Meme coins faced a challenging day as the broader cryptocurrency market entered a bearish phase. Despite the overall downturn, one meme coin, Osaka Protocol (OSAK), stood out as the top performer, recording a 19% increase in value over the past 24 hours. This unexpected surge has drawn attention from investors and traders alike, highlighting its resilience amid market uncertainty.

BeInCrypto has conducted an analysis of two other notable meme coins, providing insights into their current performance and potential future movements. The first of these is SPX, which has experienced a significant decline today, with its price falling by 12%. As one of the worst-performing meme coins, SPX has struggled to maintain its value. However, it has managed to stay above the key support level of $1.14, indicating some level of resistance against further downward movement.

The technical indicator known as the Ichimoku Cloud, which appears below the price chart, suggests a potential for bullish momentum in SPX. This pattern indicates that if the support level remains intact, there could be a rebound in the price of the altcoin. If this occurs, SPX could potentially reach the next target of $1.25, which would represent a meaningful recovery from its recent lows. Further gains could push the price up to $1.42, marking a substantial upward movement.

However, if SPX fails to hold the $1.14 support level, the coin could face additional downward pressure, potentially dropping to $0.98. This would signal a breakdown of the current bullish scenario and could lead to further declines in the short term. Investors should monitor this critical level closely, as it may determine the direction of the coin's price action.

Another meme coin, PNUT, followed a similar path to SPX, experiencing a 7% drop on the day. Despite this decline, it has managed to remain around the crucial support level of $0.219. This suggests that the coin still has some underlying strength, and if it can continue to hold this level, a rebound may be possible in the near future.

The Parabolic SAR indicator, which is positioned below the candlesticks on the price chart, also signals that the bullish momentum for PNUT is still present. This technical pattern suggests that the price could experience a bounce back, potentially reaching the $0.260 level. However, if the downward trend continues, PNUT may face further losses, with a break below the $0.219 support level possibly leading the price toward $0.182. A move below this level would weaken the bullish outlook and could result in prolonged price declines.

In contrast, OSAK has shown strong performance despite the overall bearish sentiment in the market. It has gained 19% in the last 24 hours, making it the top-performing meme coin on the day. This unexpected rise has attracted attention from both retail and institutional investors, and its ability to perform well in such conditions has benefited its 11,960 holders.

Currently trading at $0.0000000794, OSAK is holding above the important support level of $0.0000000750. The coin is targeting a key resistance level of $0.0000000965, which would mark a significant recovery from its losses in June. If OSAK successfully breaks through this level, it could trigger a sustained rally and attract more investment into the market.

However, if investors decide to sell off their holdings following the recent price increase, OSAK may face increased selling pressure. A drop below the $0.0000000750 support level could push the price down to the next level of support at $0.0000000600, which would likely invalidate the current bullish scenario. The future price movement of OSAK will depend heavily on investor sentiment and the overall market conditions.

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