The crypto market had a rough start to this week but the meme coins did not budge in their pursuit of growth. Led by Osaka Protocol (OSAK), the joke tokens have risen by 4.5% today, worth over $75.51 billion.
Thus, BeInCrypto has analysed two other meme coins, OSAK and others, for investors to watch.
SPX price has surged by 21.75% over the last 24 hours, reaching a new all-time high (ATH) of $1.84. At the time of writing, SPX is trading at $1.83, showing promising signs of further upward movement. The meme coin’s strong performance reflects growing investor interest and market optimism.
The Ichimoku Cloud, which lies beneath the candlesticks, signals that bullish momentum is currently prevailing for SPX. This technical indicator suggests that the altcoin could continue its ascent, potentially breaching the $2.00 level in the near future. If the trend persists, SPX could set new price milestones.
However, if SPX experiences significant selling pressure from investors, the altcoin could face a correction. A drop below $1.55 would indicate a shift in momentum and potentially erase some of the recent gains. A failure to maintain key support levels could lead to further downside risks.
OSAK price surged 50.7%, reaching $0.0000001976, a 6-month high, and is currently facing resistance at $0.0000002101. The meme coin’s strong performance this month has been beneficial to investors, as July continues to provide profitable returns. OSAK’s momentum signals a continued uptrend with sustained investor support.
The 50-day EMA is showing an upward trajectory and could soon cross above the 200-day EMA, forming a Golden Cross. This technical indicator suggests strong bullish potential for OSAK, pushing it toward $0.0000002340. For this positive outcome, continued investor participation and support are crucial to maintaining upward momentum.
However, should investor sentiment shift, OSAK could experience a decline. A significant sell-off could lead to a drop below $0.0000001646, with the potential to fall further to $0.0000001349. This would invalidate the meme coin’s bullish outlook and shift the market sentiment to a more cautious stance.
CULT, one of the top-performing meme coins today, rose by 47.6%, reaching $0.0010. This marks a 2-month high, and the token is close to breaking the $0.0011 resistance level. The price surge reflects strong market interest, positioning CULT for further gains if the momentum continues.
The Parabolic SAR indicator, situated below the candlesticks, suggests that the uptrend for CULT is likely to continue. If CULT breaches the $0.0011 resistance, it could quickly rise to $0.0012, marking a 4-month high. This positive technical setup signals potential for sustained growth in the short term.
However, caution is advised as one address holds over 57% of CULT’s circulating supply. This centralization raises concerns about the token’s vulnerability to large price swings, especially if the holder decides to cash out. A sudden sell-off could lead to a significant price drop, undermining the current bullish outlook.
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