Trick or Treat: Exploring the Scariest Memecoin Charts of 2024

Key Takeaways

• MOODENG’s triangle hints at either a breakout or a sharp drop.
• POPCAT’s bearish divergence suggests a potential reversal looms.
• SPX’s ascending triangle breakdown indicates a possible 30% decline.

As Halloween approaches, it’s not just ghosts and goblins frightening traders—some of the year’s spookiest sights are in the memecoin market! In this post, we’ll dive into the scariest memecoin charts of 2024, where wild price swings and bone-chilling volatility are haunting portfolios. Prepare yourself for a look at the tricks and rare treats lurking in these charts!

MOODENG’S 270% Spike 

After reaching its all-time high of $0.35 in September, the price of MOODENG entered a prolonged bearish phase, resulting in an 81% drop to a low of  $0.061 on Oct. 23. 

A new bullish phase began, suggesting the completion of a WXY three-wave correction.

MOODENG spiked from $0.074 to $0.25 on October 25, gaining around 270%. It climbed slowly to a higher high of $0.27 before facing resistance.

Following a 30% pullback to $0.18, MOODENG rebounded to $0.24 by Oct. 30, forming a symmetrical triangle that could signal a bull flag.

However, symmetrical triangles indicate balanced pressure on both sides, so further declines remain possible.

This triangle marks another consolidation phase before its next major move. Considering the recent volatility, it could either continue the strong uptrend to a new all-time high or sharply drop.

POPCAT’s New All-Time High 

By Aug. 5, POPCAT had dropped 73.85%, reaching a low of $0.26, where it met an ascending support level.

The daily Relative Strength Index (RSI) hit an oversold level of 34%, but the price quickly rebounded, beginning an uptrend that lifted it to $0.80 by Aug. 25.

Following the steep drop, these highs suggested a corrective upward movement, with the price holding above descending resistance during a pullback.

Strong upward momentum from Sept. 6 marked the start of a new bull phase, and POPCAT reached a new all-time high of $1.74 on Oct. 29.

We have seen a bearish divergence between the daily chart RSI, which was in a downtrend, and the price action climbing from Oct. 6. This is usually an early sign of a reversal, and with the price making a wick on the daily candle, it appears resistance was reached.

These factors could hint at a sharp reversal next, with the price losing 10%. If this happens, POPCAT could continue its downfall, reverting to the ascending resistance, which would be another 20% drop from the current levels. 

SPX Fails to Exceed All-Time High 

SPX began trading around $0.10 on Sept. 30, gradually gaining momentum to hit $0.330 by Oct. 3 before dipping back to $0.20.

After consolidating sideways until Oct. 6, SPX entered its first significant uptrend, reaching a high of $0.718 on Oct. 9, marking a 244% increase from its Oct. 6 low. 

As momentum slowed, the price dropped to $0.46 before spiking to an all-time high of $1.20 on Oct. 10. Although the spike quickly reversed, another push brought SPX to $1, where it encountered resistance.

Buyers have continued to apply gradual pressure, forming a slight uptrend, while sellers have held strong at $1, creating an ascending flat triangle.

On Oct. 29, SPX made its third interaction with the horizontal resistance at $1 and started reversing. As it did so, a breakout below ascending support confirmed the bearish outlook.

Now, SPX has more downside potential ahead of time, which could lead to a 30% price depreciation.