The cryptocurrency market has had a difficult week, with most tokens experiencing a sharp decline due to increased volatility. Meme coins were no exception, and the decline has erased investors' profits.
BeInCrypto has analyzed three meme coins with high volatility. One of the coins recorded profits even in the midst of the downtrend.
GIGA
The price of GIGA has fallen 20% over the past 7 days, dropping to $0.012. The meme coin has slipped below the $0.013 barrier, struggling to maintain its upward momentum. This sharp decline has made investors cautious, and the price is currently under significant pressure in the market.
If the market conditions continue to deteriorate, GIGA could drop to the $0.009 support level. Such a decline would significantly increase investors' losses and further worsen market sentiment, delaying the recovery.
However, if GIGA can turn the $0.013 resistance into support, it could trigger a recovery to $0.018. Successfully breaking through this level would suggest that the altcoin could partially recover its recent losses and return to a positive price movement.
BRETT
The price of BRETT fell 15% last week, making it one of the worst-performing tokens during that period. It is currently trading at $0.0319, above the $0.0308 support level. Despite the decline, there is a possibility of a rebound if the market improves.
If the market conditions improve, BRETT can continue its recovery. The key target for the altcoin is $0.0327. If it successfully rebounds from the $0.0308 support level, it could trigger a price increase.
This could allow BRETT to partially recover its recent losses and potentially break through the current resistance.
However, if BRETT fails to maintain the $0.0308 support level, it risks dropping to the next support at $0.0276. This decline would invalidate the bullish outlook and extend the altcoin's losses. Failure to maintain key support could suggest additional downward pressure on BRETT.
CHEEMS
The CHEEMS price rose 7% last week, placing it among the top 50 meme coins. Despite the positive momentum, the token has failed to break through the $0.00000096 resistance level.
Remaining below this key barrier could limit further upward movements.
Currently, CHEEMS is attempting to break through the $0.00000096 resistance level and is hoping to surpass $0.00000100. If successful, the altcoin could reach $0.00000113, partially recovering its recent losses.
Sustained breakouts above this level would solidify the bullish outlook for meme coins.
However, if CHEEMS fails to break through the $0.00000096 resistance, it risks falling below the $0.00000088 support level. A drop below this level could push the altcoin down to $0.00000079, invalidating the bullish thesis and suggesting further downside risk.
