Recently, the market capitalization of meme coins has exceeded $7.3 billion. This is due to the overall bullish market, with many small tokens emerging as top performers. However, major meme coins have struggled to maintain a strong upward trend.
As August begins, the key question is which tokens will continue to generate profits and lead the next growth stage. BeInCrypto analyzed three meme coins showing bullish signals this month.
MemeCore (M)
MemeCore has emerged as one of the best-performing coins in the meme coin market. It has experienced a remarkable 911% increase since its launch.
Currently trading at $0.557, this altcoin is attracting attention with its explosive growth and strong market presence. This suggests the possibility of additional gains in the near future.
MemeCore's rise has particularly paved the way towards two major milestones since mid-July. These are reaching an all-time high (ATH) of $1.01 and breaking through the $1.00 barrier.
Currently at 79% below its ATH, strong investor support will be crucial in achieving these key levels.
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However, if investor sentiment shifts to selling pressure, MemeCore may struggle to maintain momentum.
Falling below the support level of $0.440 could cause the altcoin to enter a correction, potentially delaying further growth and approaching the $0.298 area.
REKT (REKT)
REKT showed impressive growth, rising 221% in July. Currently trading at $0.000001155, it continues to maintain strong momentum this month.
This significant increase has positioned REKT as a notable meme coin, with the potential to show further growth as market sentiment remains positive.
The presence of Parabolic SAR below the candlestick indicates REKT's active upward trend. If current market conditions are maintained, this indicator suggests the meme coin could rise further.
REKT could move towards $0.0000013, which would be a significant milestone for the altcoin if breached.
However, unexpected market conditions could cause REKT to decline. If the price falls below the support level of $0.000000933, the altcoin could drop to $0.000000745.
Continued decline below this level would invalidate the current bullish outlook.
Fuzzy Penguin (PENGU)
PENGU is currently trading at $0.035, 33% below its all-time high (ATH) of $0.046. With Bollinger Bands converging, the meme coin is preparing for a volatility explosion.
This particularly suggests the possibility of significant price movement in the near future, especially if bullish momentum continues.
The volatility from Bollinger Bands' contraction is expected to drive PENGU's price higher. If the altcoin breaks through the $0.040 resistance, it could surge to its ATH of $0.046.
A successful breakthrough could lead PENGU to $0.052, indicating a continued upward trend and potential new highs.
If PENGU fails to break through the $0.040 resistance, downward pressure could pull the price back. In this case, the coin could fall to $0.029, with additional losses potentially dropping it to $0.023.
This decline would invalidate the bullish outlook and indicate a momentum reversal.
