Memecoins Lead the Surge in the Altcoin Market

Memecoins Drive Gains in Altcoin Market

Altcoins have experienced a significant upswing, with memecoins leading the charge. Memecoins, which emerged as the top-performing sector in 2024, continue to attract demand, closely followed by real-world asset (RWA) and artificial intelligence (AI) altcoins. Amidst the bull run in these community- and hype-driven altcoins, top names like Dogecoin (DOGE) and Shiba Inu (SHIB) flirt with a potential trend-reversal rally. Additionally, a new memecoin, Brett (BRETT), signals a strong breakout rally for substantial gains.

Dogecoin (DOGE): Winking with Falling Wedge Formation

Dogecoin, the largest memecoin by market capitalization, is undergoing a corrective phase after hitting a yearly high of $0.22. DOGE's price fell from this high to the descending support trendline near $0.1175. This downtrend has formed a falling wedge pattern, with the negative cycle moving below the 200-day EMA. Despite this, Dogecoin is holding its fort above the psychological level of $0.10.

Currently, DOGE is trading at $0.12548, consolidating after an overnight jump of 6.05%. Technically, DOGE's price recovery has led to a bullish crossover of the MACD and signal lines, delaying the impending death cross on the daily chart. If the bullish cycle gains momentum within the falling wedge pattern, the memecoin could attempt a breakout rally towards the 50-day EMA at $0.14, and potentially $0.18 or $0.22.

Shiba Inu (SHIB): Standing Out with Falling Channel Formation

Shiba Inu, after hitting a 52-week high of $0.00004567, has developed a falling channel on the daily chart. The declining price has breached the 200-day EMA, threatening to form a death cross pattern on the daily chart. However, the negative cycle found quick support at $0.000017 before testing the support trendline, signaling an early reversal in the trend.

A bullish crossover in the MACD and signal lines supports the likelihood of a reversal. Should the upside momentum gather pace, SHIB has the potential to climb towards $0.000025 and attempt a channel breakout for a potential bull run towards $0.000035.

BRETT: Sending Bullish Signal with Breakout

BRETT has established a strong support trendline, maintaining an overall uptrend. The price action on the 4-hour chart shows a triangle breakout, with the price breaking above a short-term resistance trendline. Following the recent bounce off the support trendline, BRETT's price surged over 25%, currently trading well above $0.15. The next potential move after this price jump is a potential retest at $0.15419.