As the broader crypto market pumped this week, so did a few top meme coins. POPCAT likely stole the spotlight from others with a 70% pump after Binance announced futures listings for this meme.
WIF and PEPE also performed well with ~30% pump during the same period.
However, what’s the deal with DOGE, the king of meme coins?
What you'll learn 👉
The Meme Coin Hierarchy
In the crypto market, Bitcoin typically needs to start pumping to “drag” altcoins along with it. However, when it comes to meme coins, DOGE often plays a similar role. As the original and most well-known meme coin, DOGE’s performance can influence the broader meme coin market.
The DOGE price pumped 11% this week, but this is the lowest pump out of other top memes. Despite this relatively modest gain, some traders remain optimistic about DOGE’s short-term prospects.
Bullish DOGE Price Prediction
“World Of Charts” posted a DOGE chart last night, predicting the price will hit $0.25-$0.30 in the “short-term” period. This prediction is based on technical analysis of DOGE’s recent price action and chart patterns.
The chart features a clear falling wedge pattern, characterized by two converging trendlines sloping downward. This pattern is typically considered bullish, especially when it appears after a downtrend. The falling wedge indicates that the price action has been narrowing, with lower highs and lower lows, leading to a squeeze in volatility.
The upper trendline acts as resistance, connecting the swing highs, while the lower trendline acts as support, connecting the swing lows. Also, the DOGE price has already broken out above the upper trendline, signaling a potential reversal. This breakout is accompanied by strong bullish momentum, indicated by the steep rise in the price candles following the breakout.
The next significant resistance zone is likely around the $0.25 to $0.30 range, as mentioned in the tweet. This range aligns with previous swing highs from earlier in the year. Another resistance could be around $0.23, where the price is currently consolidating.
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Show more +Immediate support is now the previous resistance level, near the $0.11 to $0.112 range. This level could act as a retest zone if the price pulls back before continuing higher. The current trend is bullish following the breakout, with increasing volume (over $800 million in the last 24 hours) and momentum suggesting that the uptrend could be sustained in the near term.
Read also: Crypto Weekly Roundup: Bitcoin Price Pumps, FET and Fantom (FTM) In the Spotlight
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