Memecoin Mania Fades Away As Top Tokens Bleed? What’s Next For DOGE, SHIB, And Pepe?

The crypto industry has gained traction as the top tokens are recording new yearly highs frequently with major tokens trading strong above their key resistance levels.

On the other hand, memecoins have recorded significant losses in their portfolio as top tokens such as Dogecoin and Shiba Inu have lost approximately 10% each. Is the memecoin fever fading away? or is it on a path to burst in the coming bull season?

Dogecoin Price Analysis:

DOGE price has gained significant momentum since the month’s start. The price was seen in a closed space, following which the market gained value and displayed a jump of 15%. The price was then rejected at $0.07648, after which it displayed massive price volatility.

After multiple failed attempts to break down the support level, bulls regained momentum and gained a massive value of 20%. After being rejected at $0.08678, the price has been constantly trading under the influence of the bears.

The MACD displays a constant rise in the histogram, indicating a healthy buying and selling pressure in the market. Further, the averages display a rising pattern, suggesting the price to continue gaining value in the coming days.

If the bulls hold the price above $0.07648, the price will continue to rise and test its resistance level of $0.08035 soon. If the bulls continue to hold power, it will further rise and test its upper level of $0.08393. Conversely, if the bears pull the price below $0.07648, the price will continue to lose value and test its lower support level of $0.07250 soon.

SHIB Price Analysis:

Following the footsteps of the category leader, SHIB price has displayed similar price action when compared to Dogecoin. The price was seen trading in a consolidated range for a brief period, following which the price gained momentum and recorded a high of $0.00000966, after which the price faced rejection.

Since then, the price has been trading under the influence of the bears. Further, the price was seen retesting its lower support level of $0.00000758, but the bulls held the price strong, resulting in a trend reversal. Presently the coin is hovering close to its support/resistance level of $0.00000813.

The Moving Average Convergence Divergence displays a strong green histogram, indicating an ongoing price action. Further, the chart records a rising average, suggesting the price to continue gaining value this week.

If the bulls maintain the price at this level, it will continue to rise and test its upper level of $0.00000847 soon. Further, if the market continues to trade positively, SHIB price will make a run to test its resistance level of $0.00000875. Negatively, if a trend reversal occurs the price will lose its hold and fall to test its lower levels of $0.00000758 soon.

PEPE Price Analysis:

The Pepecoin price had gained significant momentum during the market pump in October, following which the price was seen trading in a consolidated range between $0.00000113 and $0.00000123 for a brief period. Following this, the price experienced another jump of approximately 20% in value.

Following the rejection at $0.00000136, the price started trading negatively and was again seen trading between $0.00000113 and $0.00000123. Recently the bears overpowered the bulls, resulting in the price drop. Presently the price is hovering close to its important resistance level and is expected to make a move, of which the outcome is unpredictable.

The MACD displays minor fluctuations in its chart, indicating weak buying and selling pressure for the coin. Positively, the averages show a bullish convergence, suggesting the possibility of a trend reversal soon.

If the bulls push the price above $0.00000113, the price will regain momentum and make a run to test its upper level of $0.00000123 soon. Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its lower support level of $0.00000094 in the coming days.

Conclusion:

Memecoins have displayed massive price action during the previous month by adding significant value to their portfolios. Presently the category may be trading under the influence of bears, but the price is predicted to achieve a new ATH in the coming bull cycle.