Dogecoin, Pepe, or Shiba Inu: Which Memecoin Will Rally Better in Q4 2024?

The cryptocurrency market in Q4 2024 is witnessing renewed excitement, spurred by macroeconomic factors like the potential Federal Reserve rate cut and the buzz surrounding the U.S. elections. Memecoins—Dogecoin, Shiba Inu, and PEPE—are in focus, as investors seek riskier assets that could yield higher returns.

Despite recent price volatility, these tokens continue to attract attention due to their strong communities and potential catalysts for future growth. Each has distinct bullish and bearish cues that could determine its trajectory in the coming months.

Dogecoin (DOGE)

Dogecoin, the original memecoin, remains a favorite among retail traders, largely due to its association with influential figures like Elon Musk. One of the most prominent bullish cues for Dogecoin in Q4 2024 is the potential integration of DOGE into Musk’s X (formerly Twitter) as a payment system.

If this happens, it could lead to real-world adoption and significantly boost the demand for DOGE. Additionally, a favorable macroeconomic environment, especially a Federal Reserve rate cut, could increase liquidity and speculation in DOGE, making it a hot asset for short-term gains.

Dogecoin’s fate tied to Elon and the 2024 election outcome.

Moreover, the US elections could also become a bullish cue for the memecoin sector, since this area of the crypto verse lives and breathes hype. And what better hype than two supposedly pro-crypto contenders fighting for the top seat of power in one of the world’s largest economies?

Furthermore, Donald Trump winning the election would likely be a stronger cue for the DOGE token, since Elon Musk has been a vocal supporter of the former president’s candidature. A Trump win could certainly send DOGE prices soaring.

Bullish Technicals Could Help Strengthen Positive Narrative For Dogecoin

Meanwhile, the DOGE USD pair has formed a bullish technical setup called the ‘falling wedge.’

DOGE USD formed a bullish setup with a 102% upside target. Source: Tradingview

Two converging downward trendlines that connect lower highs and lower lows form the falling wedge, a bullish reversal. The narrowing structure shows that, despite the ongoing downtrend, the bearish momentum is gradually weakening, often preceding an upward breakout.

The key feature of a falling wedge is that the slope of the lower trendline is steeper than that of the upper trendline, indicating that selling pressure is dissipating. When the breakout occurs—typically upward—it signals buyers taking control.

To estimate the potential price target after a breakout, traders measure the vertical distance between the widest points of the wedge and project that range from the breakout point upwards. Increased trading volume during the breakout confirms the strength of the reversal, reinforcing market confidence and the likelihood of success.

According to technical analysis rules, Dogecoin price might rally nearly 102% from its current level to reach the pattern’s projected target of around $0.221.

DOGE supply distribution by balance of addresses. Source: Santiment

On the bearish side, Dogecoin continues to face criticism for its lack of meaningful technological upgrades and its reliance on hype. Another concern is the concentration of large holdings among a few wallets, which increases the risk of price volatility if these whales decide to sell.

Furthermore, without new developments beyond speculative interest, DOGE could struggle to maintain any gains, especially if the broader crypto market sentiment turns negative.

Shiba Inu (SHIB)

The Shiba Inu ecosystem has evolved beyond its humble memecoin origins. The Shibarium Layer-2 solution offering real-world use cases by enhancing transaction speeds and reducing costs. In Q4 2024, Shibarium’s successful adoption could be a significant catalyst for sustained price growth.

Additionally, the upcoming Shiba Inu metaverse project is expected to drive user engagement and increase SHIB’s utility, making it an attractive option for investors seeking more than just speculative gains.

Shibarium stats.

Shiba Inu’s token burn mechanism adds to the bullish cues in the memecoin’s favor, reducing its circulating supply and leading to a potential price appreciation. The possibility of a Federal Reserve rate cut could also boost SHIB’s price as traders seek higher-risk assets.

Moreover, like Dogecoin, the US elections could impact the fate of SHIB’s price action. The rising tide of Dogecoin would likely help SHIB prices rally, though it is possible the impact may not be as pronounced as that on DOGE.

Technicals Remain Neutral For SHIB Price

Meanwhile, the SHIB USD pair has formed a technical setup the ‘symmetrical triangle.’

Traders generally regard symmetrical triangles as neutral patterns that can break out in either direction. They often wait for a decisive breakout above or below the triangle’s boundaries with increased volume to confirm the pattern’s resolution.

SHIB USD pair has formed a neutral technical setup. Source: Tradingview

The apex of the triangle is the point where the two trend lines converge, and breakouts tend to occur before the price action reaches this point. As the price action narrows, the volume trend should decrease, which often happens as the market consolidates within the pattern.

Traders typically expect a significant increase in volume to validate the breakout. The symmetrical triangle is notorious for its impartiality, breaking upward or downward with a capriciousness that defines the essence of trading crypto assets

According to technical analysis, SHIB price is primed for a nearly 290% rally to the pattern’s theoretical price target of nearly $0.000067. However, if the bullish breakout fails, the bearish aspect of the pattern could take over, resulting in the SHIB USD pair dropping 78.5% to $0.0000037.

Additionally, the token faces challenges, including its high supply, which could limit price increases despite burn efforts.

Another bearish risk is that Shibarium’s adoption is not guaranteed, and if the ecosystem fails to gain traction, SHIB could experience stagnation, particularly if the market moves away from speculative assets.

Q4 For The First Amphibitious Token

PEPE has captured the attention of retail investors with its viral appeal and potential for explosive gains. While its price experienced a recent downturn, increased social media buzz could spark a short-term rally.

Additionally, PEPE’s low entry price continues to attract retail traders, making it susceptible to FOMO-driven price spikes. The possibility of a Federal Reserve rate cut would likely increase speculative trading in PEPE.

A rate cut could increase the market’s risk appetite, allowing more liquidity to enter riskier assets like Bitcoin. Traders might try to rotate their profits and choose PEPE for its low entry price which could expand the profit margins.

Bearish Technicals For PEPE Price

The PEPE USD pair price has formed a bearish technical setup called the ‘descending triangle.‘

Analysts identify the descending triangle as a bearish continuation pattern, characterized by a descending upper trendline that compresses price action into lower highs, while a flat lower trendline provides weakening support.

PEPE USD pair formed a bearish setup with a 72% downside target.

This setup intensifies selling pressure as rallies struggle to breach resistance, leading to progressively weaker buyer attempts. The battle between bulls and bears typically ends with a breakdown below the lower trendline.

Traders estimate the potential downside by measuring the vertical distance from the highest point of the triangle to the flat support line, projecting this distance downward from the breakout point.

If the Pepe coin price confirms the pattern, the token could drop nearly 72%, with a target near $0.00000265.

The token lacks substantial utility or technological developments, meaning its price movements are driven primarily by sentiment. Moreover, PEPE relies heavily on whale activity for liquidity, which makes it vulnerable to sharp declines if large holders sell.

As such, it seems Dogecoin has the most clear bullish cues out of Shiba Inu and Pepe coin. While PEPE price has a clear bearish technical marring its Q4 2024, Shiba Inu coin price remains undecided on its price action.

The crypto sector remains a volatile sector, investors should do their research properly before investing.

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