Top 5 Memecoins To Watch in October 2024 for Potential Gains
Top Memecoin for October | Credit: Hameem Sarwar
Key Takeaways
- Memecoins have been one of the best-performing categories in September.
- The upward trend accelerated further in the final week of the month.
- Which memecoins will resume their upward trends in October?
September has been a bullish month for the cryptocurrency market. Bitcoin (BTC) has increased by nearly 10%, and the number of altcoins has risen by double digits. Since Sept. 23, the momentum has shifted toward memecoins, with several growing nearly 20% in the past 24 hours.
Let’s examine the price movement for five specific memecoins that could maintain their momentum in October.
POPCAT Reaches All-Time High
The POPCAT price has increased rapidly since Aug. 5. Initially, the movement was contained inside a symmetrical triangle. However, POPCAT broke out from it on Sept. 12, also reclaiming the $0.65 horizontal area in the process.
Since then, the movement has been nearly parabolic, leading to a new all-time high of $1.09 on Sept. 26. Despite the extended increase, the RSI and MACD do not show any signs of weakness. They are both increasing, and neither has generated any bearish divergence.
Read More: Popcat Price Prediction 2024: POPCAT Price Analysis
The wave count suggests the movement inside the triangle was part of wave B in an A-B-C correction (white). If the count is accurate, POPCAT has started wave C. If it has the same length as wave A, the memecoin will reach a new all-time high of $1.45.
BONK Price Attempts Breakout
Since March, the BONK price has traded inside a symmetrical triangle pattern, which has been validated numerous times by the resistance and support trend lines.
More recently, BONK bounced at the triangle’s support trend line in September, beginning the current upward movement. A significant bullish divergence in the daily RSI and MACD preceded the increase. Afterward, the RSI moved above 50 while the MACD increased above 0.
While technical indicators have turned bullish, the price action is still somewhat lackluster. This is because BONK trades inside the $0.000023 horizontal resistance area, which has acted as both support and resistance for nearly a year.
Read More: BONK Price Prediction 2024: BONK Price Analysis
So, BONK must reclaim this horizontal level to confirm its bullish trend reversal. The positive indicator readings suggest this will be the case.
BRETT Price Clears Resistance
Since its all-time high of $0.195 on June 9, the BRETT price has fallen inside a descending parallel channel. The downward movement led to a low of $0.058 on Aug. 5. BRETT bounced afterward, validating both the channel’s support trend line and the $0.080 horizontal support area, creating a long lower wick.
On Sept. 26, BRETT finally broke out from the channel, indicating that the correction was over. Similar to BONK, bullish divergences preceded the BRETT price increase.
Read More: BRETT Price Prediction 2024: BRETT Price Analysis
Because of these positive readings, the BRETT price will likely move toward its all-time high of $0.165, an increase of 65% from the current price.
SUNDOG All-Time High
The SUNDOG price analysis shows a parabolic increase shortly after its launch on Aug. 16. The upward movement led to a high of $0.33 on Aug. 26.
While the price fell afterward, it began to increase alongside an ascending support trend line on Sept. 8. It created an ascending triangle with resistance at $0.36. The ascending triangle is considered a bullish pattern.
A breakout that travels the entire pattern’s height will take the SUNDOG price to $0.52, an increase of 51% measuring from the current price. Conversely, breaking down from the ascending support trend line and $0.30 horizontal support area will invalidate this bullish outlook.
BOME Concludes October Memecoins
Unlike the rest of the memecoins on the list, the BOME price has fallen since April, reaching a new all-time low of $0.0052 on Aug. 5. This caused a breakdown from the $0.0075 horizontal support area.
However, the price of BOME regained its footing. It created a double bottom pattern and reclaimed the horizontal area on Sept. 26, also breaking out from the descending resistance trend lien that had sloped the entire decline.
Read More: BOME Price Prediction 2024: BOME Price Analysis
The fact that bullish divergences preceded the reclaim and breakout further increases its legitimacy. If the increase continues, the next resistance at $0.015 will be 85% above the current price.
October Memecoins
POPCAT, BRETT, SUNDOG, BOME, and BONK are five memecoins that could increase significantly in October, carrying the momentum from September. POPCAT and SUNDOG could even reach new all-time highs during their increases.
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