- The market cap of the meme coin market increased 0.42% over the past 24 hours.
- Technical indicators for SHIB, BONE, PEPE, FLOKI, and DOGE suggest that their prices may rise in the next few weeks.
- The MACD indicator on PEPE’s daily chart showed that the meme coin’s trend was reversing from bearish to bullish.
The meme coin market has been the most active sector in the cryptocurrency market over the past few months as investors and traders sought trade opportunities that were driven by community excitement as opposed to fundamental developments. As the result of the meme coin buzz, DOGE, SHIB, PEPE, BONE, and FLOKI are altcoins to watch for the rest of 2023.
The meme coin sector continued to perform over the past 24 hours, according to CoinMarketCap. During this period, the collective valuation of all meme coins in the market rose by 0.42%. As a result, the total market cap for meme coins stood at approximately $14.970 billion at press time.
Dogecoin (DOGE)
CoinMarketCap indicated that the price of the leading meme coin in terms of market cap had slipped 0.39% over the past 24 hours. Consequently, DOGE was trading at $0.06389 at press time. Along with the drop in price, DOGE also recorded a 2.39% decrease in its 24-hour trading volume. This brought the total down to around $291,366,995 as a result.
Daily chart for DOGE/USDT (Source: TradingView)
DOGE’s price printed higher lows over the past 2 weeks, which resulted in the formation of a positive trend line. If this bullish momentum continues, the meme coin’s price may soon flip the resistance level at $0.06450 into support.
Thereafter, the altcoin will have a clear path to rise to the next significant mark at $0.07195 in the following few days. If the buy support persists, there is a possibility that DOGE’s price could rise to as high as $0.08395 towards the end of this month.
A potential early confirmation of this bullish thesis will be if DOGE closes a daily candle above the 9-day EMA line at around $0.06389. Conversely, if DOGE is unable to close a daily candle above this technical indicator within the next 72 hours, then it may be at risk of dropping to the positive trend line. A break below this level could then lead to DOGE dropping to $0.05835.
Shiba Inu (SHIB)
SHIB was able to outperform DOGE and printed a 1.51% gain over the past day of trading. As a result, the altcoin was changing hands at $0.000007643 at press time. This positive daily performance was, however, not enough to bring the meme coin’s weekly performance out of the red zone. CoinMarketCap indicated that SHIB’s price was still down 7.54% over the past 7 days.
Daily chart for SHIB/USDT (Source: TradingView)
Unlike DOGE, SHIB was trading below a medium-term positive trend line that had formed on its daily chart. If the meme coin is unable to close a daily candle above this line within the next 72 hours, then it may correct down to the crucial support level at $0.00000700 over the coming week.
On the other hand, if SHIB is able to close a daily trading session back above the trend line, or is able to reclaim the support of the 9-day EMA line at around $0.00000781, then it may attempt to break above the $0.00000845 resistance in the following few days. With enough bullish momentum, SHIB’s price may continue to rise to the $0.00000928 resistance level as well.
Pepe (PEPE)
Meanwhile, PEPE also saw its price drop throughout the past day of trading. At press time, the meme coin’s price stood at $0.0000007911 after its latest decrease of 0.13%. This pushed PEPE’s weekly performance deeper into red territory as well to -10.29%. PEPE was able to reach a daily high of $0.0000008148, but had since retraced to its current price.
Daily chart for PEPE/USDT (Source: TradingView)
From a technical standpoint, PEPE had been in a strong descending price channel over the last few weeks, but may attempt to break out of this channel in the upcoming couple of days. Supporting this bullish trend reversal is the MACD indicator on PEPE’s daily chart. More specifically, the MACD line was attempting to cross above the MACD Signal line at press time.
If these two technical indicators cross over the next 48 hours, then it will signal that PEPE’s trend is reversing from negative to positive. Should this technical flag be validated, then the altcoin’s price may attempt to flip the $0.0000009225 resistance into support. Depending on the strength of the buy pressure, PEPE’s price may continue to rise to $0.0000010560 as well.
On the other hand, if the technical flag is not validated, then PEPE’s price may drop to the next support level. In this scenario, the meme coin’s price may retest the crucial support level at $0.0000007545.
Bone ShibaSwap (BONE)
BONE’s price was up 0.21%, which elevated the altcoin’s price to above $1 at press time. This was after the meme coin had retraced from its 24-hour high of $1.04. Meanwhile, BONE established a daily low at $0.9969.
Daily chart for BONE/USDT (Source: TradingView)
Short-term momentum was still in favor of sellers at press time given the fact that the 9-day EMA line was positioned below the 20-day EMA line. However, the daily RSI indicator was in oversold territory as well. This may result in traders identifying BONE’s current price as a buy opportunity.
If bulls do step in to scoop up BONE tokens in the next 48 hours, then the meme coin may flip the resistance level at $1.0638 into support. Thereafter, the cryptocurrency will have a clear path to rise to the next barrier at $1.3555 in the following few days.
This bullish thesis will be invalidated if BONE is unable to close a daily candle above the $1.0638 mark over the next 2 days. Consequently, the meme coin’s price will be at risk of continuing to drop, which may bring it all the way down to the key support level at $0.8630 throughout the next 2 weeks.
FLOKI (FLOKI)
Last but not least, FLOKI was able to achieve a 0.19% gain over the last 24 hours. As a result, the meme coin was changing hands at $0.00001687 at press time. Although the cryptocurrency recorded a price increase, its daily trading volume had dropped by more than 11% during the same period.
Daily chart for FLOKI/USDT (Source: TradingView)
FLOKI’s price had been in a short-term negative trend over the course of the past 2 weeks. However, the daily MACD indicator suggested that this bearish cycle may be coming to an end. Moreover, the daily MACD line crossed above the MACD Signal line during the last 48 hours, signaling that FLOKI’s trend was beginning to shift from bearish to bullish.
If this technical flag is validated, FLOKI’s price may attempt a challenge at the $0.000019250 resistance level. Thereafter, if the altcoin is able to close a daily candle above this significant price point, then it will have a clear path to rise to the next key benchmark at $0.000023425 in the next 2 weeks.
A confirmation of this bullish thesis will be when FLOKI’s price closes a daily candle above the 9-day EMA line, which was situated at around $0.000017243 at press time. However, FLOKI failing to close a daily trading session above this point within the next 72 hours will invalidate the bullish thesis. In this scenario, FLOKI’s price may drop to the $0.000016460 support level.
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