Altcoins and memecoins that are pumping despite Bitcoin (BTC) woes
Release: 2024/05/09 20:56 Reading: 205
While Bitcoin struggles to maintain its position above $61,000, certain altcoins and memecoins are experiencing a surge in value. Near Protocol (NEAR), Thorchain (RUNE), Pepe (PEPE), and Trump (MAGA) are among those that are thriving.
When Bitcoin falters, altcoins typically underperform. However, there are often exceptions to this trend, and these outliers may signal the potential for a reversal in the market.
$NEAR up 65% since early April
Source: Coingecko/TradingView
Near Protocol (NEAR) has been on a steady upward trajectory since early April, gaining approximately 65% during this period. As illustrated in the chart above, NEAR is still below its previous highs reached during the last bull market. However, a breakthrough above the resistance level of $7.42 would be a significant milestone. Having recently established higher highs and lows on a shorter timeframe, a breakout from the triangle formation could coincide with a surge past this critical resistance.
$RUNE initiates its recovery
Source: Coingecko/TradingView
Thorchain (RUNE) appears to be in the early stages of a recovery after a significant correction of 61%. The RUNE price has recently broken through a downtrend line and is currently testing the key resistance level of $6. A breakout above this level could lead to short-term targets of $8.44 and $10.50. To establish a higher high and sustain the upward momentum, the local high of $11.40 would need to be surpassed.
$PEPE in a robust uptrend
Source: Coingecko/TradingView
PEPE has been on an upward trend since mid-April, generating a 110% return for its holders. The uptrend remains intact, and the price is currently attempting to break above the 0.618 Fibonacci level. The next target is the 0.786 Fibonacci level, which could potentially lead to a further increase towards the 1.618 Fibonacci level, representing a potential gain of almost 100%.
$MAGA experiences an 87% surge in four hours
Source: Coingecko/TradingView
Trump (MAGA) is a memecoin that has recently gained significant momentum. Following the announcement by Donald Trump that he would accept cryptocurrency donations for his presidential campaign, he has positioned himself in opposition to the current administration's anti-crypto stance.
This announcement may have been the catalyst for today's 87% spike in the price of MAGA. The price has since stabilized in the middle of its range and appears to be finding support at this level.
As the year progresses and the November presidential election approaches, MAGA is likely to experience significant volatility. If Trump's chances of winning appear promising, aspirational targets of $24 and $30 may become attainable.
Disclaimer: This article is provided for informational purposes only and should not be construed as legal, tax, investment, financial, or other advice.
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