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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.
