The post Meme Coins Price Analysis: Upcycles For DOGE, PEPE, SHIB? appeared first on Coinpedia Fintech News
With a broader market slowdown, the meme coins are struggling to pull off any major recovery moves. As any signs of recovery in the market face a quick rise in supply due to profit booking, a healthy correction might now be carcinogenically bearish.
Let’s look at the price analysis of top meme coins for a more decisive analysis. And, find out if the meme coins will register a jump this week.
Breakdown Looms Over The #1 Meme Coin
Under a market-wide slowdown, the biggest meme coin, DOGE price, is experiencing a regular supply rise. This leads to a resistance trendline and a strong secondary bearish wave within a falling channel.
As the sellers examine the bullish dominance at the critical support zone at $0.1430, the breakdown chances are growing stronger. However, an optimistic eye hopes for a bullish reversal with a double bottom as the 4H RSI line shows a bullish divergence.
If the bullish momentum spikes at the support zone, the DOGE price could challenge the $0.185 mark or the 50% trend-based Fibonacci level. On the flip side, a downfall under $0.1430 will test the $0.1288 level.
Shiba Inu Trapped In A Triangle
Following Dogecoin, Shiba Inu holds the second most dominant position in the meme coins sector. With a market cap of $14.80 billion, the SHIB price has decreased by 22% in the last seven days.
Currently, the meme coin tests the support trendline of a triangle pattern in the 1D chart with a streak of 4 bearish candles. However, the low-range candles approaching the support trendline with declining volumes increase the chances of a bullish reversal.
If the reversal rally leads to a bullish breakout, the SHIB price could hit the $0.00004382 mark. On the downside, a breakdown might retest the $0.00001833.
Post-Retest Struggles For PEPE
With a quick 21% recovery last week, PEPE comes as a dark horse in the meme coins sector. As it breaks above the resistance trendline, the frog-themed coin struggles for a post-retest surge.
Failing to surpass the 50% Fibonacci level at $0.000007662 and the $0.0000080 resistance zone, PEPE shows an intraday drop of 4.19%. Considering a bullish reversal in the top meme coins provides additional momentum to PEPE, a jump beyond $0.0000080 is possible.
In such a case, the uptrend could hit the $0.000010 mark.