While bitcoin struggles to stay above water at $61,000, there are certain altcoins and memecoins that are pumping. Near Protocol (NEAR), Thorchain (RUNE), Pepe (PEPE), and Trump (MAGA) are among those that are flourishing.
When bitcoin is languishing, the altcoins are generally performing a lot worse. Nevertheless, there are often a few altcoins that buck the trend, and as outliers, they may augur the beginnings of a reversal to come.
$NEAR up 65% since early April
Source: Coingecko/TradingView
Near Protocol $NEAR has been rallying since early April, and is up around 65% since this time. As can be seen in the chart above, $NEAR is a long way from the highs it achieved in the last bull market. That said, a break above the resistance at $7.42 would be a major milestone. Having just made a higher high, and a higher low in the shorter time frame, a break of the triangle could coincide with a break of that important resistance.
$RUNE begins its comeback
Source: Coingecko/TradingView
Thorchain (RUNE) looks to have just begun its comeback after a large 61% correction. The $RUNE price has just broken through the trend line and is currently at the major $6 resistance level. A break up here could see $RUNE go to shorter term targets of $8.44 and $10.50. The local high at $11.40 would also need to be surpassed in order to make a higher high and continue the upwards move.
$PEPE in strong uptrend
Source: Coingecko/TradingView
$PEPE has been in an uptrend since mid-April, managing to produce a 110% return to holders since that time. The uptrend is very much intact, and the price is currently attempting to get above the 0.618 fibonacci level. The 0.786 fibonacci is next, and the price can then look at increasing to the 1.618, which would be an almost 100% gain from here.
$MAGA sees 87% spike to upside in space of 4 hours
Source: Coingecko/TradingView
Trump (MAGA) is a memecoin on a mission right now. With its namesake Donald Trump announcing that he would accept cryptocurrency donations to his presidential campaign, he has made it clear that he is taking the opposite side to the Biden administration, which is patently anti-crypto.
This announcement may have been the impetus behind today’s 87% spike in the price of $MAGA. The price has since settled back at the middle of the range and looks as though it might find support here.
As the year unfolds, and the presidential election in November draws nearer, expect $MAGA to experience a lot of volatility. If Trump does look as though he might win again, aspirational targets of $24 and $30 might not be out of reach.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
