The broader market sentiment stands neutral as the Bitcoin price struggles to sustain dominance above the $64,000 mark. The fear and greed index stands at 48, with the crypto market cap at $2.24 trillion. Despite the neutrality in the broader market, the bull run in the meme coins is gaining momentum.
The meme coin market cap is close to hitting the $45 billion mark as the 24-hour trading volume crosses the $5 billion threshold. Amid the top performers, MEW, DOG, and SHIB position themselves as must-buy meme coins. But will these meme coins help you become a crypto millionaire? Let’s find out.
The dog-to-the-moon token in the daily chart shows a falling-wedge breakout rally taking a sideways shift, finally gaining bullish momentum. Completing a rounding-bottom pattern, the meme coin has increased by almost 46% in the last 12 days from the bottom of $0.0020.
Heading towards the neckline at $0.0037, the meme coin has surpassed the 50-day EMA. Currently, it is trading at $0.00344, with an intraday gain of 15.88%, creating a bullish engulfing candle.
Based on the price action analysis, the trend reversal rally has the potential to hit the pinnacle of the falling-wedge pattern near $0.0094. Hence, the DOG token’s targeting of $0.010 in the next bull run makes it a must-buy meme coin.
In the daily chart, the MEW token shows a Rounding Bottom Reversal, surpassing a crucial resistance near the 61.80% Fibonacci level at $0.0056. Currently, it is trading at $0.00619799, with an intraday gain of 1.53%.
As the bullish reversal gains momentum, the cat-in-a-dogs world MEW token is likely to scale to $0.0007, aligning with the 100% Fibonacci level. Based on the Fibonacci retracement, the recovery rally shows potential to surpass the $0.010 psychological mark and target the 1.618 Fibonacci level at $0.00111.
Supporting the bullish view, the MACD indicator reveals the MACD and the signal line in a bullish trend as the positive histograms intensify. Furthermore, the 50-day EMA maintains a positive trend.
With the second biggest meme coin making a comeback in the bull market, the Shiba Inu price shows an intraday gain of 6.75%. This follows the price jump of 2.90% yesterday.
In the ongoing bull cycle, the meme coin records a 25% increase in ten days. The recovery run surpasses the 50-day EMA and is now challenging the 200-day EMA.
Currently, it is trading at $0.4101629 and shows the falling wedge breakout rally gaining momentum. Heading towards the next crucial Fibonacci level, $0.4101995, the uptrend reveals the potential to reach the falling wedge’s pinnacle at near $0.43036. Hence, Shiba Inu deserves a spot on your watchlist with a massive upside potential of more than 100%.
With rising bull run anticipation in the broader market this October, FOMO is increasing in the market for the Uptober rally. Capitalizing on the FOMO sentiments, these meme coins are ready for the next bull run with a trend reversal at play. Hence, investing in meme coins can prove profitable in the next bull market.
Curious to know if Shiba Inu will hit a new all-time high this bull run? Find out now in Coinpedia’s insightful SHIB price prediction for 2024 to 2030.
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