DOGE and PEPE Drive the Memecoin Rally: Upside Targets Revealed
As the meme coin market hits the $116 billion market cap, DOGE and PEPE are stealing the spotlight. The sector leader, Dogecoin (DOGE), has increased by nearly 250% in the past 30 days, and PEPE has registered a massive growth of nearly 100% in the past 24 hours.
As Dogecoin’s market cap hits almost $58 billion, PEPE stands at $10.21 billion. Will the bull run in PEPE and Dogecoin drive the next bull run in the crypto market?
What are the upside potentials in both of these meme coins? In our latest price action analysis, let’s learn about the meme coin market leaders, DOGE and PEPE.
PEPE Eyes $0.00010 Barrier
The daily chart shows a falling channel breakout rally in the PEPE price action. With two consecutive bullish engulfing candles, the meme coin surpasses the trend-based Fibonacci level of 38.20%.
Dogecoin (DOGE) Price Targets $1
Similar to PEPE, Dogecoin’s price action shows a bullish rally. In the weekly chart, the DOGE price action reveals five consecutive bullish candles, accounting for a 253% price jump.
The bull run started near the $0.111 mark as it took a morning star reversal from the $0.10 psychological mark. The bullish revival in DOGE has surpassed the 78.60% Fibonacci level at $0.3468. The meme coin trades at $0.39368, with a week-to-date gain of 41.65%.
This also marks a rounding bottom breakout rally with a neckline near the 61.80% Fibonacci level. As Dogecoin is trading at its 52-week high, the MACD and signal lines give a positive crossover due to the surge in buying pressure.
Heading towards its all-time high level of $0.7390, the high-momentum rally in DOGE will likely create a new all-time high. Based on the Fibonacci retracement tool, the upside targets for Dogecoin are present at the $1 psychological mark and $2.38. #USInflationAboveTarget #USUALonLaunchpool&Pre-Market #MemecoinWars