OSAK Eclipses SPX With 20% Rally

Meme coins had a rough day as the broader market cues plunged into the bearish territory. However, one exception Osaka Protocol (OSAK) emerged as the best performing meme coins, posting a 19% rise.

BeInCrypto has analysed two other meme coins for the investors to watch and where they are heading.

SPX6900 (SPX)

• Launch Date – September 2023
• Total Circulating Supply – 930.99 Million SPX
• Maximum Supply – 1 Billion SPX
• Fully Diluted Valuation (FDV) – $1.08 Billion
• Contract Address – 0xe0f63a424a4439cbe457d80e4f4b51ad25b2c56c

SPX price is down 12% today, making it one of the worst-performing meme coins. Despite this, the altcoin managed to hold above the support level of $1.14. This resilience suggests a possible rebound if the support remains intact, although the current downward momentum is a concern for investors.

The Ichimoku Cloud indicator, which sits below the candlesticks, is signaling a potential bullish momentum for SPX. This technical pattern indicates the possibility of a bounce-back, enabling the meme coin to secure $1.25 as support. If this happens, SPX could rise to $1.42, marking a significant recovery from its recent lows.

However, if SPX fails to maintain the $1.14 support, the meme coin could fall to $0.98. This would invalidate the bullish thesis and result in further declines for SPX. 

Peanut The Squirrel (PNUT)

• Launch Date – November 2024
• Total Circulating Supply – 999.85 Million PNUT
• Maximum Supply – 999.85 Million PNUT
• Fully Diluted Valuation (FDV) – $217.1 Million
• Contract Address – 2qEHjDLDLbuBgRYvsxhc5D6uDWAivNFZGan56P1tpump

PNUT followed in SPX’s footsteps, experiencing a 7% decline today but still holding around the support of $0.219. Despite the drop, the altcoin has managed to maintain this crucial level. The ongoing volatility suggests that a rebound is possible if it can maintain this support moving forward.

The Parabolic SAR sitting below the candlesticks signals that the bullish momentum for PNUT is still intact. This technical pattern suggests a potential bounce-back, allowing the meme coin to rise back toward $0.260.

However, if the downward trend continues, PNUT could slip further on the daily chart. A break below the current support of $0.219 would lead the altcoin toward $0.182. Such a drop would extend the losses and invalidate the bullish outlook, signaling further challenges for PNUT’s price action.

Small Cap Corner – Osaka Protocol (OSAK)

• Launch Date – July 2023
• Total Circulating Supply – 761.45 Trillion OSAK
• Maximum Supply – 1 Quadrillion OSAK
• Fully Diluted Valuation (FDV) – $61.84 Million
• Contract Address – 0xa21af1050f7b26e0cff45ee51548254c41ed6b5c

OSAK has managed to defy bearish market cues, posting a 19% rise over the last 24 hours. As the top-performing meme coin today, it’s unexpected surge is drawing attention. The altcoin’s resilience amidst market uncertainty is already benefiting its 11,960 holders.

Currently trading at $0.0000000794, OSAK is holding above the crucial support of $0.0000000750. The meme coin is targeting $0.0000000965, which would mark a significant recovery of its June losses. If OSAK successfully crosses this barrier, it could see a sustained rally and attract further investments into the market.

However, should investors decide to cash in on OSAK’s recent rise, the coin could face selling pressure. A slip below the $0.0000000750 support would bring OSAK to the next level of support at $0.0000000600, potentially invalidating the bullish outlook. The price action will depend heavily on investor sentiment and broader market conditions.