In early November, most memecoins took a break from the hectic trends of October, a period in which Dogecoin (DOGE) dominated the segment.
AI-themed coins Goatseus Maximus (GOAT) and hippo-inspired Moo Deng (MOODENG) have both seen double-digit declines, bucking Dogecoin’s recent bullish trend. Here’s a look at how these coins have performed recently and what to expect in the future.
Dogecoin (DOGE)
On October 26, the price of Dogecoin was $0.13. But this week, the value of memecoin rose 20% and is currently trading at $0.16. The currency's rise can be attributed to several factors, including increased demand and large investor accumulation. However, Elon Musk's post on X (formerly Twitter) on Monday (28) gave an extra boost to the valuation.
In the post, Musk, who has been a supporter of DOGE for a few years, shared an image of himself and a “muscular” Dogecoin. As soon as this happened, the price of the asset rose from $0.14 to $0.16 within a few hours.
While the coin eventually reached $0.17, Bitcoin’s (BTC) recent pullback helped pull the price down. From a technical perspective, Dogecoin has formed a bullish flag on the 4-hour chart.
A bullish flag pattern suggests that an asset's price may continue to rise in the short term. This indicator forms after a strong upward move, followed by a slight consolidation, and signals the potential for further gains if the upward trend resumes.
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Dogecoin 4-hour analysis. Source: TradingView
As seen above, the asset is on the verge of exiting the consolidation (flagship) phase. Once validated, the meme coin's price could rise to $0.18. In a highly optimistic scenario, Dogecoin could rise to $0.20.
On the other hand, a drop below the flag could invalidate this thesis. In this scenario, DOGE could fall to $0.14.
Goatseus Maximus (GOAT)
Unlike Dogecoin, Goatseus Maximus saw a double-digit drop this week despite being up for several weeks in a row. Such a drop could be linked to decreasing demand as the AI-themed memecoin narrative cools in November.
Previously, during the peak of this trend, the price of GOAT skyrocketed, approaching a market cap of $1 billion. Furthermore, the price at that time also approached $1.
But so far, GOAT has fallen nearly 30% since Monday (28). In the 4-hour period, the Moving Average Convergence Divergence (MACD), which measures momentum, has fallen into the negative region.
This drop indicates that the momentum around the coin is bearish. Thus, the price may continue to fall. If this continues, then the value of the memecoin may sink to $0.34.
Goatseus Maximus 4-hour chart. Source: TradingView
A rebound, however, could occur if buying pressure increases again. In such a scenario, the MACD reading could turn positive, and the GOAT price could rise to $0.90.
Moo Deng (MODE)
Moo Deng has also seen a significant drop this week, with its price dropping 20% in the past seven days.
The decline may stem from a shift in focus in the memecoin market in November, as traders shifted liquidity away from MOODENG and toward other rising coins. As a result, the coin’s price fell below its 20- and 50-period exponential moving averages (EMA).
When prices remain below these EMAs, it usually signals a bearish trend, contrasting with the bullish sentiment seen when prices remain above these levels. If this continues, then Moo Deng price may continue to decline.
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Moo Deng 4-hour analysis. Source: TradingView
If this happens, the asset could drop from $0.18 to $0.16. On the other hand, if the demand for the memecoin increases, then this thesis may not come to fruition. Instead, the token could overcome the $0.20 resistance and rally to $0.24.
The article Memecoins: Dogecoin rises 20%, GOAT and MOODENG plummet was first seen on BeInCrypto Brasil.
