Altcoins are preparing for decisive movements this weekend. Some altcoins have seen significant increases this week and are now consolidating above key support levels. At the same time, other altcoins are approaching critical lows.
Therefore, BeInCrypto has analyzed three altcoins that investors should watch this weekend.
Memecore (M)
Memecore started the week around $1.60 and rose on March 25 to $2.53, after which the price sharply dropped to $1.74 on March 26. Since then, the token has recovered to $2.09, just above the 0.618 Fibonacci level at $2.02, indicated as the green horizontal line on the chart. That level has been tested twice since the breakout and held both times.
The correlation between Memecore and Bitcoin is now 0.00, whereas it was around 0.50 earlier this week. The trend points to negative figures. A negative correlation means that a rally in the Bitcoin price will not pull Memecore up – and may even work against Memecore. However, if the Bitcoin price falls, this could actually be favorable for the M price.
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The positive scenario remains in effect as long as M closes above the 0.618 level at $2.02 daily. A breakout above $2.29 targets the 1.236 at $2.45 and then the 1.5 extension at $2.63. A daily close below $2.00 and then the 0.5 level at $1.94 activates the negative scenario, with the path again open towards the 0.236 level at $1.76.
Banana for scale (BANANAS31)
Bananas31 started the week around $0.0093, moved sideways until March 19, after which the price broke out on March 21 and rose by 50.57% to $0.0138 on March 23. Since then, the price has consolidated between $0.0130 and $0.0161, above the 0.618 Fibonacci level at $0.0134 — the green line on the chart. The volume of 147.8 million confirms that the breakout was not a thin-market movement.
The MFI is at 71.22 and is approaching the overbought threshold of 80, but has not yet reached it. During the consolidation phase since March 23, the MFI has only slightly decreased from the peak of nearly 80, indicating that buying pressure has not yet been fully exhausted. The Fibonacci structure above the current price shows the 1.0 extension at $0.0161, the 1.236 at $0.0178, and the 1.5 at $0.0196 as the next upward targets.
The positive expectation remains valid as long as the price stays above the 0.618 level at $0.0134. A bounce from this support confirms that the consolidation is being concluded upwards and $0.0161 is the next target. The negative expectation follows with a close below $0.0125, the 0.5 Fibonacci level, after which the red zero line at $0.0090 acts as the last structural support floor.
Worldcoin (WLD)
Another altcoin to watch this weekend is Worldcoin, which started March around $0.406 and has since declined without any real recovery in almost every session since March 5. The marked measured movement on the chart shows a decrease of 30.32%, from the level of $0.395 to the current price of $0.2787. A second marked movement of 5.04% points to $0.2640, the all-time low.
The CMF has been in the red since early March and is now at -0.25, the lowest point on the chart. A CMF of -0.25 means that capital is flowing out faster and is not stabilizing. According to the Fibonacci extensions below the current price, the 1.5 level at $0.2972 has already been broken, with the 2.0 extension at $0.2483 as the next mathematical target below the all-time low. There are no indications on the chart that buyers are stepping in here.
The negative target is the all-time low at $0.2640. A daily closing price below this level opens up technical territory without historical support. For a positive scenario, a daily close above the 1.5 Fibonacci level at $0.2972 is needed. Above that, the 1.236 level at $0.3230 and the 1.0 level at $0.3461 come into view for recovery. This is only achievable if the CMF turns positive again.