Dogecoin & Pepe Stuck Within a Consolidation While Shiba Inu Ready For a 30% Upswing-Here’s What’s Next

After a remarkable run, the crypto markets are consolidating as the Bitcoin price drops below $100,000. While the possibility of a reversal remains significant, which could re-instigate the bull run, the memecoin space is also following the trend, specifically Dogecoin and Shiba Inu. SHIB price tends to track DOGE price rallies, as evidenced by the current upward pressure on both coins while PEPE gains momentum.

However, the current trade setup suggests that SHIB price is poised for a significant upswing, while DOGE and PEPE may remain within a consolidated range for a few more days.

Dogecoin (DOGE) Price Analysis

The weekly trade is turning bearish for DOGE as buying pressure falters. Trading volume has declined by over 12% in the past few days, increasing the likelihood of a bearish trend. However, technical indicators suggest that the current accumulation may soon end, resulting in a potential 50% breakout close to its all-time high. The daily chart indicates that DOGE may continue to experience sluggishness in the coming days.

Bollinger bands are paralleling after significant expansion, supporting the sideways trend. Meanwhile, the RSI is attempting to enter the overbought zone despite facing rejection, indicating growing bullish strength. Selling volume increased significantly during the past trading day, but now that the pressure has eased, the price is expected to fluctuate within a range and ultimately reach the peak of the symmetric triangle. This could result in a 50% upswing to levels above $0.6.

Pepe (PEPE) Price Rally

PEPE is confronting strong resistance, having failed to surpass it for nearly a month since its November breakout. The daily candlesticks exhibit significant wicks on both sides, suggesting a balance between bullish and bearish pressure. It is anticipated that the bullish side will eventually gain strength and propel the price beyond the consolidation zone shortly.

As depicted in the chart, PEPE is trading within a resistance zone between $0.000022 and $0.000023. Notably, DMI levels remain parallel, suggesting no significant price deviation, while MACD levels indicate a bearish trend but are poised for a bullish crossover within a positive range. Therefore, PEPE is expected to hover below the resistance zone for a few more days before initiating a strong breakout to reach $0.00003.

Shiba Inu (SHIB) Price Analysis

Unlike other memecoins, Shiba Inu has maintained a strong upward trend since the beginning of the quarter. The price has consistently formed higher highs and lows, indicating sustained bullish control. It appears predetermined that the price will reach a higher target above $0.00004.

After facing rejection from its yearly high around $0.000045, SHIB experienced a parabolic recovery. The **RSI** has maintained a steady upward trend, suggesting that the price may consolidate within the resistance zone between $0.00003191 and $0.00003288 until the end of the current fortnight. Market sentiment is anticipated to become increasingly bullish, potentially driving the price beyond consolidation levels and towards $0.00004.