The meme coin market seems to have revived, with a variety of tokens experiencing substantial double-digit increases. At the forefront are cat-themed Popcat (POPCAT), Ethereum-based Mog Coin (MOG), and First Neiro on Ethereum (NEIRO).
As of now, POPCAT’s price has surged by 15% over the past 24 hours, while MOG has made an 18.40% leap. In contrast, NEIRO has outperformed with a remarkable 46.60% increase during the same time frame. With growing interest in these tokens, this article explores whether these rallies will persist and enable meme coins to regain their prominence.
Popcat Continues to Ascend But Might See a Correction
On Saturday, October 5, BeInCrypto reported that POPCAT reached a new all-time high of $1.29. Currently, it has surpassed that figure, achieving a price of $1.43. This uptick reflects strong investor enthusiasm for the meme coin.
The 4-hour chart indicates resistance at $1.48. Moreover, the Relative Strength Index (RSI), which tracks momentum, is at 72.05. An RSI above 70.00 suggests that a cryptocurrency may be overbought, pointing to a possible price pullback.
For POPCAT, a retracement to around $1.28 appears plausible. Yet, if buyers maintain momentum, the coin’s price could potentially rise further, possibly reaching $1.60.
Read more: How to Purchase Solana Meme Coins: A Comprehensive Guide
Mog Coin Aims for $0.0000020
In contrast to Popcat, MOG’s rise to $0.0000016 hasn’t led to a new all-time high for the meme coin. Nonetheless, the token holds the potential to achieve a higher value soon. The daily chart showcases a positive Moving Average Convergence Divergence (MACD).
The MACD is a tool used to assess momentum and determine optimal buying or selling times. A positive MACD indicates bullish momentum, whereas a negative reading suggests bearish conditions.
With the current bullish momentum, MOG’s price might continue to ascend. If this trend persists, MOG’s value could reach $0.0000020 shortly. However, if buying pressure wanes, the token’s price may decline to $0.0000014.
NEIRO’s Bullish Trend May Diminish
First Neiro on Ethereum (NEIRO) also reached a new all-time high, but after hitting $0.0015, it experienced a pullback. Following this decline, the Balance of Power (BoP) has also decreased. The BoP is a market strength indicator that assesses the overall strength of buyers relative to sellers.
Additionally, the indicator fluctuates around the zero line; positive values signify bullish dominance, while negative values indicate a bearish trend. Currently, the BoP for NEIRO on the 4-hour chart is down to -0.32, suggesting that sellers are in control.
Read more: 7 Trending Meme Coins and Altcoins in 2024
If this trend continues, NEIRO’s price may soon fall to $0.0012. However, if buyers regain strength, the price trend could reverse, allowing the meme coin’s value to exceed $0.0016.
Disclaimer
In adherence to the Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be viewed as financial or investment advice. BeInCrypto is dedicated to providing accurate and unbiased reporting, but market conditions may change without notice. We strongly encourage conducting your own research and consulting with a professional prior to making any financial choices. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have been revised.
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