Which Memcoins to Look At in July
Memcoins have shown mixed results this month, with some making gains and others hitting rock bottom.
We analyzed three memecoins – USELESS, PENGU and PEPE – and found out why these tokens deserve the attention of traders and investors.
Useless (USELESS)
USELESS led the memecoin market in June, rising 1,635% and setting new highs almost every day. At the time of writing this analysis, the altcoin has reached $0.209.
Despite the significant growth, USELESS shows no signs of fatigue or selling pressure. The Parabolic SAR indicator points to a possible continuation of the upward trend. This gives the token a chance to reach $0.450 in July, which will further attract investors' attention.
However, as with other memecoins, a surprise sell-off could change the trend. If investors decide to take profits, USELESS could fall to $0.066, which would invalidate the bullish outlook and wipe out the gains made.
Pudgy Penguins (PENGU)
PENGU had a rough start to June, but has gained popularity over the past week. The memecoin has surged 62.6% to $0.0137, a two-month high. The jump shows that the altcoin is poised to recover and attract investor attention despite its previous problems.
The main advantage of PENGU is its strong correlation with Bitcoin at 0.70. If BTC continues to rise, the memecoin will be able to benefit from this trend. Thus, PENGU will have a chance to break the resistance at $0.0151 and reach $0.0180 in the coming days.
However, PENGU price is also influenced by whales, with over 47.72% of them holding more than $10 in PENGU. These investors could significantly impact the price if they decide to sell. If massive profit taking begins, PENGU risks falling below $0.0129, reaching the $0.0100 support level.
Pepe (PEPE)
PEPE has fallen 15% since the start of June, making it one of the worst performing memecoins of the past month. However, Pepe's Dog (ZEUS) key contributor Jon “Jagged” Eirik suggested in an interview with BeInCrypto that Ethereum-based memecoins could rally in July.
“ETH memecoins are gaining attention due to the growth in ETF investments that ETH is seeing compared to BTC. ETH remains the second largest cryptocurrency by market cap, and DeFi is the backbone of its infrastructure. This sets the stage for strong price growth. Liquidity will naturally flow into large projects on Ethereum, including well-known memecoins like $PEPE and those that focus on authenticity and transparency,” our interlocutor noted.
The MACD indicator is showing its first bullish cross in a month, signaling that the PEPE trend may reverse, which will help the token recover from recent losses and reach the resistance level of $0.00001216. A break above this level will indicate further gains in the coming weeks.
However, if the bullish momentum fails to materialize, PEPE may continue to fall. If the altcoin falls below $0.00000917 and $0.00000839, the bearish trend risks intensifying. In this case, the bullish outlook will be cancelled and the PEPE price will remain under pressure.
Источник: cryptocurrency.tech
