Top Crypto Gainers: Meme coins FARTCOIN, WIF lead while Kaia surges with Won-pegged stablecoin pledge

Solana-based meme coins Fartcoin (FARTCOIN) and Dogwifhat (WIF) emerge as top gainers, posting double-digit price increases in the last 24 hours due to Monday's bright performance in the overall crypto market. Still, while the main crypto assets lose ground on Tuesday, both tokens are holding onto recent gains.

Fartcoin's advance can be attributed to the perpetuals listing on Coinbase International Exchange and Coinbase Advanced, starting on Thursday at 9:30 a.m. UTC, marking a bullish start for the meme coin to the week.

Meanwhile, Kaia (KAIA), a layer-1 ecosystem, surged 35% on Monday as Sangmin Seo, the chairman of Kaia Chain, announced intentions to integrate a Won-pegged stablecoin similar to USD-pegged USDT.

Fartcoin surges with perpetuals listing on Coinbase

Fartcoin began the week with an 18% jump on Monday, printing its third consecutive bullish candle and engulfing the 12% drop from May 30. At the time of writing, the meme coin trades at $1.24 with an intraday gain of almost 1%. 

The sudden surge in buying pressure is nearing a buy signal in the Moving Average Convergence/Divergence (MACD) indicator. Investors must look out for the blue line crossing above the red alongside a surge in bullish histograms from the zero line for a buy signal. 

Still, according to the Supertrend indicator, the breakdown of the rising channel in May led to a bearish trend. To reinstate an uptrend, Fartcoin must surpass the indicator line at $1.45, a potential buy signal for trend traders. 

With the increasing trend momentum, Fartcoin eyes the immediate resistance at $1.55, the highest closing price in May. 

FARTCOIN/USDT daily price chart. Source: Tradingview

On the flip side, closing below the $1 mark will nullify the reversal chances for Fartcoin. In such a case, a closing price below $1 could result in a plunge to $0.92 support, last tested on May 7.

WIF reclaims $1 with double bottom reversal

WIF, a Solana-based meme coin, reclaims the $1 psychological mark after a 15% jump on Monday. The meme coin trades at $1.029 with a Doji candle in making at press time on Tuesday. 

The meme coin breaks out of a double bottom pattern formed over the $0.786 support floor in the last two weeks as it exceeds the $1 neckline. Additionally, WIF presents a cup and handle pattern on the daily chart (see below), with a neckline at $1.185, the highest closing price since February. 

Similar to Fartcoin, the MACD indicator is closing towards a bullish crossover to trigger a buying opportunity for traders. However, investors must stay cautious and wait for a daily closing above the neckline. 

A potential push above $1.185 could prolong the recovery rally in Dogwifhat to $1.990, a peak formed on January 18, followed by the year-to-date high at $ 2.224. 

WIF/USDT daily price chart. Source: Tradingview

Conversely, a closing below the Supertrend indicator line moving along the $0.786 support level will nullify the bullish pattern. If so, investors could witness a steep correction to $0.521, the lowest price in May.

KAIA’s 35% jump ignites bullish trend

KAIA created a bullish engulfing candle on Monday, breaking a four-month-long sideways trend. The altcoin edges lower by more than 3% at press time on Tuesday, reflecting a brief relaxation as bulls take a breather.

The bullish candle also exceeds the 23.6% Fibonacci level at $0.1299, retraced from the all-time high at $0.4250 to the all-time low at $0.0901. For investors with an entry price below the 50% Fibonacci level at $0.1957, the meme coin remains undervalued. 

Such investors could boost the buying pressure to reach the halfway mark, as a potential profit booking spot. A closing above the $0.1957 could extend the recovery to the 61.8% Fibonacci level at $0.2350. 

KAIA/USDT daily price chart. Source: Tradingview

Conversely, a close below the 23.60% Fibonacci level at $0.1299 will nullify the chances of an uptrend.