As Bitcoin price struggles to find upward momentum in about a week after the halving, meme coins offer a better opportunity. As the breakout rally and other trend reversals continue, smart investors are hoping for a bullish 2024.
Will meme coins jump this week in a new bullish wave? Let’s find out now in the meme coin price analysis below.
Meme Coin #1 aims to break through the triangle
With a significant market cap of $21.61 billion, Dogecoin remains the leading meme coin and the eighth largest altcoin by market size. Currently trading at $0.1501, DOGE has seen a massive 31.83% decline from its monthly high of $0.22.
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Amid a market-wide correction phase with little upward momentum, Dogecoin price action on the 4-hours chart is forming a triangle pattern. The trend looks weak as it approaches the support trend line and hovers near the demand zone at $0.1470.
However, growing interest from institutional investors in memecoins could lead to a strong rebound for Dogecoin. If the positive cycle gains momentum, an optimistic breakout rally could bring DOGE back to the pivotal $0.20 mark, indicating a strong upward move.
Also Check: Memecoins on a Run with PEPE and BOME Price Resistance?
Shiba Inu (SHIB)
Ranked as the second largest meme coin after DOGE, SHIB’s price trend displays a triangle pattern on the 4-hour chart. With a positive cycle struggling to break out, the Shiba Inu is preparing for a double bottom reversal at the 61.80% Fibonacci level.
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Moreover, the MACD is about to cross bullish, enhancing the possibility of a breakout. Even improving market sentiment indicates a potential shift in SHIB prices.
In case of a bullish breakout, SHIB price could reach the $0.00004382 mark.
Baby Baby)
Despite the broader market weakness, this frog-themed meme offers significant upside potential with this breakout rally. With a market cap of $3.18 billion, PEPE stands among the top 50 altcoins. Trading at $0.000007550 and an overnight jump of 7.31%, a recovery rally in PEPE leads to a higher channel breakout.
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As the meme coin forms a double top at the 50% Fibonacci level, margins expect a reversal after a retest. It is optimistic that a breakout rally could reclaim the psychological mark of $0.000010.
Read Also: Best Meme Coins to Buy Post-Halving for 10X Jump