Memecoins
Memecoin Market Analysis: What’s Next for Dogecoin, Shiba Inu, Pepe and GameStop Prices?
The meme coin market has seen a bullish rally over the past few weeks, coinciding with a slowdown in the altcoin and Bitcoin markets. Notably, the return of Roaring Kitty sparked a bull run for GME, a SOL meme coin. Therefore, investors are now curious about the upcoming price trend of other top coins including Dogecoin, Shiba Inu, and Pepe.
Dogecoin Price Analysis
Dogecoin declined and fell below the moving averages, indicating that its price may remain in the $0.12 to $0.15 range for some time. At the time of writing, DOGE price is trading at $0.146, down more than 1% in the last 24 hours.
The falling 20-day EMA ($0.15) and RSI in negative territory suggest that bears have the upper hand in the near term. The DOGE/USDT pair could drop to $0.138 and then to $0.12.
A strong rebound from $0.12 would indicate that bulls are buying at lower levels. The next trend move is expected to start with a break above $0.15 or below $0.12. Until then, random and volatile actions limited to a certain distance can continue.
Shiba Inu Price Analysis
SHIB price declined by $0.000026, consolidating around the crucial $0.0000225 level. This level is crucial as it will likely see significant action from both bulls and bears. At the time of writing, SHIB price is trading at $0.0000231, down over 2.2% in the last 24 hours.
If SHIB price breaks above the resistance channel, we could see a rise towards $0.00002898. However, the bears will firmly defend this level.
However, if SHIB falls below the current price level, it could head towards $0.00002 for a retest. A decline below this level could push the price towards $0.000012.
Pepe Price Analysis
Pepe bounced off the support line and surged above the 20-day EMA ($0.0000129), showing positive sentiment as traders buy on dips. However, bears remain active around the 23.6% Fibonacci channel.
The bulls will attempt to push the price up to the overhead resistance at $0.000015, where heavy selling from the bears is expected. If the bulls succeed, the PEPE/USDT pair could start the next uptrend towards $0.000017.
However, if the price declines and breaks below the support line, it will invalidate the uptrend. The pair could then fall below $0.00001.
GameStop Price Analysis
Over the past few hours, GME price declined due to selling pressure above the $0.02 mark. Currently, GME is trading at $0.0184, following a decline of over 5% in the last 24 hours.
The 20-day exponential moving average (EMA) at $0.0182 is slightly lower and the relative strength index (RSI) is targeting a decline below the midline, signaling that sellers have the upper hand. The GME/USDT pair could decline to its breakout point of $0.013, testing the patience of buyers.
However, this bearish outlook could change if the price rebounds and holds above the EMA20 trendline. In such a scenario, the pair could reach $0.032 and aim for a new all-time high (ATH).