Meme Coins Price Analysis: Breakout Runs For DOGE, PEPE, SHIB?

Meme Coins Price Analysis: Breakout Runs For DOGE, PEPE, SHIB?

Amidst Bitcoin's struggle to regain bullish momentum post-Halving, meme coins emerge as a potential opportunity. With breakout rallies in motion, investors are anticipating a bullish 2024.

Dogecoin (DOGE)

As the leading meme coin, Dogecoin boasts a substantial market capitalization of $21.61 billion. Currently trading at $0.1501, DOGE has experienced a 31.83% drop from its monthly high.

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On the 4-hour chart, Dogecoin's price action forms a triangular pattern. Despite approaching the support trendline, increasing institutional interest could fuel a recovery rally. A breakout could propel DOGE towards the $0.20 mark.

Shiba Inu (SHIB)

Ranked as the second largest meme coin, SHIB also exhibits a triangular pattern on the 4H chart. A positive cycle is struggling for a breakout, but a double bottom reversal is forming at the 61.80% Fibonacci level.

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A bullish crossover in the MACD indicator and improving market sentiment suggest a potential turnaround in SHIB prices. A breakout rally could target the $0.00004382 mark.

PEPE (PEPE)

Despite market weakness, PEPE offers a high likelihood of a bull run. With a $3.18 Billion market cap, PEPE ranks among the top 50 altcoins. Trading at $0.000007550, a channel breakout rally has emerged.

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As PEPE forms a double top at the 50% Fibonacci level, a post-retest reversal is anticipated. A breakout rally could reclaim the psychological mark of $0.000010.