The top three meme coins by market cap, Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE Coin), extended their gains on Friday after Thursday’s surge. Technical analysis for these three coins suggests that there may be more gains in the future. Crypto analyst Manish Chhetri evaluates the technical status of these tokens.
DOGE Price Prediction: Dogecoin Escapes Wedge$DOGE
Dogecoin broke out of a falling wedge formation on Thursday and is trading at $0.123, one of the highest levels since early August. If the breakout level at $0.115 remains support, DOGE could rise 15% to reach the daily resistance level of $0.141.
The Moving Average Convergence Divergence (MACD) indicator signaled a bullish crossover on the daily chart on September 9. This supports Dogecoin’s rise. Also, the green histogram bars continue to rise and remain above the neutral line of zero, indicating continued upward momentum. However, the Relative Strength Index (RSI) is approaching the level of 70. This suggests that the RSI should enter the overbought zone and remain there in case of a possible rally. On the other hand, the bullish outlook may be invalidated if Dogecoin fails to find support at $0.115 and continues to fall to the September 16 low of $0.098. This could lead to a retest of the weekly support level at $0.078.
Shiba Inu Price Analysis$SHIB
The Shiba Inu has gained 29% in the next six days after breaking out of the symmetrical triangle formation on September 20. It closed above the weekly resistance of $0.000016 on Thursday and has climbed to $0.000019 as of Friday. If the weekly resistance of $0.000016 remains support, SHIB could retest $0.000020 from current levels. If the bulls manage to close SHIB above $0.000020, it could rally 15% to reach the technical target of the symmetrical triangle at $0.000023.
The MACD indicator on the daily chart supports SHIB’s rise after the bullish crossover on September 10. The MACD line (blue) has moved above the signal line (yellow) and the green histogram bars are also rising above the neutral line. However, the RSI is trading in the overbought territory, having reached the level of 80. This requires investors to be cautious, as the risk of a pullback is increasing. If SHIB loses the $0.000016 support level and the daily close is below $0.000014, the market situation could turn from bulls to bears. This scenario could extend the decline to the September 18 low of $0.000012.
PEPE Coin Price Analysis: Bulls Remain Strong$PEPE
Pepe (PEPE Coin) has gained 14.5% in the next six days after breaking out of the descending trendline on September 20. As of Friday, it is trading above the 61.8% Fibonacci retracement level of $0.0000104 and is up 12% at $0.0000106. If PEPE Coin stays above the 61.8% Fibonacci retracement level of $0.0000104, it could retest the July 24 high of $0.0000131.
The daily MACD indicator supports the PEPE price rally after the bullish crossover on September 10. Like DOGE and SHIB, the green histogram bars are also rising above the neutral line, suggesting that the bulls are taking control. However, the RSI has reached the 74 level and is trading in the overbought territory. Traders should be careful when adding to their long positions as the possibility of a price correction increases. If PEPE Coin closes below $0.0000078, the bullish thesis will be invalidated, leading to Pepe retesting $0.0000069.
