Memecoin may continue to rise until it catches the attention of retail investors.
Currently, memecoin is showing a bullish momentum and is retesting its breakout levels.
Even as major cryptocurrencies struggled, the crypto memecoin space continued to make waves with its outperformance. All major memecoins, from Dogecoin [DOGE] to PeanutSquirrel [PNUT], experienced significant upward momentum.
Potential reasons for memecoin’s rise
The underlying reason for this massive upward momentum is the shift in investor and institutional interest from top assets like Bitcoin [BTC], Ethereum [ETH], and Solana [SOL] to memecoin. This growing interest is the reason why memecoin is hot again.
Additionally, many memecoins experienced slight breakouts this weekend, attracting increasing investor interest. Memecoins like DOGE, Pepe [PEPE], dogwifhat [WIF], and Bonk [BONK] have all shown bullish breakouts.
Growing interest from whales
Recently, on-chain analytics company Santiment posted on X (formerly Twitter) stating that whales have shown strong interest and confidence in these breakout memecoins, leading to their price increases.
However, the post also mentions that these memecoins may continue to rise until they attract the attention of retail investors, triggering purchases.
When this happens, prices may begin to decline as whales and institutions typically sell their tokens during this period.
December 2024 DOGE Price Prediction
According to AMBCrypto's technical analysis, DOGE appears to be retesting the neckline of an ascending triangle price action pattern.
Based on historical momentum, if the price successfully retests the $0.45 level and closes above $0.48 on the daily chart, DOGE is likely to surge by 18%, reaching $0.58 in the coming days.
December 2024 PEPE Price Prediction
Technical analysis from AMBCrypto indicates that currently, PEPE's price is retesting the breakout of a bullish flag and apex price action pattern. If the memecoin stays above $0.0000238, it could surge by 45% in the coming days, reaching $0.0000352.
December 2024 WIF Price Prediction
In addition to DOGE and PEPE, WIF recently broke out of the consolidation zone and is currently retesting the breakout level. If WIF maintains above $3.40, it is likely to rise by 25% in the coming days, reaching $4.60.
These memecoins appear to have strong momentum and are currently retesting their breakout levels.
Market sentiment seems to be optimistic, indicating that these memecoins may surge significantly in the coming days as whales and institutions continue to show strong interest.
