Memecoins POPCAT, WIF, and MUBARAK have each posted double-digit gains in the past 24 hours, continuing their bounces from recent pullbacks. Which one of them shows the highest bullish potential?
Popcat (POPCAT) price is up 15% in the past 24 hours, currently trading around $0.42, with 24-hour trading volume surging over 80% to $70 million.
After the steep pullback from $0.60, the price recently bounced from the key support level at around $0.35 and is now continuing this recovery as it tests its 20 EMA, which acts as a dynamic resistance.
However, it’s important to note the recent shift in market structure. Before the pullback, POPCAT’s price failed to make a new high higher, forming a lower high. This was followed by the break of the neckline of a double top pattern and then the formation of a lower low at $0.33.
How the price reacts to the 20 EMA resistance will be critical in determining whether the recent break in structure signals the start of a broader downtrend or if the pullback was just a liquidity grab at a lower support level.
Momentum is neutral, with the RSI at 47. However, it’s pointing upwards and just about to break above its moving average, potentially forming a golden cross – a bullish signal.
Dogwifhat (WIF) price is up 12%, currently trading at $0.96, with the 24-hour trading volume surging over 80% to $428 million.
Similarly to POPCAT, WIF price has recently broken the uptrend structure, forming a lower low at $0.80. However, three days ago, the price strongly rebounded from that level and is now continuing its recovery, having just wicked above the 20 EMA.
With the continuation of the bounce from $0.80, the memecoin‘s price has now reclaimed the previous higher low at around $0.95. If WIF maintains this upward momentum and closes above the 20 EMA, it could signal the resumption of an uptrend.
On the momentum side, MACD bearish crossover is still in place. However, histogram is negative but showing decreasing red bars, suggesting bearish momentum is weakening. RSI is 52, recovering from neutral territory, but still way below its moving average.
Mubarak (MUBARAK) price is up 12% in the past 24 hours, currently trading at $0.044, with the trading volume surging 80% to $55 million.
Since breaking out of its previous range on May 9, MUBARAK price has been consolidating in the $0.04 – $0.07 range. Recently, the price dipped below $0.04, but then bounced and reclaimed the $0.0430 support level.
However, volume is still weak, and the price has yet to break above the EMA 20, which is acting as its dynamic resistance. Despite this, bearish momentum is fading, as indicated by the declining MACD histogram and an upward-sloping RSI.
A break above the 20 EMA with strong volume would likely confirm bullish momentum and open the path toward a retest of the $0.06 – $0.07 resistance at the top of the range.
Source link