Doge coin ($DOGE) comes back into the memecoin reckoning
Doge coin ($DOGE) has seen a resurgence over the last several days, with a 41% rise in price. Can $DOGE once again become the front runner for the memecoins, or will $PEPE and $WIF have something to say about it?
$DOGE huge price swing in the last bull market
In the last bull run $DOGE was a real star, rising 1,240% in the earlier stages, before going into its own bear market and experiencing a fall all the way back down to where it started by mid-2022. This year, the price rose to $0.22, fell back to $0.08, and has now broken out of the descending trendline for the bulls to be back in business.
Source: TradingView
The short term time frame shows the $DOGE breakout, and also some higher highs and higher lows since then. That said, the 4-hour Stochastic RSI is starting to turn back down, and therefore a correctional period may be about to take place. This could see the price possibly coming back to the 0.236 Fibonacci at $0.133, or the 0.382 Fibonacci at $0.123.
Still a lot for $DOGE bulls to do
Source: TradingView
Zooming out into the weekly time frame, it should be noted that there is a lot for the $DOGE price to do in order to get back anywhere near its all-time high. That said, some strong price structure has been built below the price, which could provide a firm base going forward. If $DOGE can get above the major resistance at its current price, the scene could be set for a new local high, and further upside price action going into the rest of this bull market.
$PEPE approaches breakout
Source: TradingView
The $PEPE price might be going sideways currently, but this is within a triangle that is not far away from a breakout. The descending trendline has been broken, and if $PEPE can make a higher high above $0.00001314, the trend reversal can be confirmed.
Danger ahead for $WIF
Source: TradingView
The $WIF price has broken out of a wedge pattern, but now looks to have topped at the 0.5 Fibonacci at a price of $2.96. The price is now starting to roll over, and is likely to head back to $2.52. That said, the indicators have crossed down on the weekly Stochastic RSI, signalling downside price momentum on a more macro scale. $WIF bulls will need to turn this indicator back around in order to continue the upward trend. Failure to do so could result in a return below $2.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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