Meme Coins on the rise: Gigachad and Lock-In hold strong

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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Gigachad:

Overview

Gigachad ($GIGA) has been a standout performer within the Solana meme coin sector, steadily climbing over recent months. Starting its rally in September from a market cap of approximately $100 million, Giga has demonstrated strong price action, characterised by continuous higher highs and higher lows.

This has solidified its position as a leading meme asset, showing resilience through various resistance levels as it scales.

Daily time frame analysis

• Market structure: Since initiating its rally from around $100 million in September, Giga has consistently maintained an upward trajectory. One of the initial major resistances was the $300 million market cap, which was decisively broken on the upside. However, this level did not act as a retest support; the price continued moving higher without revisiting it, highlighting strong upward momentum.
• Key support at $481 million: The next significant resistance was at the $481 million market cap. Once Giga surpassed this level, it eventually turned into a solid support zone, with the price consolidating above it for an extended period. This area has since become a dependable base for further upward movement, indicating buyers' commitment at this price level.
• Current price action: As of now, Giga is trading within the range of $481 million to $664 million, with $481 million acting as robust support. The $664 million market cap has been a resistance zone and, if broken, could lead to a retest of its previous high of around $861 million.
• Bullish trendline: Giga has followed a steady bullish trendline throughout its rally, which has provided consistent support along its path. Maintaining above this trendline will be critical for sustaining the bullish structure.

Potential scenarios

• Upside potential: If Giga breaks above the $664 million resistance, we could see a move toward its previous high of $861 million. A confirmed breakout above this level would indicate strength and open the potential for further exploration in price discovery.
• Downside risks: If the price fails to hold the $481 million support zone, the next area to watch would be around $300 million, though it was not previously tested as support. A breakdown from the trendline and significant support levels would signal a shift in momentum and could lead to a broader pullback.

Cryptonary's take

Giga continues to exhibit strong price action, supported by key levels and a well-established trendline. While meme coins are inherently volatile, Giga's consistent demand and support zones provide a favourable outlook. Investors should, however, remain cautious of its high volatility and consider broader market conditions when evaluating positions.

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Lock-in:

Overview

Lock-In has shown substantial growth recently, showcasing strong bullish momentum through higher highs and higher lows. Since October 1st, the token has experienced impressive swings, climbing from under $20 million to a peak of around $117 million market cap in mid-October. This rally reflects a solid interest in Lock-In, and the recent retracement may set the stage for further upward movement.

Daily time frame analysis

• Bullish swings: Lock-In initially surged by approximately 500% in early October, moving from under $20 million to around $94 million in market cap. After a brief pullback, the price rebounded sharply to reach $117 million, a significant jump of 240%.
• Support and resistance zones: Currently, Lock-In is trading at around $103 million, showing an attempt to hold support levels between $94 million and $85 million. These levels are essential for establishing a base and may act as strong footholds if the price maintains above them.
• Potential downside supports: Should the current support levels fail, Lock-In may revisit the $68 million zone, with $50 million acting as further downside support if needed.

4-Hour time frame analysis

• Bullish flag formation: On the 4-hour time frame, Lock-In recently broke out of a bullish flag that had been in play for over 15 days. This pattern suggested a consolidation phase, which ultimately led to a breakout, pushing Lock-In past the $68 million mark and later toward its recent high of $117 million.
• Current price action: Lock-In is trying to sustain above the $94 million mark. If this level holds as support, it could signal another potential leg up. Conversely, a dip below this zone might see Lock-In retracing towards the $68 million mark or even the $50 million support area if the broader market retraces.

Conclusion

Lock-In continues to display bullish characteristics, with solid support zones providing potential springboards for further upward movement. Should it maintain above the $94 million level, a continuation to the upside seems likely, setting up another potential rally.