Generally, the cryptocurrency markets trade on expectations, which is why many altcoins can experience massive growth and declines. Credible assets with future-oriented goals attract more attention and secure their place in wallets. Despite BTC’s price lingering around the $62,000 mark, there are still altcoins that attract interest.
FLOKI Coin Commentary
Floki Inu was among the top 5 fastest-growing meme coins last week with a 10.7% increase. FLOKI Coin maintains its strong stance driven by investors‘ belief in the future of bull markets. Particularly in bull markets, the right meme coin projects can experience significantly more growth compared to other altcoins.
During this year’s rapid rise, FLOKI Coin investors avoided selling despite profitability rates exceeding 90%. The abundance of investors confident in further increases naturally allows for higher peaks to be reached.
Shiba Inu (SHIB)
Shiba Inu began to fall below the 50-day SMA (0.000026) on May 6 and continues today with a daily loss of 2%. The indecision between bulls and bears persists, but the negativity in BTC prices has led to bears becoming dominant. The symmetric triangle on the chart highlights a potential drop to $0.000017.
If we see a bounce from the support line of the triangle, lower-level demand could open the door to new peaks. Of course, the overall market sentiment will also be decisive here.
DOGE Price Prediction
A similar situation to Shiba Coin is also present here. The largest meme coin by market value, DOGE has fallen below the key support level of the 50-day SMA. At the time this was written, it was finding buyers at $0.147.
On May 7, the price also fell below the 20-day EMA ($0.15), clearly showing a lack of general risk appetite. Bears will try to strengthen their positions and push the price down to the $0.12 support. In the upcoming period, the price may fluctuate between the 20-day EMA and the 50-day SMA. Closures below $0.12 will complete a head-and-shoulders formation and start a downtrend.
