This week, most meme coins have eased slightly compared to the tumultuous October, with Dogecoin (DOGE) leading the charge. However, other meme coins did not perform well.
Both AI-themed Goatseus Maximus (GOAT) and hippo-inspired Moo Deng (MOODENG) have experienced double-digit declines, in stark contrast to the upward trend of Dogecoin. Below are the details of these tokens and potential next developments.
Dogecoin (DOGE)
On October 26, Dogecoin's price was $0.13. However, this week, the value of this meme coin has risen by 20%, currently trading at $0.16. The rise of Dogecoin can be attributed to various factors, including increased demand and accumulation by numerous investors. However, Elon Musk's post on X (formerly Twitter) on Monday provided additional momentum for Dogecoin's rise.
In a post, Musk, who has supported Dogecoin for years, shared a photo of himself with a 'muscular' Dogecoin. After the photo was posted, Dogecoin's price rose from $0.14 to $0.16 within a few hours.
Although the token eventually reached $0.17, the recent Bitcoin (BTC) pullback helped pull back the price. Technically, Dogecoin has formed a bullish flag on the 4-hour chart.
A bullish flag pattern suggests that the asset price may continue to rise in the short term. This pattern forms after a strong uptrend, followed by a slight consolidation, indicating potential further increases if the uptrend resumes.
As shown above, Dogecoin is about to break out of its consolidation phase (flag). Once confirmed, the price of this meme coin could rise to $0.18. In a highly bullish scenario, Dogecoin could climb to $0.20.
Goatseus Maximus (GOAT)
Unlike Dogecoin, Goatseus Maximus saw a double-digit decline this week, despite being popular for several weeks. As the AI-themed meme coin narrative cools down, this drop may be related to weakened demand. Earlier, during the peak of this trend, GOAT's price surged close to a billion dollars in market cap, with prices nearing $1.
However, as of the time of this writing, GOAT has fallen nearly 30% since Monday. From a 4-hour time frame, the moving average convergence divergence (MACD), which measures momentum, has fallen into negative territory.
This decline indicates a bearish momentum for GOAT. Therefore, the price may continue to drop. If the situation persists, the value of the meme coin could fall to $0.34.
However, if buying pressure increases again, a rebound may occur. In this case, the MACD readings may turn positive, and the price of GOAT could rise to $0.90.
Moodeng (MOODENG)
This week, Moo Deng also suffered a significant drop, with its stock price falling 20% over the past seven days.
This decline may stem from a shift in focus in the meme coin market, as traders move liquidity from MOODENG to other popular coins. As a result, MOODENG's price has fallen below its 20 and 50 period exponential moving averages (EMA).
When the price is below these EMAs, it typically indicates a bearish trend, contrasting sharply with the bullish sentiment that occurs when prices are above these levels. If this situation remains unchanged, the price of the meme coin may continue to decline.
If this happens, MOODENG may drop from $0.18 to $0.16. On the other hand, if demand for meme tokens rises, this argument may not hold. Instead, the token could break through the resistance level of $0.20 and climb to $0.24.
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