. If that fails, the next critical support is at $2.50.
On the other hand, Dogwifhat may add 10%-30% which may guarantee it closes April above $4.
BOOK OF MEME (BOME)
Rapidly rising up the market cap ranks, BOME is another asset to watch this April. Tracking of the coin started in mid-March following its launch in Solana. It gained widespread attention and saw a rapid increase in trading volume and market cap.
The almost $1 billion token will be looking to continue its spree after more than attaining an ATH of $0.30. However, the asset is seeing a slow start to this bid. Over the last six days, the token lost more than 26%. Although prices are a little stable, they are susceptible to more downtrends.
On the daily chart, due to the small age of the asset, MACD is unavailable. Breaking the timeframe to 4-hour provides a glimpse into the next price action. It shows that on the third day of the current month, the token had a bearish divergence. It had a reversal during the previous intraday session.
Since the change in momentum, BOME has been trading flat, which translates to the action of the metric. Nonetheless, both EMAs are trending close to each other. This is a sign that the asset is gearing up for a breakout.
If bullish, book of memes may retest $0.020. On the other hand, a bearish breakout may send it as low as $0.010.
Brett (BRETT)
As per Coingecko’s tracking, Brett is currently the 149th largest coin with a market cap of more than $680 million. Currently with a circulating supply of 8 billion, it is looking to add more value to its market cap this April.
A look at the chart suggests that the token got its formal introduction to the market during the second week of March. Since its introduction to the market, it has seen notable increases as it gained more than 2000% in the first month.
The current 30-day period is another avenue for the continuation of the uptrend. Although it started with considerable downtrends, it is recovering and is currently up by more than 3%. BRETT Telegram channel suggests that its community is on an active campaign to increase its holders to 100,000 which will impact prices.
One user believes the asset which is worth $0.080 will hit $0.10 within the next 24 hours. If this happens the alt will surge as high as $0.15 before the end of the current month. This will also mean it is expected to add almost 100% this month.
The chart is also bullish as it had a bullish divergence in the 4-hour timeframe.
cat in a dogs world (MEW)
MEW broke into the top 200 as many traders saw its potential. Currently worth $0.0048, the asset is looking to add more traders to its over 200k holders. With a market cap of over $428 million, an increase in active holders will increase its value.
However, Coinmarketcap suggests that the asset is seeing a gradual decrease in trading volume. Over the last 24 hours, the exchange volume dropped by more than 12%. While this may signify a decrease in the hype surrounding it, it also underlines the fact that more traders are becoming idle.
A clear indication of investors moving funds to cold storage is that the drop in trading volume did not negatively affect prices. Over the last 4 hours, the altcoin gained more than 6%. Nonetheless, the Moving Average Convergence Divergence shows that there are still high chances of the asset seeing more downtrends as both EMAs are closely aligned.
However, the change in market sentiment may play to the advantage of the bulls as they’ll continue the previous uptrend. It is worth noting that the asset surged as high as $0.009 which is the ATH. Currently trading at almost 50% below this mark, MEW will look to close April above $0.01.
Joe Boden (BODEN)
Joe Boden continues to gain attention from several traders. This is due to it name and many see the potential in asset. Currently sitting on a market cap of over $571 million, it’ll look to increase it and climb up the market rank.
However, it is worth noting that all the data available on tracking platforms were reported by the project. A closer look at the current holders suggests that it is not evenly distributed, with some investors holding up to 25% of the circulating supply and the holders being below 300.
With U.S. elections coming up, traders are bound to show their support for their candidate by purchasing the said asset. This would spell more increases for BODEN. This may also be the key to dispelling the distribution problem.
In the months leading up to November, the asset will see small surges. This April, it will look to add 100% as it did last month. This will mean that the altcoin will exceed $1 this month.
The 4-hour chart agrees with this prediction as the Moving Average Convergence Divergence is set for a bullish divergence. The Relative Strength Index is also below 70 which may leave room for more uptrend.
Note
The predictions contained in this article are not financial advice. It is important to do your research before investing.
