The meme coin market has been steadily recovering over the past few weeks. As of June 23, 2024, the total market capitalization of meme coins has grown by over 13%, reflecting a gradual upward trend. Bonk.Fun, a platform based on Solana, allows anyone to create and trade meme tokens and has recently gained significant attention. Some meme coins in its ecosystem have seen notable increases over the past week, making them coins to watch in the new trading cycle.
USELESS
The daily chart for USELESS/USD shows that this meme coin has been setting new highs every day since June 5, 2024. Currently trading at $0.29, USELESS has increased in price by over 740% in the past month. The continuously rising Chaikin Money Flow (CMF) indicator confirms that USELESS's price increase is supported by significant buying pressure. This momentum indicator measuring asset fund inflows and outflows is currently at 0.13 and continues to rise. Such a positive CMF indicates strong market buying pressure. If buying activity persists, USELESS may return to its all-time high of $0.305.
Conversely, if profit-taking increases, the token's price could drop to $0.234.
HOSICO
HOSICO is another meme coin in the BONK ecosystem worth watching this week. It has risen 135% over the past week and is currently trading at $0.067. Despite broader market adjustments, HOSICO has still increased by 16% in the past 24 hours. Notably, this Altcoin briefly touched its all-time high of $0.069 today.
Currently, its daily trading volume has grown 30%, reaching $12 million. When an asset's price and trading volume increase simultaneously, it indicates strong market interest and increased trading activity. Price increases accompanied by high trading volume suggest the upward trend is supported by actual demand. This combination signals HOSICO's market strength and could potentially drive its price to new highs in the near term. If token accumulation continues, HOSICO's price might return to and break through its historical high.
However, if demand decreases, this meme coin's price could fall to $0.055.
LetsBONK
LetsBONK has risen 239% over the past seven days, becoming one of the most notable meme coins in the BONK ecosystem. At the time of writing, its Aroon upline is 100%. This means its upward trend is strong and not driven by speculative trading. The asset's Aroon indicator measures trend strength and direction by tracking time between recent highs and lows. It includes two lines: the Aroon upline, which measures upward momentum, and the Aroon downline, which tracks downward pressure. Like LetsBONK, when the Aroon upline reaches 100%, the asset has recently reached new highs, indicating strong upward momentum. If demand remains strong, LetsBONK's price could reach $0.127 and attempt to break through this level.
Conversely, if demand decreases, the token's price could drop to $0.084.
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