Price Analysis
  • Sohrab Khawas
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    Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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Meme Coins Price Analysis: Breakout Runs For DOGE, PEPE, SHIB?

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? Letโ€™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.

Also Check Out : Memecoins On A Run As PEPE And BOME Price Break Resistance?

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. 

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