As the meme coin market hits the $116 billion market cap, DOGE and PEPE are stealing the spotlight. The sector leader, Dogecoin (DOGE), has increased by nearly 250% in the past 30 days, and PEPE has registered a massive growth of nearly 100% in the past 24 hours.
As Dogecoin’s market cap hits almost $58 billion, PEPE stands at $10.21 billion. Will the bull run in PEPE and Dogecoin drive the next bull run in the crypto market?
What are the upside potentials in both of these meme coins? In our latest price action analysis, let’s learn about the meme coin market leaders, DOGE and PEPE.
The daily chart shows a falling channel breakout rally in the PEPE price action. With two consecutive bullish engulfing candles, the meme coin surpasses the trend-based Fibonacci level of 38.20%.
The two engulfing candles account for a price jump of more than 200%, challenging the 50% Fibonacci level at $0.000025. The meme coin is currently trading at $0.000024 with an intraday gain of 17.79%, creating a new all-time high at $0.00002567.
The bull run started with a morning star pattern near $0.00000718 and has led to nine consecutive bullish candles over the past 10 days. As the falling channel breakout rally marks a bullish flag pattern under the prevailing bull run in early 2024, PEPE’s underlying potential is massive.
Further, with the recent listing of PEPE over Coinbase and Robinhood, the sentiments around the meme coin are extremely bullish.
The weekly chart’s MACD and signal lines show a positive crossover in support. Based on the Fibonacci levels, PEPE’s upside target stands at $0.00000104. This will repeat a similar bull run to that witnessed in early 2024.
Similar to PEPE, Dogecoin’s price action shows a bullish rally. In the weekly chart, the DOGE price action reveals five consecutive bullish candles, accounting for a 253% price jump.
The bull run started near the $0.111 mark as it took a morning star reversal from the $0.10 psychological mark. The bullish revival in DOGE has surpassed the 78.60% Fibonacci level at $0.3468. The meme coin trades at $0.39368, with a week-to-date gain of 41.65%.
This also marks a rounding bottom breakout rally with a neckline near the 61.80% Fibonacci level. As Dogecoin is trading at its 52-week high, the MACD and signal lines give a positive crossover due to the surge in buying pressure.
Heading towards its all-time high level of $0.7390, the high-momentum rally in DOGE will likely create a new all-time high. Based on the Fibonacci retracement tool, the upside targets for Dogecoin are present at the $1 psychological mark and $2.38.
Find out more DOGE price targets in our latest Dogecoin price prediction!
Based on the Fibonacci retracement levels, the upside targets for Dogecoin are the $1 psychological mark and potentially reaching $2.38.
The PEPE rally started with a morning star pattern near $0.00000718, leading to a falling channel breakout. It currently challenges the Fibonacci level at 50%, showing bullish solid support.
A falling channel breakout rally drives PEPE’s current price surge, two consecutive bullish engulfing candles, and a positive crossover in the MACD signal line.
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