The crypto market rallied today as the United States and the United Kingdom announced a trade deal.

The crypto market saw some decent gains today as the United States and the United Kingdom announced a trade deal. This bullish sentiment extended to the meme coins as well.

BeInCrypto has analyzed three meme coins that investors might want to keep an eye on, which emerged as the best performers today.

Peanut The Squirrel (PNUT)

Among the best-performing meme coins of the day was Peanut The Squirrel (PNUT). The coin surged 76% to reach a 2-month high.

Now trading at $0.279, PNUT is approaching the critical support of $0.260. Holding this support level will be crucial for maintaining its recent gains and setting the stage for further growth.

To continue its upward momentum, PNУ will need to maintain the support at $0.260 and move towards the resistance at $0.330. Breaking this resistance will confirm the current rally and also attract more investment, signaling the potential for a sustained uptrend.

However, if PNUT fails to secure the support at $0.260, it could see a significant decline. A drop below this level would send the coin towards $0.219 or lower to $0.182, invalidating the current bullish outlook. This would erase the recent gains and put the altcoin at risk of further losses.

Pepe (PEPE)

Another meme coin that investors might want to keep an eye on is Pepe (PEPE). The coin surged 61% in the last 24 hours, pushing it above the mark of $0.00001000.

As of 08:45 ET (12:45 GMT), PEPE was trading at $0.00001331. This rapid increase has sparked interest among investors, and PEPE is now targeting the next resistance level for further price gains, despite potential selling pressure.

PEPE is currently facing a key resistance at $0.00001369. If it manages to break through this level successfully, it could open the door for a move towards $0.00001489 and possibly reach $0.00001500.

Nevertheless, to sustain the uptrend, PEPE will need to avoid substantial selling pressure from investors, which could hinder a sustainable rally.

If PEPE fails to penetrate the resistance at $0.00001369, the coin could experience a pullback. A decline in the local support of $0.00001146 is possible, and if this level is lost, PEPE could fall below $0.00001000, heading toward $0.00000951. Such a move would invalidate the current bullish outlook and signal potential weakness.

Small Cap Corner – Fartboy (FARTBOY)

Among the smaller meme coins, Fartboy (FARTBOY) is attempting to recover, posting a 52% rally today to reach $0.037.

This price increase is part of FARTBOY’s effort to recover losses from late March and early April. The meme coin’s positive momentum is now being noticed as it moves to stabilize after a rough patch.

There are bullish signals for FARTBOY, supported by Nansen data showing 1.28 million FARTBOY worth $47,590 bought off exchanges. These metrics suggest growing demand and increased market interest in FARTBOY.

If the momentum continues, FARTBOY could reach $0.051, securing its recent gains and solidifying its recovery. However, failure to hold the support level of $0.037 could result in a decline to $0.030. A drop to this level would invalidate the bullish outlook, possibly pushing the coin into further losses.

However, there are areas of concern. For instance, data from Soul Scanner shows that 37.97% of the supply was distributed via airdrops. In the case of meme coins, developers generally airdrop small amount of supply to numerous addresses, to show fake distribution of supply.

Moreover, 44.27% of tokens were bought in “bundled” transactions, which means that a small group of wallets acquired a large chunk of supply in a short time frame. This suggests a high degree of concentration or potential sybil manipulation, where a single entity uses multiple wallets to simulate activity or gain control.

In some cases, bundled buys indicate potential pump-and-dump setups, orchestrated by insiders or whales.