This week, meme coins like Dogecoin and Shiba Inu “woke up” and rallied over 20% each. Dogecoin crossed the key $0.10 psychological resistance level soon after its 10th birthday celebrations.
Shiba Inu also jumped to around $0.00001. What’s behind this renewed interest in meme tokens and can it continue?
What you'll learn 👉
Dogecoin Breaks Key Resistance at $0.10
Dogecoin gained over 20% this week to break above the $0.10 level that had capped price action for months. The rally comes right after Dogecoin’s 10th anniversary, bringing extra attention to the original meme coin.
According to prominent analyst Ali on the X social platform:
“Dogecoin has successfully cleared all major resistance levels! With the $0.095 support proving strong – thanks to 63,280 addresses buying 3.2 billion $DOGE – the path looks set for an upward journey. If this support remains firm, we could see #DOGE aiming for $0.14 next.”
The $0.095 support level has also now proven to be a solid floor on any minor pullbacks. This is evidenced by 63,280 separate wallet addresses that were actively buying dips around $0.095, accumulating 3.2 billion DOGE coins and defending declines.
As long as buyers remain dominant and $0.095 continues holding up as support on corrections, Ali believes Dogecoin’s path forward looks bullish.
According to altFINS analysis, Dogecoin price has reached the key $0.10 resistance level which also put the RSI indicator into overbought territory above 70. This suggests some consolidation or pullback is ahead in the near-term before buyers can regain control for any continued upside.
Traders should watch for Dogecoin to either 1) break out above $0.11 decisively which would signal the uptrend resuming or 2) pull back towards the $0.09 area which aligns with the 50% Fibonacci retracement level and would offer a key test of buyer support on any dip. Setting price alerts around $0.11 and $0.09 makes sense at this stage while waiting for the next directional move to develop.
Zooming out, Dogecoin remains in clear uptrends across short, medium and long-term time horizons per the altFINS assessment. So the bigger picture looks constructive despite some overbought readings that could spark a correction.
Source: altFINS – Start using it today
Momentum also leans bullish overall with the MACD line holding above the MACD signal line. The RSI above 55 also backs this bullish bias from a momentum standpoint.
In terms of support and resistance zones, previous resistance around $0.08 marks the initial support to watch on any pullbacks followed by $0.07 as the next downside area. On the upside, $0.10 stands as resistance
New Meme Kombat Platform Combining AI, Gambling and Memes
As Dogecoin leads meme coin strength back above $0.10, a new project called Meme Kombat combines the best aspects of AI, gambling, and internet memes into one platform.
Meme Kombat features an Ethereum-based $MK token and plans to launch a meme battle arena soon. This AI-powered gaming platform will host matchups between famous meme coin mascots like Doge, Pepe and Wojak. Players can bet on battle outcomes to earn rewards in $MK tokens through this play-to-earn model if their choices win.
A built-in staking system with yields up to 311% APY will also allow users to passively earn $MK tokens just for holding them in a wallet. This combination of gaming and staking aims to drive long-term engagement and intrinsic value growth for the token.
Using unpredictable AI algorithms on Ethereum, Meme Kombat will randomly generate battles with outcomes no one can pre-determine. As iconic memes square off across tournaments, ample wagering opportunities arise for players to pick winners and claim prizes.
Meme Kombat season one launches soon and will feature 11 popular meme coin mascots that crypto degens know and love. This reflects the quirky nature of meme culture combined with speculation and gambling that draws interest.
With presale concluding soon, MK already trades at $0.235 and could hit $0.246 soon according to projections. The presale helped raise $2.7 million, showing the strong demand. Once the token sale finishes, Meme Kombat will officially open its meme battle arena to the public.
Meme Kombat takes a community-focused approach with token distribution as well. 50% of the total supply goes to presale buyers, giving earliest supporters priority ownership. Another 30% rewards stakers and battle game winners, with 20% split between community governance and liquidity provisions.
As the next potential meme coin craze builds, Meme Kombat offers a unique combination of features that could power its own breakout. With presale slots filling fast, interested buyers looking to buy MK tokens can still contribute ETH, USDT or BNB on the Meme Kombat site while allocations last.
We have more than 5000 people in our TG group👀
— Meme Kombat (@Meme_Kombat) December 9, 2023
But how many of you are actually brave enough to engage in Kombat?
This is me challenging you: pic.twitter.com/vq1n2eyRE2
Conclusion
This week’s over 20% gains from Dogecoin and Shiba Inu may signal the start of another meme coin mania. And a new platform called Meme Kombat arrives at just the right time to feed the speculative frenzy with its own viral token. Blending memes, gambling, gaming and AI, Meme Kombat lets users battle iconic internet memes for token rewards.
With presale concluding soon, Meme Kombat and its $MK token offer exotic exposure to the latest evolution in the meme coin niche. For crypto thrill-seekers willing to embrace some calculated risk, Meme Kombat presents attractive tokenomics with strong demand already seen. As seasoned meme coin traders ride out the latest hype cycles, a new meme battle awaits on Meme Kombat for their next adventure.
Read also:
- Solana (SOL) Shows Signs of Strength, But Is a Pullback Due?
- Ethereum On-Chain Data Promising as ETH Reaches 18-Month Highs Amid Whales Accumulating Over $45 Million in 5 Days
- Chainlink (LINK) Surges 10%; Polkadot (DOT) and InQubeta (QUBE) Emerge as Top Purchased Token
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