As the sentiments bounce back, the price of Bitcoin takes a bullish approach and teases the $38,000 breakout. With the Bitcoin recovery rally directly influencing the altcoins market, the meme coins are ready to get a new wave of recovery.
As the anticipation for a price jump in meme coins increases, the DOGE, SHIB and PEPE coins are the main attraction for investors.
So, let’s look closely at the top meme coins.
Dogecoin (DOGE)
Source – TradingView
The Dogecoin correction phase found suitable footing at the confluence of $0.0711 and the dynamic support of 50-day EMA. A retracement to this confluence takes a quick bullish reversal, reflecting the Doge recovery is likely to continue.
In the last nine days, the Dogecoin price has surged 14.55%, which is possible to trade at $0.0818 currently. With sustained buying, the leading meme coin is likely to rise 15% to challenge the resistance of $0.0942.
The potential breakout above $0.0819 would better confirm the uptrend continuation.
Shiba Inu (SHIB)
Source – Tradingview
As the largest cryptocurrency, Bitcoin, shows $38,000 breakout attempts, the market sentiment has witnessed an uptick in buying pressure. As a result, the SHIB price rebounded from $0.00000772 on November 22nd with a reversal candle pattern called bullish piercing.
The buyers have reclaimed 6.34% in the last eight days to push the SHIB price to the $0.00000817 mark. With the current momentum, Shiba Inu is likely to rise 6% to face intense supply pressure at the overhead trendline.
Historical data has shown a retest to this level has often resulted in increasing bearish momentum and a sharp correction. Thus, a breakout above this level is needed to get a suitable sign of trend reversal and potentially reach $0.000010, a 22% hike.
PEPE coin (PEPE)
Source- TradingView
Defying the broader market uptick, the Pepe coin price showed a notable downturn this week, falling from a high of $0.0000011796 to the current trading price of $0.00000106, registering a 9.66% fall. The surge in selling pressure came after the recent retest of the rising wedge breakdown on November 26th.
Nevertheless, the buyers are likely to hold the weekly support of $0.0000010508, providing a bounce pad for this coin. The post-breakdown fall could cause the price to tumble down to the $0.000000895 mark.
On the contrary, the intraday gain of 0.77% from the weekly support shows the counterattack from buyers. If the resulting reversal re-enters the wedge pattern, the bearish thesis will get invalidated and potentially surge the price to the $0.000001510 mark.
In conclusion, the Meme Coins display a strong bullish comeback and will tease breakout entry points shortly.
