This year, the meme coin market has lost about $3 billion in market value. But like the rest of the crypto market, 2023 has not been a season of uptick all through. At times, there were periods of hikes. Other times, it was torrid.
Despite the decline experienced, cryptocurrencies including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are showing signs of a renewed rally. In the last 24 hours, SHIB’s price has increased by 2.39%. DOGE, on the other hand, has had a mild uptick to $0.06 while PEPE registered a 2.41% hike in price.
Dogecoin (DOGE)
DOGE shows promise for several reasons. Historically, October has proven to be a month of good performance for the coin. On October 13, technical analyst Ali Martinez noted that DOGE was approaching the apex of a descending triangle. According to him, if DOGE closes above $0.083, it could move towards the prized $1 landmark.
#Dogecoin is approaching the apex of this multi-year descending triangle formation.
A weekly candlestick close above $0.0835 could trigger the beginning of a new $DOGE bull run, potentially toward $1. Yet, we must watch out for the $0.0482 support, as any sign of weakness… pic.twitter.com/Emcwfyv6cE
— Ali (@ali_charts) October 13, 2023
Notably, the 4-hour DOGE/USD chart has formed a bullish market structure, with more buy than sell orders since October 12. If the momentum persists, then DOGE is most likely to maintain its position well above to $0.048. This is also because there is strong support at $0.057.
Furthermore, the Relative Strength Index (RSI) was 58.92. This implies that there was good buying momentum for DOGE. Should the RSI surpass 60.00, then DOGE may hit $0.08.
DOGE/USD 4-Hour Chart (Source: TradingView)
Shiba Inu (SHIB)
Like DOGE, SHIB’s market structure was bullish at press time. However, the price increase to $0.0000070 was met with some profit-taking. This resulted in a decline to $0.0000069. Unfazed, bulls took control of the market again, pushing the price upwards to $0.0000070.
This was also evident in the Awesome Oscillator (AO). At press time, the AO was 0.00000012. Basically, a negative reading of the AO implies that the 34-period Moving Average (MA) is greater than the 5-period MA.
However, since the AO was positive, it means that the 5-period MA is greater than the 34-period MA. So, SHIB’s momentum remains bullish and if it maintains the status quo, the price could jump to $0.000008.
SHIB/USD 4-Hour Chart (Source: TradingView)
Pepe (PEPE)
On the 4-hour timeframe, PEPE bulls were back in the market after sellers took profit and plunged the token price earlier. At the time of writing, the Bollinger Bands (BB) showed that PEPE’s volatility was extreme.
This means that there could be significant price fluctuations in the short term. However, traders may need to be careful about opening long positions on PEPE. This is because the upper band of the BB touched the PEPE price at $0.000001, indicating that the memecoin was overbought.
PEPE/USD 4-Hour Chart (Source: TradingView)
Regardless of that, there’s a chance that PEPE may continue to hover around $0.000001 until a big buying or selling momentum appears.
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