3 Must Buy Meme Coins For 2024: Dogecoin, Pepe Coin and Shiba Inu
In the crypto market, meme coins have emerged as a unique and intriguing sector, capturing the attention of investors and enthusiasts alike. Originally born out of internet humor and cultural references, these digital assets have transcended their comedic origins to become serious contenders in the market. Investors are increasingly drawn to meme coins for a variety of reasons.
They offer the allure of high-risk, high-reward investments, the excitement of being part of a vibrant and passionate community, and the potential for these coins to become mainstream due to celebrity endorsements and social media influence. This article aims to provide an insightful prediction on the trajectory of meme coins, to determine their future potential.
1. Dogecoin Price Prediction
In the last year and a half, the Dogecoin price action has been encapsulated within a symmetrical triangle pattern, marked by two converging trend lines. This pattern has led to a sideways movement in DOGE keeping it within a restricted range. Despite a boring price behavior, this consolidation phase has highlighted a period ripe for investor accumulation.
Source| Tradingview
Amid the current recovery sentiment in the crypto market, Dogecoin price witnessed its latest reversal from the lower trendline in mid-October. This turnaround has propelled Dogecoin price from $0.056 to $0.077, a notable 36% increase. Should the buying momentum persist, this memecoin is poised for an additional surge of approximately 14% in the coming weeks which could challenge the dual resistance level at $0.11 and the upper trendline of the ongoing pattern.
A potential breakout from this barrier would be an early signal of trend reversal, which could extend its recovery beyond the $0.18 mark.
Spike in Addresses Stats
The “Addresses Stats” metric serves as a crucial indicator of fundamental growth in the cryptocurrency domain, offering insights into user engagement and adoption levels. Recent data from IntoTheBlock, a renowned blockchain data provider, highlights a substantial shift in the Dogecoin network’s activity over a short period.
In just three days, Dogecoin’s active addresses surged 56.97k on November 11 to a nearly doubled figure of 106.1K. This sharp rise reflects growing interest and engagement in the Dogecoin network. Moreover, the creation of new Dogecoin addresses also saw a significant jump, moving from 19.4 thousand to 61.7 thousand within the same timeframe.
2. Pepe Coin Price Prediction
Pepe Coin price has recently demonstrated a significant recovery, rebounding from a low of $0.00000061 to reach $0.00000145, an impressive 141% rise. This upward movement is particularly noteworthy as the daily chart reveals the formation of a bullish reversal pattern known as the head and shoulders. This pattern, typically observed at market bottoms, often heralds an early sign of a trend reversal.
At the time of reporting, Pepe coin price is trading at $0.0000012, experiencing a slight pullback due to resistance at the $0.00000145 neckline. However, this pattern suggests that buyers may soon overcome this resistance level, potentially triggering increased buying activity.
Source | Tradingview
Should the buyers successfully breach this neckline resistance, a post-breakout rally could propel the coin’s price to approximately 60% higher, potentially reaching $0.00000233. Such a rally would not only surpass the previous swing high of $0.0000019 but also challenge the Dow Theory of a downtrend, indicating early signs of a broader recovery for this frog-themed meme coin.
Pepecoin- In/Out of the Money
Source-Intotheblock
The Global In/Out of the Money (GIOM) metric offers a valuable perspective on Investor sentiment. Currently, 32.8% of Pepecoin addresses are ‘in the money’, indicating that these holders are seeing profits, while 49.45% are ‘out of the money’, experiencing losses.
With the current bullish sentiment in the market, the Pepe holders may soon reach the breakeven (where the number of addresses in profit and loss are the same) and surpass it). Once a predominance of addresses ‘in the money’ investor confidence would be boosted and might attract new participants to the market, further reinforcing the positive momentum.
3. Shiba Inu Price Prediction
Over the last 16 months, the Shiba Inu coin has experienced a consistent downtrend, dictated by a falling wedge pattern. This pattern, characterized by converging trend lines, has kept the price movement within a restricted range. Amidst a broader market recovery, the SHIB price witnessed a notable increase, soaring from around $0.0000066 to a recent peak of $0.00000964, marking a 45% growth.
Source | Tradingview
Following this uptick, the coin is currently undergoing a three-day correction phase, leading to a decrease in its market value to $0.0000023. This pullback is critical to regroup and regain strength for the next leap. With sustained buying, the Shiba Inu coin price is aiming to challenge the upper trendline of the falling wedge pattern, which represents a potential 38% increase to $0.00001137.
A successful bullish breakout from this upper trendline would signal a significant trend reversal, potentially setting the Shiba Inu price on an aggressive recovery to $0.0000018.
Relative Strength Index Hints Trend Reversal
Contrary to the lower lows formation in the Shiba Inu price, the Relative Strength Index (RSI), is exhibiting signs of recovery. This key momentum indicator value rising reflects the growing interest and accumulation by buyers.
This divergence between the price action and RSI suggests that while the price may be making lower lows, the momentum behind the asset is building up, indicating a potential shift in market sentiment. Such a scenario often precedes a trend reversal, where increasing buying pressure could lead to a breakout and a possible bullish trend in the SHIB price.
Bottom Line
Meme coins offer an excellent opportunity to investors who prefer to capitalize on the hype and euphoria around them to make bigger gains. Considering the performance of Dogecoin and Shiba Inu in the previous bull market, including a meme coin or two in the crypto portfolio is certainly worth considering.
The post 3 Must Buy Meme Coins For 2024: Dogecoin, Pepe Coin and Shiba Inu appeared first on CoinGape.
