As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of price swings and trends. The recent surge in Doge coin ($DOGE) has certainly caught my attention, reminding me of its meteoric rise during the last bull market. However, it seems that memecoins like $PEPE and $WIF are eager to join the party.
In recent days, Doge coin ($DOGE) has experienced a surge, climbing by approximately 41%. Will $DOGE reclaim its lead among the memecoins, or will newcomers like $PEPE and $WIF make their presence felt and potentially challenge its position?
$DOGE huge price swing in the last bull market
Reflecting on the previous bull run, I was captivated by the meteoric rise of Dogecoin ($DOGE), soaring an astounding 1240% early on before entering a bear market and plummeting back to its original value by mid-2022. However, this year has brought renewed hope for bulls like myself as the price peaked at $0.22, dipped down to $0.08, and most recently, surged past the descending trendline, signaling a potential comeback in the crypto market for Dogecoin.
As a researcher studying the Dogecoin market, I’ve noticed a significant breakout in the short term, along with some noteworthy higher highs and higher lows. However, it seems that the 4-hour Stochastic RSI is now trending downwards, which might indicate an impending correction period. This potential correction could potentially push the price back towards the 0.236 Fibonacci retracement level at around $0.133, or even to the 0.382 Fibonacci retracement level at approximately $0.123.
Still a lot for $DOGE bulls to do
Looking at the larger weekly picture, it’s clear that the Dogecoin (DOGE) price has some significant work ahead to reach anywhere close to its record high. However, it’s worth mentioning that a robust foundation has been established beneath the current price level, which could serve as a solid base for potential future growth. If DOGE manages to surpass the current major resistance, it might pave the way for a new local peak and continued bullish momentum throughout this market cycle.
$PEPE approaches breakout
Currently, the price of $PEPE may appear to be moving horizontally, but this is happening within a triangle that could potentially breakout soon. The downward slope has been breached, and if $PEPE manages to reach a new high above $0.00001314, it would confirm the reversal of the trend.
Danger ahead for $WIF
The price of WIF has burst through a wedge shape, but it now appears to have peaked at the 0.5 Fibonacci level, sitting at $2.96. The graph is showing signs of reversal, suggesting a potential drop back towards $2.52. However, on a broader perspective, the weekly Stochastic RSI has crossed downwards, indicating a shift in price momentum towards a downtrend. For WIF bulls to maintain the uptrend, they must flip this indicator. If not, we might see a fall below $2.
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2024-10-21 14:12