Top 3 Meme Cryptocurrencies to Invest Amid Market Correction
Amid the recent sell-off in the crypto market, a majority of major cryptocurrencies witnessed a significant price correction. This retracement phase offers a discount opportunity in well-established cryptos and our favorite memecoins. In this article, we’ll analyze these popular currencies to determine buying opportunities and future potential.
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Dogecoin(DOGE)
Source- Tradingview
On April 3rd, the Dogecoin price gave a massive breakout from a resistance trendline which carried a sustained downfall for over four months. After the breakout the resistance which limited growth potential is offering significant support to buyers indicates the market sentiment shifted from selling on rallies to buying dips.
Amid the ongoing correction phase in the market, the DOGE price revisits the support trendline and forms an inverted flag pattern shown in the above chart. If the coin price manages to breach the overhead trendline of the triangle, the buying pressure will intensify and signal the start of a fresh recovery rally.
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By the press time, the DOGE price trades at $0.0787 with an intraday gain of 0.09%. The recovery triggered by the triangle breakout may encourage buyers to rechallenge the $0.1 mark.
Shiba Inu(SHIB)
Source- Tradingview
In the 4-hour time frame chart, the Shiba Inu price shows the formation of an inverted flag. In theory, this pattern signals the resumption of prevailing downfall if the prices break the lower trendline.
Thus, a potential breakdown may tumble the SHIB price by 5.38% and plunge it to local support of $0.00000968. The aforementioned level accompanied by 78.6% Fibonacci retracement support indicates a strong support zone for buyers.
On a country note, a breakout above the triangle resistance trendline may encourage buyers to drive the price rally to $0.00001173.
Also Read: 15 New Cryptocurrencies In Upcoming Binance Listing For 2023
Floki(FLOKI)
Source- Tradingview
On April 24th, the Floki price witnessed a massive inflow which is more likely associated with its listing announcement on the world’s largest crypto exchange Binance. With a 56% intraday jump, the prices breached a monthly resistance of $0.000042.
However, the news-driven rally couldn’t sustain above the breached barrier, and thus, the Floki prices tumbled 16.8% today and currently trades at $0.0000373. This bull trap could increase selling pressure in the market and plummet this memecoin 27% to revisit $0.000027 support.
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The aforementioned support has assisted buyers to sustain higher prices for nearly a month and therefore could offer a strong accumulation phase for interested traders.
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