As bitcoin claws its way back to its all-time high, and the altcoins start to come out to play, there is no niche like the memecoins for making careful traders some large gains. $WIF, $WEN, and $HEMULE are among the top runners on Tuesday.
The crypto bull market is starting to move into fifth gear. Bitcoin threw off what the bears thought was a choke hold over the last couple of weeks, and has come back stronger than ever. When the new all-time high is achieved, this can be the signal for the altcoins to run even harder.
When altcoins are running, the niche to be in is probably the memecoins. Still looked down upon by many in the crypto sector, and probably causing absolute horror among the boomers with their 60/40 portfolios, tokens such as Dog Wif Hat (WIF), Wen (WEN), and Hemule (HEMULE) are the positions to be in.
$WIF is the crowd favourite
$WIF is still a relatively new token for the crypto market, but a $3.2 billion market cap, and being listed on most of the top crypto exchanges, make it a blue chip in the memecoin niche already.
Source: Coingecko/Trading View
$WIF broke out of the triangle pattern on Monday, and is up 16% since then. The price has met resistance at the 0.786 fibonacci, and so may come back to the 0.618 (2.95). That said, this is the token that seems to be one of the most popular for this bull run, so it could be expected to go a lot higher from here.
$WEN has good potential
Source: Coingecko/Trading View
From a cute dog to a cute cat - $WEN has a market cap of $285 million. A lot less than that of $WIF. Therefore, if enough hype can surround this token, it can potentially do better than $WIF.
The price has crashed through the resistance at $0.0003650, and it just remains for a weekly close above this level to flip it into support. If it weren’t for the extremely long wick in early March, that took the price all the way up to $0.000825, $WEN would shortly be into price discovery. As it goes, it might be expected that $WEN will eventually get back to that level and set a new all-time high.
Potential for large gains in $HEMULE
Source: Coingecko/Trading View
$HEMULE is certainly the baby of these three memecoins. Vitalik’s cat has a market cap of only $34 million, so if ethereum makes all-time highs, and $HEMULE his cat is still around, there is the potential for some very large gains in this token.
Perhaps because of its very small market cap, $HEMULE is only available for trading on one centralised exchange, which is Poloniex. Other than that, most liquidity is to be found on Uniswap.
It can be seen in the above weekly chart that $HEMULE has held support nicely at $0.02, and now the price is curling up and will look to break the trend line. When/if this happens, $HEMULE could be primed for much higher movement to the upside.
When trading cryptocurrencies such as memecoins, it is always good to bear in mind that there is nothing except air backing the vast majority of them. Where certain fundamentally strong altcoins might be held for an extended period of time, traders might look to make sure that they regularly take their profits on memecoins. Trade safely.
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.
