As the meme currency market reaches a $116 billion market cap, DOGE and PEPE are stealing the spotlight. The industry leader, Dogecoin (DOGE), has surged nearly 250% in the past 30 days, and PEPE has seen a whopping gain of nearly 100% in the past 24 hours.

As Dogecoin’s market cap approaches $58 billion, PEPE stands at $10.21 billion. Will the PEPE and Dogecoin surge fuel the next bull run in the crypto market? What is the upside potential for both of these meme coins? In our latest price action analysis, let’s take a look at the market-leading meme coins, DOGE and PEPE.

The daily chart shows a bullish breakout of a falling channel in PEPE’s price action. With two consecutive bullish engulfing candles, the meme coin crossed the trend-based Fibonacci level of 38.20%.

The two engulfing candles represent a price increase of over 200%, challenging the 50% Fibonacci level at $0.000025. The meme coin is currently trading at $0.000024 with an intraday gain of 17.79%, creating a new all-time high at $0.00002567.

The rally started with a morning star pattern near $0.00000718 and has resulted in nine consecutive bullish candles over the past 10 days. As the breakout of the falling channel marks a bullish flag pattern in the current rally in early 2024, PEPE's fundamental potential is huge.

Furthermore, with PEPE recently being listed on Coinbase and Robinhood, the sentiment around the meme coin is extremely bullish.

The weekly chart MACD and signal line show a positive crossover in support. Based on Fibonacci levels, PEPE’s upside target is $0.00000104. This would repeat a similar rally as seen in early 2024.

Dogecoin (DOGE) Price Target Is $1

Similar to PEPE, Dogecoin’s price action shows a bullish trend. On the weekly chart, DOGE’s price action shows five consecutive bullish candles, representing a 253% price increase.


The rally started near $0.111 as it reversed a morning star pattern from the psychological $0.10 level. DOGE’s bullish recovery surpassed the 78.60% Fibonacci level at $0.3468. The meme coin is trading at $0.39368, with a weekly gain of 41.65%.

This also marked a rally that broke the rounding bottom with the neckline near the 61.80% Fibonacci level. As Dogecoin was trading at a 52-week high, the MACD line and the signal line showed a positive crossover due to a spike in buying pressure.

Heading towards the all-time high of $0.7390, DOGE’s strong rally is likely to produce a new all-time high. Based on the Fibonacci retracement tool, Dogecoin’s upside targets are at the psychological $1 and $2.38 levels.