Meme Coins Price Analysis: Breakout Runs For DOGE, PEPE, SHIB?
The post Meme Coins Price Analysis: Breakout Runs For DOGE, PEPE, SHIB? appeared first on Coinpedia Fintech News
As the Bitcoin price struggles to find bullish momentum in almost a week post-Halving, the meme coins offer a better opportunity. With a breakout rally in motion and others offering trend reversals, smart investors are hoping for a bullish 2024.
Will the meme coins make a jump this week for a new bull run? Let’s find out now in our meme coins price analysis below.
The #1 Meme Coin Aims For Triangle Breakout
With a substantial market capitalization of $21.61 billion, Dogecoin remains the leading meme coin and the 8th largest altcoin by market size. Currently trading at $0.1501, DOGE has experienced a significant drop of 31.83% from its monthly high of $0.22.
Amidst a market-wide correction phase with scant bullish momentum, Dogecoin’s price action on the 4-hour chart is forming a triangular pattern. The trend appears weak as it approaches the support trendline and hovers near the $0.1470 demand zone.
Nonetheless, increasing interest from institutional investors in meme coins could potentially spearhead a robust recovery for Dogecoin. If the positive cycle gains momentum, an optimistic breakout rally could catapult DOGE back to the pivotal $0.20 mark, signaling a strong upward movement.
Shiba Inu (SHIB)
Ranking as the second biggest meme coin after DOGE, the SHIB price trend showcases a triangle pattern in the 4H chart. With a positive cycle struggling for a breakout, Shiba Inu prepares a doubles bottom reversal at the 61.80% Fibonacci level.
Further, the MACD indicator is on the verge of a bullish crossover, bolstering the breakout possibility. Even the improving market sentiment projects a potential turnaround in SHIB prices.
In case of a bullish breakout, the SHIB price could hit the $0.00004382 mark.
PEPE (PEPE)
Despite a broader market weakness, this frog-themed meme coin offers a high likelihood of a bull run with this breakout rally. With a $3.18 Billion market cap, PEPE stands in the top 50 altcoins. Trading at $0.000007550 and an overnight jump of 7.31%, the recovery rally in PEPE leads to a channel breakout rally.
As the meme coin forms a double top at the 50% Fibonacci level, the sideliners anticipate post-retest reversal. Optimistically, the breakout rally could reclaim the psychological mark of $0.000010.
