Original Title: 3 Notable Meme Coins in the Bonk Ecosystem This Week
Original Source: BeInCrypto
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 increased by over 13%, reflecting a gradual growth trend. Bonk.Fun is a Solana-based platform that allows anyone to create and trade meme tokens, which has recently gained significant attention. Some meme coins in its ecosystem have seen significant increases over the past week, making them noteworthy coins in the new trading week.
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 seen a price increase of over 740% in the past month. The continuously rising Chaikin Money Flow (CMF) indicator confirms that the price increase of USELESS is supported by significant buying pressure. This momentum indicator, which measures the inflow and outflow of funds in an asset, is currently at 0.13 and continues to rise. Such a positive CMF indicates strong market buying pressure. If buying activity continues, USELESS may return to its all-time high of $0.305.
USELESS Price Analysis. Source: TradingView
Conversely, if profit-taking increases, the token price may drop to $0.234.
HOSICO
HOSICO is another meme coin in the BONK ecosystem that is worth watching this week. It has risen 135% over the past week and is currently trading at $0.067. Despite the broader market adjusting, HOSICO has still increased by 16% in the past 24 hours. Notably, this altcoin briefly reached an all-time high of $0.069 today.
Currently, its daily trading volume has increased by 30%, reaching $12 million. When both the price and trading volume of an asset rise simultaneously, it indicates strong market interest and increased trading activity. A price increase accompanied by high trading volume means that the upward trend is supported by actual demand. This combination signals HOSICO's market strength, which may drive its price to new highs in the near future. If token accumulation continues, HOSICO's price may return to and break through its all-time high.
HOSICO Price Analysis. Source: TradingView
However, if demand decreases, the price of this meme coin may fall to $0.055.
LetsBONK
LetsBONK has risen 239% in the past seven days, making it one of the most noteworthy meme coins in the BONK ecosystem. At the time of writing, its Aroon Up line is at 100%. This indicates that its upward trend is strong and not driven by speculative trading. The Aroon indicator measures the strength and direction of a trend by tracking the time between the highest and lowest prices over a specific period. It includes two lines: the Aroon Up line, which measures upward momentum; and the Aroon Down line, which tracks downward pressure. Similar to LetsBONK, when the Aroon Up line reaches 100%, it indicates that the asset has recently reached a new high, suggesting strong upward momentum. If demand remains strong, the price of LetsBONK may reach $0.127 and attempt to break through that level.
LetsBONK Price Analysis. Source: TradingView
Conversely, if demand decreases, the token price may drop to $0.084.
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