Memecoins
Confirmed chart pattern indicates 3 Memecoins are poised for bullish breakouts in May: $PEPE, $BONK, and $GFOX
The early days of this bull market undoubtedly belong to memecoinwith the likes of BONK, Shib, Pepe AND Floki overcoming $BTC and most other altcoins make money by a wide margin. The memes remained at fever pitch until March of this year, when they suddenly flattened out as the market could no longer sustain its momentum.
But while it may seem like memes have lost their appeal, the reality is that those with lasting power have entered a much-needed accumulation zone – which if you zoom in on the technical charts a bit, looks like a flat line 3 long months.
Recently, however, signs have emerged that something is brewing just beneath the surface, and that a bullish breakout may be imminent. Like the rumblings before an earthquake, the “head and shoulders inverted” Models indicate big price movement for 3 major memecoins: Pepe, Bonk and $GFOX.
Let’s take a deeper look at why these three coins are the best cryptocurrency to buy in May.
$GFOX – GameFi utility meme with huge untapped potential
One of the clear trends of the 2023/24 bull market is that newer, small-cap coins are where the action is. While $BTC remains the barometer of the overall market direction, it is the recently launched small-cap projects that really see the big moves, especially in the memecoin sector. When $BTC pumps, low limit memes pump exponentially harder. This makes newcomer $GFOX perfectly poised to skyrocket once $BTC confirms its next breakout phase.
Combined with GameFi, NFTs, and staking utility, plus robust tokenomics, $GFOX is basically a rocket with a lit fuse. When this coin takes off, it will likely move fast and furiously higher, catching stocks that will act as a positive feedback loop, pushing it even higher – with potential gains of 100X or more. But the time to seize the opportunity is now, before the hype takes over.
The integration of a web3 game with a similar memecoin Galactic Fox offers a new perspective on the crypto gaming space, giving it a unique narrative in an industry drowning in cheap counterfeit coins with zero utility. Combining memecoin culture with an authentic gaming experience powered by blockchain technology, Galaxy Fox has already proven itself as a serious contender with a successful ICO pre-sale ahead of its launch on Uniswap, raising over $6 million.
$PEPE Inverted head and shoulders pattern emerges on the daily chart
One of the most notable signs that a memecoin reversal is approaching is the confirmed formation of an inverted head and shoulders pattern on the daily charts for both $PEPE and $BONK. An inverted version of one of the most accurate trading signals in technical analysis, the inverted head and shoulders pattern is now clearly visible on technical charts.
The model has an impressive historical accuracy rate of 85%. This, coupled with colder CPI inflation data, signaling possible rate cuts in the near future, could be the perfect catalyst for the start of another meme season. The other wild card is the return of GameStop legend Roaring kitten, which has renewed interest in meme-related stocks and cryptocurrencies.
After three months of consolidation, the emergence of this pattern has certainly put memecoins back on the radars of risk-taking traders looking for the kind of returns only memes can achieve. The long period of consolidation has created a strong price support level, creating solid support for the price as $PEPE is likely to soon surpass its previous ATH of $0.0001151, set on May 15, and head towards the price discovery.
The $BONK pattern targets the 100% upside target.
A very similar pattern is also observed in the charts of $BONK, which was the best cryptocurrency to buy in the latter part of 2023, recording crazy gains that helped catapult Solana in the world’s hottest blockchain and has rewarded $SOL holders with triple-digit earnings. $BONK peaked on March 5, 2024, then plummeted a whopping 72% before bottoming in mid-April. Since then, $BONK has staged an impressive comeback, showing lasting interest in the project. Now he seems ready to take the next step as the meme industry shows signs of recovery.
Conclusion
When the next memecoin move arrives, it is likely to happen quickly, so investors looking to anticipate the next phase of memecoin mania should take note and be ready. Coins such as $PEPE, $BONK and $GFOX are now in heavy accumulation zones, so investors should start dollar-cost averaging (DCA) and carefully watch support levels for any confirmation of a breakout. Once the move is confirmed, heavy buying is suggested in the initial stages, as the price is likely to move extremely fast. $GFOX is now trading on Uniswap. For more information, see the links below.
Find out more about $GFOX here:
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