The market is entering a new bull market, with top tokens showing strong growth momentum, especially Bitcoin. During this period, Ethereum's price has also climbed above $3000, but even though Bitcoin's price has reached a new high of nearly $93,500, Ethereum has not been able to touch $4000. Here are three that are worth watching this week:
Dogecoin (DOGE)
The price of Dogecoin has reshaped a strong upward trend after breaking through the consolidation level of about $0.36. However, current bears still seem to have some room to maneuver, as bulls do not appear to have gathered enough strength yet. If it can break through the key resistance level, it may invalidate the bearish trend; conversely, this area may become a good buying range. The daily chart of Dogecoin shows that its price has just broken through a bullish flag pattern. The Relative Strength Index (RSI) indicates that bullish momentum has strengthened, but the Moving Average Convergence Divergence (MACD) shows that buying volume is decreasing, which may lead to a slight price correction. However, this may create a good buying opportunity around $0.35, as it is expected that once it breaks through before the end of 2024, a strong rally will be initiated, with prices expected to rise above $0.6.
Pepe (PEPE)
The price of Pepe coin has broken through the key symmetrical triangle, with an increase of over 125%, reaching an interim high of about $0.000024. After that, the price experienced a downward consolidation phase, but the bulls successfully stabilized the situation, preventing excessive price declines. Therefore, once the bulls regain the upper hand, there are reasons to believe that this token will form a strong upward trend again. As shown in the chart, the price of Pepe coin rebounded and broke through several months of consolidation range, soaring above the upward trend line. Since the price is fluctuating within a bullish flag pattern, this increases the likelihood of the upward trend continuing. It is expected that the price will maintain a consolidation state in the coming days, during which it may slightly retreat below $0.00002, which may further trigger a strong rebound in price to above $0.00003.
Shiba Inu (SHIB)
Due to trading volume still being a major constraint, traders' attention has shifted away from this popular meme coin. A close observation reveals that the selling volume over the past week has exceeded the buying volume that triggered a 50% increase. This indicates that bears remain vigilant about the growth of this token, which may not be a good sign for a healthy rebound. As shown in the chart, the price of Shiba Inu is consolidating within a clear symmetrical triangle. Since the Relative Strength Index (RSI) shows higher highs, but the On-Balance Volume (OBV) has retraced, the token has both bullish opportunities and bearish potential. Therefore, if the price of Shiba Inu faces a correction, the support level at $0.00002 may provide support for triggering a rebound; conversely, if a bullish breakout occurs, the price will rise close to $0.00004.
