Memecoins have always been fascinating, with different tokens gaining strength every new day as the top 2 DOGE & SHIB maintain an ascending consolidation. The traders have shifted their focus to these tokens rather than the top ones, as the volume of these tokens is constantly rising comparatively. Meanwhile, two memecoins, Popcat (POPCAT) & Baby Doge Coin (1MBABYDOGE), demonstrate huge potential for triggering a massive run.
Will this trigger a fine bull run within the markets? Can memecoin rally push the BTC price towards a new ATH?
Popcat (POPCAT) Eyes 25% Upswing But Needs to Clear These Barriers
The Popcat (POPCAT) price has displayed massive strength in the past few months and surged by over 24,000%. Although the price is facing some bearish action, it remains within the bullish range and aims to trigger another 30% upswing. However, to do so, the price is required to clear some pivotal resistance, which may push the POPCAT price above $1.
As seen in the above chart, the POPCAT price is trading within an expanding rising channel, which is considered extremely bullish. The latest rise has flipped the Gaussian channel into bullish but the RSI has reached the upper threshold. However, even in case of a pullback, the ascending support may offer a base to trigger a rebound. Unfortunately, the volume remains restricted within the lower range, which may be a matter of concern.
Therefore, the POPCAT price is required to enter and break above the crucial resistance zone between $0.91 and $0.93, beyond which the bulls may push the prices above $1, forming a new ATH.
Baby Doge Coin (1MBABYDOGE) Consolidates Before Next Run
Baby Doge coin is facing huge bearish activity after undergoing a massive run during the past weekend. The price remains above the gains, suggesting the possibility of reviving a strong rise after a small consolidation. Interestingly, the traders are pouring in massive liquidity onto the token and hence the memecoin is expected to form new yearly highs soon.
The 1MBABYDOGE price remains stuck within a rising parallel channel and has dropped below the average bands following an increase in selling pressure. The volume has also consolidated, which points towards a potential pullback. However, it appears to be just another relaxation, as the memecoin seems to be preparing for the next upswing. The StochRSI has reached the lower threshold and preparing for a rebound, while the RSI trades below the descending resistance.
Hence, the Baby Doge Coin is believed to test the local support zone between $0.002 & $0.00207 and trigger a strong rebound to reclaim the lost resistance. In case of a failed attempt, the horizontal support at $0.001932 may hold the rally, preventing excess price drain.
