This Week in Meme Coins: SPX Rallies 22% While Toshi, PNUT Suffer Losses

The crypto market had a rather stable week, with the leader, Bitcoin, safe from witnessing any sharp rise or fall. This extended to the meme coins as well, with the lack of volatility resulting in altcoins taking a direction.

BeInCrypto has analyzed three meme coins that took different directions as the market conditions improved.

Toshi (TOSHI)

TOSHI saw a 22% decline this week, but it managed to hold above the critical support level of $0.000331. This resistance has helped prevent further downside, though the ongoing bearish trend has put the meme coin under pressure.

If the bearish momentum continues, TOSHI risks falling below the $0.000331 support, potentially hitting $0.000194. A drop to this level would result in significant losses for investors and may signal deeper bearish sentiment in the market.

Should TOSHI manage to bounce off the $0.000331 support, a recovery toward $0.000420 is likely. A breach above $0.000420 could propel TOSHI towards $0.000577, indicating a potential rally. This positive price action would mark a shift in sentiment.

Peanut The Squirrel (PNUT)

PNUT has experienced minimal price movement, slipping by 4% over the last seven days to trade at $0.163. Unlike many altcoins, it neither saw a significant surge nor a sharp decline. The price action has remained relatively stable, reflecting the market’s cautious sentiment toward the meme coin.

There is a chance that PNUT could face further declines, potentially testing the support level at $0.152. If the price fails to hold this level, it could fall to $0.137. This would signal increased bearish pressure, making it difficult for PNUT to recover unless market conditions improve substantially.

However, if PNUT capitalizes on a recovery and benefits from an improving market sentiment, it could rise to $0.182. A successful breach of this resistance would invalidate the current bearish outlook.

SPX6900 (SPX)

SPX has performed exceptionally well this week, registering a 26% gain. The altcoin is trading at $0.427 at the time of writing, positioning itself as one of the top-performing tokens.

SPX is currently testing the $0.406 support level. If successful in holding this support, the altcoin could see further upside, targeting $0.568. This would help recover losses sustained toward the end of February, pushing SPX toward a more stable and upward trajectory in the coming weeks.

If SPX fails to maintain $0.406 as support, it could face a sharp decline. Falling to $0.250 would mark a significant drop, reaching a five-month low. This would invalidate the bullish outlook and potentially dampen investor sentiment for the altcoin moving forward.