Memecoins are gaining strength as the market turns bullish after Bitcoin showed the possibility of hitting $70,000 anytime from now. Moreover, Ethereum price is making a strong move towards $3500 which increases the possibility of hitting $4000 soon from now. Hence, memecoins are also aware of the upcoming price action which is waving a bullish flag. Popular currencies like DOGE and SHIB are showing bullish divergences after a long period of stagnation while Pepe is about to start a new bullish period.
Dogecoin (DOGE) Price Analysis
Dogecoin broke above the psychological barrier in the past few days and completed a retracement, opening the doors for an uptrend ahead. The price has consolidated above $0.13, which suggests that the coin is preparing to reach $0.15. However, a small hurdle might hamper the progress of the rebound, but the bulls seem ready to maintain a strong uptrend ahead.
DOGE price has broken out of the downtrend line and entered a new bullish period. The RSI remains in a strong uptrend, while the Ichimoku Cloud is about to turn bullish. Therefore, Dogecoin price is expected to remain in an upward consolidation and enter a decisive range above $0.145. Here, the bulls are expected to show strength; otherwise, another break below $0.12 seems imminent.
Shiba Inu (SHIB) Price Analysis
Regardless of the current market volatility, the Shiba Inu price seems largely unaffected as the uptrend continues within a descending parallel channel. SHIB price has stalled within a certain price range within the channel, struggling to prevent an excessive bearish trend. Now that the selling pressure has eased, will the Shiba Inu price spark a rally and reach $0.00002?
The current trading setup suggests that the price could fall further in the coming days as the DMI is about to trigger a bearish crossover. Moreover, the Bollinger Bands have contracted again after some relaxation. Therefore, SHIB price is believed to remain sideways until the trading volume regains some momentum. Until then, there may be no major price action but minor fluctuations below $0.000018.
Pepe (PEPE) Price Analysis
Pepe’s price has been maintaining strong momentum since the beginning of the year, and despite the increase in bearish activity, the coin seems to have found solid ground. Therefore, bulls may remain slightly passive for a while, followed by a strong uptrend.
The recent bearish action has caused the price to break below the uptrend line and fail to recover the levels inside the ascending triangle. Moreover, the MACD is turning bearish as the levels are about to experience a bearish crossover, which could initiate a new bearish trend. Therefore, if the bulls fail to recover the levels above the trendline, the bears may pull the levels back to $0.00001. Otherwise, a successful rise could lead the PEPE price to the highest point, which could further initiate a new uptrend.
