Memecoin has been one of the most interesting aspects of the cryptocurrency market. Top memecoins like Dogecoin, Shiba Inu, and Pepe are working hard to maintain their upward momentum, while newly launched token BONK has seen a huge rise. Now that BONK prices are also consolidating, what will happen in 2024?
Dogecoin (DOGE)
- DOGE price has broken out of a multi-year descending triangle that is considered bearish.
- However, the price triggered a bullish bounce and was in a range high enough to test the upper resistance level of $0.105, but failed to sustain it.
- Prices are currently weak, but the uptrend is competing equally with last week’s downtrend.
- Therefore, the Dogecoin price may decline slightly after a strong rebound and soon regain levels above $0.1.
Shiba Inu (SHIB)
- SHIB price bounced back with considerable strength each time it bottomed below $0.000007.
- With this, the token completed forming a double bottom pattern as the price tested the neckline.
- Trading volume also increases to a moderate level, suggesting that volatility may also increase to some extent.
- Therefore, after bunching along the neckline for some time, it is believed that the Shiba Inu price will surge and reach the pivotal resistance of $0.000029.
Pepper (PEPPER)
- PEPE price is trading within a rising wedge and is currently testing lower support, which makes continuation of the weakness more likely.
- Sales have soared so much that bulls find it extremely difficult to sustain above-average profits.
- Additionally, RSI is neutral but appears more generous the further south you go. This suggests that the price may break the lower support line.
- This could allow Pepe price to test the low support of $0.00000103 if the bearish trend continues and trigger a healthy bounce to regain lost levels near $0.000002.