Dogecoin ($DOGE), Pepe ($PEPE), and Dog Wif Hat ($WIF) about to break out, or is this the top?

by

As a seasoned crypto investor with a penchant for memecoins, I find myself intrigued by the current market dynamics that seem to favor a breakout for DOGE ($DOGE), PEPE ($PEPE), and WIF ($WIF). Having navigated numerous bull and bear markets, I’ve learned to read the charts like a map, and the paths these tokens are taking are starting to look promising.

As Bitcoin ($BTC) approaches its monthly expiration date, bringing the possibility of heightened market volatility, several popular meme coins such as Dogecoin ($DOGE), Pepe ($PEPE), and Wif ($WIF) could be poised to surge out of their ongoing downtrends. These three are likely to lead the pack if their breakouts become official.

Sideways consolidation for $DOGE

Since November 12th, the Dogecoin price has mainly moved sideways, experiencing a brief surge followed by a decline over the last week. At the moment, the price is hovering near a falling trendline, which could potentially break if everything goes smoothly with Bitcoin.

$PEPE bull flag breakout taking place

On the daily chart, the price movement of $PEPE appears quite optimistic. Noticeably, $PEPE has broken free from the downward sloping trendline, followed by a steep upward thrust, which later tapered off, moved horizontally, and is now forming a bullish pennant pattern.

Currently, the price has reached the peak of the ‘bull flag’ formation, indicating a potential breakout may occur. Should this breakout be confirmed, the estimated rise according to the ‘measured move’ of the flag would take the price up to approximately $0.000036.

$WIF downward trend needs to be broken

Looking at the graph with a brief timeline, it’s clear that WIF bulls must take action to drive the price beyond the present wedge formation. To do this, they need to break the trend of successively lower highs and lower lows, instead aiming for an uptrend.

Important weekly close coming for $WIF

Examining $WIF over its weekly timeframe reveals a significant struggle as it encounters strong horizontal resistance at approximately $3.19. In order to maintain an upward momentum, the bulls of $WIF must manage to secure a weekly close above this level before the week ends.

Furthermore, although a new local peak has been reached following the significant price surge a few weeks back, it’s important to note that this peak is yet to surpass the record high. For $WIF to potentially reach even higher prices in the remaining bull market, it’s crucial for the all-time high to be exceeded.

Potential concern for all three memecoins

As a researcher examining the cryptocurrency market, I’ve noticed a potential concern in the case of $WIF, $DOGE, and $PEPE. Specifically, the weekly Stochastic RSI has shown a cross-down of its indicator lines, which typically suggests a possible downward momentum in prices. However, there’s still room for optimism over the weekend, as the bulls have an opportunity to correct this situation.

Read More

2024-11-29 15:04