Meme Coin Market is beginning to calm down after a surge in activity for much of May. The wider crypto market slump over the past week has caused a dent in overall momentum, causing a decline in the value of top meme assets.
Still, Meme Coin’s trading volume has remained up 5% for the past month, indicating that investors’ appetites have not completely disappeared. Beincrypto highlights three standout meme coins of the month.
Central African Republic (car)
Official memecoin released by African countries received an aggressive development in May. The country’s president recently announced that the government will use cars to tokenize 1,700 hectares of land.
As a result, the car experienced a notable revival, rising 103% this week alone.
At the time of writing, Meme Coin is trading for $0.047. As the car aims to break the $0.059 resistance, if the broader market situation improves, it could potentially witness a continuous upward trend.
Car’s Chaikin Money Flol (CMF) remains firmly in the positive territory of 0.17 at the time of writing, reinforcing the possibility of meetings beyond this critical level of resistance.
The CMF indicator measures how an asset enters and leaves the asset. One above read shows strong purchase pressure and indicates that capital is flowing into the car.
If this continues, the car could extend its profit to $0.074, exceeding $0.059.
However, once profits begin, Altcoin can drop to $0.345.
Papatte (dad)
Dad is another meme coin to monitor the chances he’ll get in June. Altcoin, which has increased 14% over the past seven days, is currently trading at $0.039.
Earlier this week, Andrew Tate announced the upcoming release of his online training app, Real World 2.0. According to his statement, the app has an integrated wallet with some utility around Daddy.
As a result, speculative interest in memecoin has increased.
The rising power balance of tokens (BOP) indicates a steady rise in papa traders’ purchase pressure. At the time of writing, this momentum indicator is 0.85.
The BOP indicator measures the strength of buyers and sellers by comparing closing prices with trading ranges. Such a positive BOP value suggests that the buyer is in control and indicates bullish momentum in the market.
If this trend continues, Daddy can extend the gathering to $0.05.
Conversely, if a seller regains control, it could cause a price drop to $0.029.
SPX6900 (SPX)
SPX recorded double-digit profits for a wider market slower over the past week. A rise of 11% over the past week, Meme Asset will trade at $0.95 at press.
Setup of SPX’s Moving Average Convergence Divergence (MACD) on a daily chart confirms purchasing pressure in the spot market. At the time of writing, the token’s MACD line (blue) is significantly above the signal line (orange).
The MACD indicator identifies trends and momentum in asset price movement. Traders use it to find potential purchase or sale signals through a crossover between the MACD line and the signal line.
Like SPX, if the asset’s MACD line is above the signal line, it shows bullish momentum, suggesting that the asset’s price could continue to rise. Traders view this crossover as a bullish signal and support SPX’s ongoing rally.
If the rally continues, the meme coin can climb over $1.21.
Meanwhile, if activity buys food stalls, SPX could cut its recent profits and plunge into $0.84.
Trading volumes are rising sharply, but the meme market retail boom has not yet returned
While these altcoins appear poised to earn potential profits over the coming weeks, the general meme market could face some headwinds. In an interview with Neiro’s community lead S, summer months usually show a wider slowdown in market activity, and meme coins are not immune to the trends of that season.
“It still feels early in the happiness of a full-fledged market. Historically, summer has tended to be slower across financial markets, and it has included crypto. It’s everyone’s guess whether we’ll see a pullback, but momentum often starts to fade when it stops growth.
S added that the Meme Coin market has yet to see its return to retail enthusiasts in 2021 while trading volumes are surged. For now, activity remains driven primarily by investors and whales from crypto.
“So far, most of the activities still seem to come from circles from code. I’ve never seen the mainstream retail frenzy I saw in 2021 or 2017. That wave hasn’t been a hit yet.
Disclaimer
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