The memecoin cycle isn't over yet! KISHU, SAITAMA or BABYDOGE - which one will outperform the others? Read more to find out!
Due to Dogecoin’s monster rise, dog-themed coins have become a prevalent category of crypto in the market over the past year. Many market participants have been searching for new and potential memecoins to long. Baby Doge Coin (BABYDOGE), Kishu Inu (KISHU), and Saitama (SAITAMA) are the latest coins to have captured investors' interests. The market is at a decision point, with war fears significantly affecting the Bitcoin (BTC) price. Memecoins are higher beta assets in comparison to BTC, so will therefore react to BTC price action. Caution is advised, however, if BTC finds a bottom then they could be a great play. Let’s jump onto the charts and see how these three coins look!
BABYDOGE/USDT on a 1-Day Chart
BABYDOGE has lost 0.000000003646 as support. This level has since flipped into resistance. Price will move test the support at 0.000000002976. Ideally, the price will bounce at this level allowing it to test that resistance again. As mentioned above, the current BTC price action will dictate the direction of BABYDOGE. If you are bullish on BTC, buying the higher beta BABYDOGE would be a good play. If the price can reclaim 0.000000003646, it is probable that it will test the 0.00000000500 supply zone.
As can be seen on the chart, the volume on that upside move was massive. This either indicates that big buyers are accumulating, or that smart money sold into that pump. The price is unfortunately in a 1-day downtrend and needs to break 0.000000003837 to make an uptrend.
KISHU/USDT on a 1-Day Chart
KISHU is likely to move into a demand zone after breaking down from 0.000000001643. If it can reclaim the previous support, then a move to 0.000000002500 could happen.
KISHU bulls want to see the price hold within this demand area. This is because, if the price breaks down from the bullish order block at 0.000000001211, all-time lows are in play.
The price is in a significant downtrend at the moment, therefore it is not logical to be bullish on it. If it can break 0.000000002, it will form a bullish market structure potentially catapulting it higher.
SAITAMA/USDT on a 1-Day Chart
SAITAMA is currently consolidating between a supply and demand zone. The price seems as if it could be accumulating here. However, if the price loses the 0.0000000178 demand zone, it will likely visit 0.00000000088, which is more than a 46% downside move. This is a must hold level for bulls.
As stated for KISHU, it is much better to wait for the price to show where it wants to go. SAITAMA is also in a 1-day downtrend. There is no need to bid just yet. It is better to wait for the market to become stronger. The decreasing volume shows less interest in the token from investors.
The price action is not particularly bullish, however comparing these coins to each other will give a good outlook on which one will outperform, therefore making the decision on what memecoin to hold easier.
BABYDOGE/KISHU on a 1-Day Chart
BABYDOGE/KISHU is in a 1-day uptrend. This, therefore, means that BABYDOGE is likely to outperform for the foreseeable future. If the price can hold the demand zone, it looks like it could test all-time highs.
As can be seen, there was a clear rejection at the last test of all-time highs. If the price can flip that supply zone, it will have the momentum to have another leg into price discovery. However, holding the 2.5 area is not advised. Covering and buying back above would be the best play.
If the price breaks below 1.74, it will likely test a lot lower, this would therefore favor KISHU bulls.
SAITAMA/BABYDOGE on a 1-Day Chart
The price is consolidating at demand and range lows. Providing it can hold this level, the next stop is the supply zone at $9. It can, therefore, be inferred that SAITAMA will outperform BABYDOGE for the foreseeable future, however, if the price does lose this demand zone, then it will move to all-time lows.
If SAITAMA bulls can get the price above the supply zone, $14.5 is the next stop since there is a very limited price history on the pair that could provide resistance.
SAITAMA/KISHU on a 1-Day Chart
Although the price has been in a significant downtrend, which shows that KISHU has been consistently outperforming SAITAMA, the price action has flattened out, therefore a move into the demand zone at 15 would be possible. This is after the price has tested the 7.6 demand zone and bounced off perfectly. This shows that SAITAMA bulls are still around to accumulate. If this demand zone cannot hold price, then it is likely it will move to 4 next.
In conclusion, we can derive that BABYDOGE and SAITAMA look the best out of the three memecoins. KISHU does not look bullish relative to the two so therefore it is not advised to hold it. The SAITAMA/BABYDOE chart favours SAITAMA. Consequently, we can infer that it is the most bullish coin to hold out of the three.
Summary
- BABYDOGE lost 0.000000003646 support, flipping this to resistance. The price will test the support at 0.000000002976. Providing support holds it will likely test this resistance again.
- KISHU is in a significant downtrend at the moment, therefore, it is hard to be bullish on it. If it breaks 0.000000002, the token will form a bullish market structure.
- SAITAMA is currently consolidating between a supply and demand zone. It is possible that the price is being accumulated here.
- After comparing the memecoins to each other, we can derive that SAITAMA looks like the best memecoin to hold out of the three.
- Caution is advised for buyers as BTC is at a big decision point with lots of fundamental news from the USA economy and Russian war scares.
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