Near the weekly close, Bitcoin attempted to break through $28300, but ultimately closed around $27800. Despite multiple attempts to break through this key resistance level, bullish investors have been disappointed, possibly due to short-term profit taking by some investors and concerns about the possibility of the Federal Reserve tightening monetary policy
Near the weekly close, Bitcoin attempted to break through $28300, but ultimately closed around $27800. Despite multiple attempts to break through this key resistance level, bullish investors have been disappointed, possibly due to short-term profit taking by some investors and concerns about the possibility of the Federal Reserve tightening monetary policy.
So, let's take a look at the current situation of various meme coins?
Meme coin price analysis
Before the emergence of PEPECoin, memes such as DOGE, SHIB, and FLOKI were once popular. However, both FLOKICoin and PEPECoin are listed on Binance, but their performance has been relatively bleak this year. The market value of memes has significantly decreased, leaving only $14 billion in total market value and daily trading volume dropping to $287 million.
Considering that the total cumulative transaction volume of all cryptocurrencies is $17 billion, it is normal not to be interested in these seemingly useless memes.
Analysis of Dogcoin (DOGE)
DOGE currently has a market value of $8.6 billion and daily trading volume of $92 million, maintaining its dominant position in the encryption market. Its recent competitor, ShibaCoin, has a market value of $4.2 billion, while FLOKI ranks fourth with a market value of $168 million. Although it may decline by 5% per week, it is still working hard.
The key support area for DOGE is located at $0.06, which is currently supported by futures trading demand. In the past few months, DOGE has tested this critical support level twice on June 10th and August 17th, and successfully defended it. However, if the closing price of DOGE falls below $0.055 and $0.05, it may trigger further downward trends.
Although there seems to be a high possibility of a drop in the price of DOGE due to the poor performance of Bitcoin, if DOGE can maintain its closing price above $0.065, it is expected to pursue a target price of $0.076.
FLOKI coin analysis
FLOKICoin experienced a period of stable decline after being listed on the Coin Exchange. Recently, in September, its price hit a local low of $0.00001525. Currently, if the closing price of the currency can remain above $0.00001611, there is a possibility of further increase. In addition, if the price can stabilize at $0.000018 as a support level, retesting the high point of $0.00002 is possible.
Analysis of Chaigou Coin
In the past month, the price of Chaigou Coin (SHIB) has fluctuated between $0.0000077 and $0.000007. This price range is very narrow, reflecting the continued loss of interest in Chaigou coin in the market. A similar situation also occurs in the price of dog currency (DOGE).
The downward trend of Chaigou coin prices can be tracked by forming a downward wedge. On the weekly chart, we can see two trend lines converging together, serving as dynamic resistance and support levels.
If there is negative sentiment in the Bitcoin (BTC) market and it triggers a large-scale sell-off, the price of Chaigou coin may fall to the level of $0.000005.
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