Is the Memecoins Rally Over From Here?

The memecoin market exhibits volatility tied to Bitcoin's movements. Dogecoin faces potential retest at $0.18, while Shiba Inu shows potential for a 70% rally but also presents downside risks
Is the Memecoins Rally Over From Here?

Memecoin, Voice Of Crypto

Key Insights

  • The memecoin market is volatile, mirroring Bitcoin's movements and is currently down 6%.

  • Dogecoin might retest $0.18 if it breaks below its current support level.

  • Shiba Inu could rally 70% but faces a potential downside too.

  • DogWifHat needs to hold above $3.28 to avoid further decline.

  • PEPE breakout expected either upwards to $0.00001 or downwards to $0.0000037.

The crypto market is currently in one of its most volatile times, considering how near the upcoming Bitcoin halving is from here.

Naturally, the memecoin market—which has demonstrated a remarkable correlation to the pioneer cryptocurrency in the past, is going haywire along with Bitcoin.

<div class="paragraphs"><p>The memecoin market’s performance</p></div>

The memecoin market’s performance

At the time of writing, the memecoin market is down by around 6% over the last 24 hours, despite being almost completely green only last week.

As it stands, we would all like to know—is the memecoin rallying over from here?

Is now the time to take profits and escape whatever "halving bear bomb" might be incoming?

Let’s find out, using the top 4 memecoins as a case study.

1. Dogecoin (DOGE)

According to CoinMarketCap, Dogecoin is down by around 4.5% over the last day, and is on the verge of losing all of its gains from the past week, as sown by the snapshot below:

<div class="paragraphs"><p>Dogecoin’s price performance</p></div>

Dogecoin’s price performance

According to the charts, the worrying thing about Dogecoin is that it just formed a lower low, after failing to break and sustain itself above $0.21.

<div class="paragraphs"><p>Dogecoin’s price action</p></div>

Dogecoin’s price action

The cryptocurrency is trading on top of an ascending trendline as shown above, with the next possible retest point coinciding with the 25-day EMA around $0.18.

What does this tell us?

It means that we might see Dogecoin decline further from here, and retest $0.18. However, if we see a sustained breakdown of this price point, Dogecoin will inevitably crash further down and retest $0.16.

2. Shiba Inu (SHIB)

Shiba Inu currently trades at around $0.00002737, and is down by around 4% as shown in the snapshot below:

<div class="paragraphs"><p>Shiba Inu’s price</p></div>

Shiba Inu’s price

According to the charts, Shiba Inu is at its strongest—as well as its weakest at the same time.

<div class="paragraphs"><p>Shiba Inu in the charts</p></div>

Shiba Inu in the charts

The cryptocurrency is testing the ascending trendine, and is now more poised than ever, to rebound from here and rally upwards by another 70% to its local high of around $0.00004567.

However, there’s a catch.

Shiba Inu can go up from here. However, it could also go down.

If we see a sustained break below the ascending trendline and below $0.00002550, we are bound to see the cryptocurrency decline further from here and retest.

3. DogWifHat (WIF)

According to data from CoinMarketCap, WIF is the most badly hit memecoin on the list, after tanking by around 13.5% on the daily, and around 10% on the weekly timeframes.

<div class="paragraphs"><p>DogWifHat’s price</p></div>

DogWifHat’s price

According to the charts, WIF just dipped below an important support.

<div class="paragraphs"><p>WIF in the charts</p></div>

WIF in the charts

The charts indicate that WIF is now trading underneath the $3.6 support, which used to be its former all-time high.

However, instead of dropping fully in a massive bear crash, the cryptocurrency appears to have found support against its 25-day moving average, somewhere around $3.28.

This goes without saying that WIF has to maintain its standing above $3.28 because a breakdown might lead to a retest of the $2.8 lows.

4. Pepe (PEPE)

PEPE is down by around 5% over the last 24 hours, and by around 4% over the last week, as shown below.

<div class="paragraphs"><p>PEPE’s current price</p></div>

PEPE’s current price

In the charts, we can see that PEPE crashed under the $0.000007 support, only after being rejected from $0.000008.

<div class="paragraphs"><p>PEPE’s price action</p></div>

PEPE’s price action

This rejection from $0.000008 marks the latest in a long line of lower highs and higher lows, as the memecoin trades within the symmetric triangle illustrated above.

Before long, a breakout is expected to happen in either direction, bringing PEPE up to the $0.00001 local high, or down in a steep crash to $0.0000037.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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