The cryptocurrency market was relatively stable this week. Bitcoin remained safe without any sharp rises or falls. This also applied to meme coins, with low volatility allowing altcoins to find their direction.
BeInCrypto analyzed three meme coins that have taken different directions as market conditions improve.
TOSHI
TOSHI dropped 22% this week but remained above the critical support level of 0.000331. This resistance helped prevent further decline, but the continued downtrend put pressure on meme coins.
If the downtrend continues, TOSHI risks falling below the 0.000331 support level. This could drop to 0.000194. Such a decline could cause significant losses for investors and indicate a deeper market downturn.
If TOSHI rebounds from the 0.000331 support level, it could recover to 0.000420. Surpassing 0.000420 could see TOSHI rise to 0.000577. This suggests a potential rally and positive price movement indicating a shift in sentiment.
Peanut the Squirrel (PNUT)
PNUT dropped 4% over the past seven days, trading at 0.163. Unlike many altcoins, it showed neither significant rises nor sharp declines. The price movement remains relatively stable, reflecting the market's cautious sentiment towards meme coins.
PNUT may experience further decline and could test the support level of 0.152. Failing to maintain this level could see it drop to 0.137. This indicates increasing downward pressure, and PNUT may struggle to recover unless market conditions significantly improve.
However, if PNUT leverages a recovery and market sentiment improves, it could rise to $0.182. Successfully breaking this resistance would invalidate the current bearish outlook.
SPX6900 (SPX)
SPX showed outstanding performance this week, rising 26%. This altcoin is currently trading at 0.427, establishing itself as one of the top-performing tokens.
SPX is currently testing the 0.406 support level. Successfully maintaining this support could allow the altcoin to target 0.568. This would help recover losses from late February and push SPX onto a more stable and upward trajectory.
If SPX fails to maintain 0.406 as a support level, it could experience a sharp decline. Dropping to 0.250 would mark a five-month low. This would invalidate the bullish outlook and potentially weaken investor sentiment towards altcoins.
