Dogecoin ($DOGE), Pepe ($PEPE) and Dog Wif Hat ($WIF) due a bounce?

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As a seasoned analyst with over two decades of experience in the cryptocurrency market, I’ve seen more than a few bull runs and bear markets. The current quiet phase of memecoins seems like just another pause before the next big wave.

Recently, there’s been a lull in the meme coin market with everyone focused on Bitcoin ($BTC). Could this be the moment for the memes to rebound? Which are the optimal price points to invest in $DOGE, $PEPE, and $WIF?

Time to take a position in $DOGE?

On the daily chart, the Dogecoin price has been moving within an upward trending channel. It recently hit the lower boundary of this channel but is now resting on a strong horizontal level of support. Given this situation, it might be advantageous to consider entering a position. If the price rebounds from here, the upper limit of the channel can reach approximately 0.50 dollars. A breakout above the channel’s top, confirmed by prices staying above this level, could potentially trigger a move upward of at least 0.60 dollars, depending on where the breakout occurs.

From my perspective as a researcher, if the price dips below the lower boundary of its channel and hits a new low, it suggests a potential reversal in the uptrend. In such a scenario, I would have to reconsider my previous assumptions and strategies, as the uptrend appears to be invalidated. However, given the current trend’s persistence, a continuation seems more probable, but I will remain vigilant and adapt my analysis accordingly.

$PEPE retests – now the bounce?

Over the last nine days, I’ve observed PEPE showing a local downtrend, with the price nearly reaching a point where it could potentially retest the peak of the bull flag formation. This recent dip has brought us close to the 0.618 Fibonacci retracement level. As we proceed, there’s a possibility that the price may extend its decline, touching the trendline of the bull flag and also the 0.786 Fibonacci retracement level.

Despite the predominant uptrend, it’s unlikely that the price will retrace and fall back within the bull flag pattern. However, if an unexpected drop occurs, a price dipping below $0.00001730 would mark a new low. Nevertheless, this level is strong support as evident in the chart, acting as a solid foundation for potential price recovery.

$WIF at very strong support

It appears that WIF may be ready for an upward correction. The price has dipped to the most profound Fibonacci level during this movement at 0.786, which coincidentally aligns with a solid horizontal support level. If the price were to slip past this point, both the ascending trendline and the descending trendline from the all-time high would provide reliable support.

To sum up, it appears that the three popular meme coins mentioned earlier might be preparing for an uptick. Notably, the trajectory of these coins is significantly influenced by Bitcoin. In most cases, if Bitcoin’s price rises or maintains a steady level for some time, it could potentially trigger a surge in these meme coins as well.

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2024-12-18 15:09