Altcoins are preparing for a decisive movement this weekend, while some altcoins have significantly surged this week and are now standing above key support levels. At the same time, other altcoins are approaching critical lows.
For this reason, BeInCrypto has analyzed three altcoins that investors should keep an eye on this weekend.
Memecore (M)
Memecore opened the week around USD1.60 and surged to USD2.53 on March 25, before dropping sharply to USD1.74 on March 26. The token then recovered to USD2.09, which is above the Fibonacci 0.618 level at USD2.02, which is the green horizontal line on the chart. This level has been tested twice after the breakout and has held both times.
The correlation that Memecore has to Bitcoin is currently at 0.00, down from 0.50 earlier in the week. The trend is heading towards negative values, which, if so, an increase in Bitcoin will no longer positively affect Memecore and may even contradict the price direction of M. Conversely, if the price of Bitcoin decreases, it will benefit the price of M.
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The bullish case will remain as long as M closes daily above the 0.618 level at USD2.02. If the price moves above USD2.29, there will be a target at 1.236 at USD2.45 and then to extend level 1.5 at USD2.63. A downtrend will occur if it closes daily below USD2.00, and next at level 0.5 at USD1.94, which will open the way back to level 0.236 at USD1.76.
Banana For Scale (BANANAS31)
Bananas31 opened the week at approximately USD0.0093 with prices moving sideways until March 19, before breaking out on March 21 and soaring 50.57% to USD0.0138 on March 23. The price then stayed within the range of USD0.0130 to USD0.0161, which remains above Fibonacci 0.618 at USD0.0134 — the green line in the chart, while the volume of 147.8 million confirms that the breakout was not just a light market movement.
MFI is at 71.22, which is approaching level 80, considered overbought, but not there yet. Throughout the swing since March 23, MFI has only slightly decreased from a peak near 80, indicating that buying pressure is not fully exhausted. The Fibonacci structure above the current price shows that level 1.0 is at USD0.0161, level 1.236 is at USD0.0178, and level 1.5 is at USD0.0196, which are upward targets respectively.
The uptrend remains as long as the price stays above the 0.618 level at USD0.0134. A bounce from this support will confirm that the swing is over with the next target moving up to USD0.0161. The downtrend will be canceled if the price closes below USD0.0125, which is the Fibonacci 0.5 level, after which the red zero line at USD0.0090 will be the final support structurally.
Worldcoin (WLD)
Another altcoin to watch this weekend is Worldcoin, which entered March near USD0.406 and has dropped without a significant recovery during every period since March 5. The chart shows a measurable movement, having decreased by 30.32% from USD0.395 to the current price of USD0.2787. Another set of movements displayed on the chart, which decreased by 5.04%, is likely to reach USD0.2640, which is the all-time low.
The CMF value has been negative since the beginning of March and is currently at -0.25, which is the lowest on the chart. A CMF value of -0.25 means that capital is flowing out faster and there is no supporting pressure. The Fibonacci level below the current price, level 1.5 at USD0.2972 has already been breached, and the next target according to the math is Fibonacci 2.0 at USD0.2483, which is below the all-time low. There are no signals on this chart indicating that buying pressure is coming in at this price level.
The downside target is the all-time low at USD0.2640; if it closes daily below this, it will enter a technical zone with no historical support as a reference point. However, the failure of the uptrend will only be confirmed if the price closes daily back above Fibonacci 1.5 at USD0.2972. After that, level 1.236 at USD0.3230, including level 1.0 at USD0.3461, will become the price recovery range, but both levels cannot occur if the CMF has not turned positive first.