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The week so far has seen a significant uptick in the meme coin market. However, most of this rally has been led by tokens inspired by human entities.Â
The top three meme assets with the most growth in the past seven days are MAGA Again (MAGAA), Mother Iggy (IGGY), and Catwifhat (CAT).
MAGA Again is closely linked to the MAGA meme coin, a token associated with the Republican presidential candidate Donald Trump and his political slogan, âMake America Great Again.â
MAGAAâs value has soared over 500% this week, making it the top-performing meme coin of the last seven days. This surge is driven by anticipation of the upcoming Bitcoin 2024 Conference this weekend, where Trump is expected to speak.
However, this surge might be shortlived, as an actual demand does not back the rally for the meme coin. This is based on readings from the tokenâs Chaikin Money Flow (CMF). At press time, MAGAAâs CMF is below the zero line at -0.37.
This indicates that while MAGAAâs price climbed, its CMF trended downward, creating a bearish divergence.Â
An assetâs price and CMF create a bearish divergence when its value reaches higher highs, but the indicator forms lower highs. This difference suggests that while the price rises, the underlying buying pressure is weak. It is a bearish signal that hints at a potential price correction.Â
If MAGAA begins to reverse, its price may fall to $0.026.
MAGAA Analysis. Source:Â TradingView
However, if it manages to keep growing, the tokenâs price may extend to$0.031.
Iggy Azaleaâs Mother Iggy (MOTHER) meme coin has seen its price rise 138% during the week in review. As of this writing, the meme coin trades at $0.070.
The tokenâs price uptick has pushed it above its 20-day exponential moving average (EMA) and toward its 50-day small moving average (SMA).
An assetâs 20-day EMA measures its average price of an asset over the past 20 trading days. The 50-day SMA, on the other hand, calculates its average closing price over the past 50 days.
When an assetâs price trades above its 20-day EMA, it means the short-term momentum is strong. It confirms that buying pressure currently outweighs selling pressure. As it heads toward the 50-day SMA, it hints at the possibility of a sustained rally in the long term.Â
If MOTHER maintains this trend, its price will climb to $0.082.
Read more:Â 11 Top Solana Meme Coins to Watch in June 2024
MOTHER Analysis. Source:Â TradingView
However, profit-taking activity may push the meme coinâs price to $0.027.
Based on the leading Solana-based meme coin Dogwifhat (WIF), Catwifhat (CWIF) has seen its value rise by 133% in the past seven days. At press time, the cat-themed meme coin trades at $0.0000012.
Its price rally this week has led it to form an ascending channel on a daily chart. This channel is formed when an assetâs price moves between two upward-sloping parallel lines. It is regarded as a bullish sign.
CWIFâs positive Chaikin Money Flow (CMF) indicates that the rally will continue. This indicator measures how money flows into and out of an asset. At 0.06 at press time, CWIFâs CMF signals liquidity inflow into the memecoinâs market.
Read more:Â 7 Hot Meme Coins and Altcoins that are Trending in 2024
CWIF Analysis. Source:Â TradingView
If inflow persists, the tokenâs value will climb to $0.0000012.
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