By CoinGape

The cryptocurrency market witnessed a renewed recovery following the Bitcoin reversal from $56000 in May. While a majority of major altcoins experienced a notable uptrend, the Memecoin sector rallied with a higher momentum as they are appealing to speculative traders who are adept at navigating rapid market changes and capitalizing on quick profit opportunities. Moreover, with the recent approval of the spot ETH ETF by the US SEC, the Ethereum Meme coins were among the highest gainers in the recent rally. If you have missed the Pepe coin rally to its new all-time high, the top Meme coins to buy are Shiba Inu (SHIB), Memecoin (MEME), and Floki to capture similar trends. 

Also Read: Crypto Market Prediction: MVRV Ratio Hints Bitcoin Bull Run Has Room to Grow

1) Shiba Inu (SHIB)

Shiba Inu (SHIB) is a meme-based cryptocurrency that started as a playful homage to Dogecoin. Key fundamental factors for SHIB include its significant social media presence, strategic token burns to reduce supply, and continuous development of its ecosystem.

BINANCE:SHIBUSDT Chart BINANCE:SHIBUSDT Chart
Shiba Inu (SHIB)| Tradingview

In the daily chart, the SHIB price is steadily recovering under the influence of the ascending trendline. The dynamic support has uplifted the asset from its April 13th low at $0.0000183 to $0.000026 registering a growth of 45%.

By press time, the Shiba Inu price had a market cap of $14.7 billion, while the 24-hour trading volume dropped to $250 million.

If the support mentioned earlier is intact, the buyers could breach the swing high resistance of $0.00003. This breakout could offer a better confirmation of market sentiment shifting from selling on rallies to buying on dips.

The post-breakout rally could push the asset to $0.000038, followed by $0.000054.

Also Read: Shiba Inu’s Shibarium Achieves Major Feat, Curtails Ethereum Bridge Time

2)  Floki 

Floki is a meme-inspired cryptocurrency that has significantly evolved from its origins as a playful homage to Elon Musk’s Shiba Inu dog. The core of Floki’s ecosystem includes Valhalla, an NFT gaming metaverse that allows players to earn rewards through engaging activities like battles and asset trading.

BINANCE:FLOKIUSDT BINANCE:FLOKIUSDT
Floki| Tradingview

Amid the current market consolidation, the Floki price witnessed weakened bullish momentum, resulting in a reversal from $0.000313. This bearish turnaround plunged the meme coin 16% to trade at $0.0000259, while the market cap plunged to $2.44 Billion.

If the supply pressure, the coin price could tumble another 20% to seek support at the ascending trendline. This dynamic support is carrying a bullish trajectory for nearly three months and can recuperate the exhausted bullish momentum in FLOKI.

A potential rebound from this floor could push the asset beyond the $0.0000313 ceiling.

Also Read: Coinbase Adds Shiba Inu, FLOKI, BONK In Full-Trading Mode, Prices To Recover?

3) MAGA (Trump)

MAGA Coin, also known as TRUMP, is a meme cryptocurrency inspired by the “Make America Great Again” slogan associated with former U.S. President Donald Trump. The coin aims to merge political finance (PoliFi) with traditional cryptocurrency principles, targeting supporters of Trump and conservative causes.

MEXC:TRUMPUSDT Chart MEXC:TRUMPUSDT Chart
MAGA (Trump)| Tradingview

The Trump coin entered an aggressive recovery rally from May’s second week as the price rebounded from the $4.12 support. The reversal propelled the asset 256% to current trade at $14.7, while the market cap boasted to $637.4 Million. 

Amid this rally, the buyers recently gave a decisive breakout from the angular resistance trendline and $10.5 horizontal barrier. Sustaining this breakout should provide buyers with suitable support to lead a higher rally and target potential at $22, followed by $25.

Also Read: Donald Trump Jail Discussions Unsettle Markets; Bitcoin Price Down 3%

Key Takeaway

The current market recovery is particularly robust in the Meme coin sector, drawing in speculative traders eager for quick profits. Shiba Inu (SHIB), Floki, and MAGA (TRUMP) are notable Ethereum-based Meme coins demonstrating significant potential to drive a prolonged rally into 2024. These coins stand out due to their strong community support, innovative projects, and recent impressive market performances.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: CoinGape