The meme coin market experienced a downturn in the last week, decreasing by 10.8%, with the total market cap of joke tokens now at $69.5 billion. This significant decline serves as a cautionary signal for investors interested in meme coins.
Nonetheless, BeInCrypto has identified three meme coins that investors should monitor, which may rebound due to changing market dynamics.
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Toshi (TOSHI)
TOSHI is among the few meme coins experiencing gains this week, increasing by 20.8% in the past seven days. The token is currently priced at $0.00075, a crucial support level that could influence its short-term price trajectory.
The 50-day EMA positioned under the candlesticks indicates that bullish momentum is still active. If TOSHI can maintain its position, it could rise toward $0.00086. Sustaining this ascent may allow it to target $0.00098, signifying another significant upward movement for this meme coin.
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However, risks persist if bearish pressure intensifies or if investors opt to sell. TOSHI might lose the $0.00075 support, opening the door to further declines. A breakdown could potentially drop the price to $0.00068, undermining the bullish outlook and negatively impacting investor sentiment.
MemeCore (M)
M has shown stability compared to other meme coins this week, avoiding substantial losses. The token is currently trading at $2.56, remaining above the key support level of $2.39. This durability suggests that M investors are defending this position, which could dictate the next move for the coin.
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If M rebounds from $2.39, a 24.9% increase would be required to reach its all-time high of $2.99. The Parabolic SAR indicator is currently located below the candlesticks, indicating that bullish momentum is gathering, thereby supporting the potential for a recovery and an eventual breakout toward the ATH.
Nonetheless, if investor sentiment shifts negatively, M could fall below the $2.39 support. Such a breakdown would expose the token to further declines, potentially lowering it to $2.17 or beyond. This movement would undermine the bullish outlook and apply renewed bearish pressure on the meme coin’s future.
Fartcoin (FARTCOIN)
FARTCOIN has endured significant losses this week, declining by 24.29% and ranking among the worst-performing altcoins. Despite this sharp drop, there may be a potential silver lining for investors.
The Relative Strength Index (RSI) is nearing the oversold threshold, historically indicating a rebound opportunity for assets. If momentum shifts, FARTCOIN could bounce off its $0.600 support level, targeting $0.678 and potentially $0.732.
These gains would provide relief to holders seeking recovery after the recent steep declines.
However, if bearish momentum persists, FARTCOIN risks falling below the $0.600 support level. Such a decline would put the coin under increased downward pressure, possibly dropping to $0.500. This move would invalidate the bullish outlook and prolong losses for meme coin investors.
