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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 upswing. 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, closing at a more cautious $0.089 by the end of the day. BRETT’s inability to stay above the psychological threshold of $0.10 raises questions about the continuation of the upward trend.
Technical analysis indicates a double bottom formation within a descending channel, suggesting an upward movement. The positive crossover and bullish trend in the MACD indicator present a favorable outlook. The recent price rise suggests that the upward movement could extend 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 further down to $0.050 could be expected if this support is broken.
FLOKI (FLOKI)
FLOKI is trading within a falling wedge formation on the daily chart. Recently, the death cross between the 50-day and 200-day SMAs 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, forming a bullish candle with a recent 7.17% rise, increasing the likelihood of an upward breakout. Currently trading at $0.0001256, FLOKI is up 0.77% during the day.
Potential upward targets for the popular memecoin are $0.0001834 and $0.00021. Conversely, in a potential downturn scenario, a pullback to the support levels at $0.001101 and $0.00010 could be observed.
Shiba Inu (SHIB)
Shiba Inu is moving in a similar price trend to 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 improved 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 bullish trend in the memecoin and the bull crossover in the MACD indicator are evident, the downward trends in the 50-day, 100-day, and 200-day SMAs indicate the possibility of a deeper correction. Nevertheless, 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 at $0.0000010 below the $0.000001288 level could be expected.
