Memecoins Consolidating: DOGE, PEPE, & SHIB Prices to Enter Buying Zone Shortly

The crypto markets are in the middle of a fresh bullish spell as the top tokens have been manifesting acute strength, majorly Bitcoin. With this, Ethereum’s price also rose above $3000 but failed to reach $4000, even though the BTC price managed to mark new highs close to $93,500. Here are the altcoins which are required to be closely monitored until the end of the week. 

Dogecoin (DOGE)

The Dogecoin price has revamped a strong ascending trend after rising above the consolidation around $0.36. Meanwhile, the bears seem to have some room to expand, as the bulls do not appear to have gained the required strength. A rise beyond the pivotal resistance may invalidate the bearish trajectory; otherwise, it may offer a good buying range. 

The daily chart of DOGE suggests the price has just broken out from the bullish pennant. The RIS suggests a rise in bullish momentum but the MACD suggests a drop in the buying volume, which may further compel the price to face a small pullback. However, this could be a good buying opportunity at around $0.35, as a breakout is expected to kick-off a strong rise to the ranges above $0.6, probably before the end of 2024. 

Pepe (PEPE)

PEPE price broke from the decisive symmetrical triangle and surged by more than 125% to mark the interim highs at around $0.000024. Since then, the price has undergone a descending consolidation but the bulls have managed to hold back the rally, preventing excessive price drain. Therefore, once the bulls regain their dominance, the token is believed to revamp a strong ascending trend. 

As seen in the above chart, the PEPE price rally broke out of the multi-month consolidation and surged above the ascending trend line. This has raised the possibility of a bullish continuation as the price is trading within a bullish pennant. The price is believed to remain consolidated for another couple of days, which includes a slight pullback below $0.00002, which may further trigger a strong rebound beyond $0.00003. 

Shiba Inu (SHIB)

The traders had shifted their focus away from this popular memecoin as the volume has remained a major constraint. A close observation suggests the selling volume in the past week has been more than that of the buying volume that triggered a 50% rise. This suggests the bears are vigilant over the growth of the token, which could not be a good sign for a healthy rally.

As suggested in the above chart, the SHIB price remains consolidated within a decisive symmetrical triangle. The token possesses both bullish and bearish opportunity as the RSI is displaying a higher high but the OBV undergoes a pullback. Hence, if the SHIB price faces a pullback, the support at $0.00002 may offer a base to trigger a rebound; otherwise,  a bullish breakout would elevate the levels close to $0.00004.