Memecoins have been one of the most interesting aspects of the crypto market. The top memecoins like Dogecoin, Shiba Inu, and Pepe have been struggling hard to hold above the gains, while the newly launched token, BONK, displayed a monstrous rally. Now that the BONK price is also consolidating, how will they perform in 2024?
Dogecoin (DOGE)
- The DOGE price broke out from a multi-year descending triangle, which is considered bearish.
- However, the price triggered a bullish rebound and ranged high to test the upper resistance at $.105 but failed to sustain
- Currently, the price is facing some bearish heat, but the bulls are equally competing with the bears from the past week
- Therefore, the Dogecoin price could pull down a little following a strong rebound, regaining levels above $0.1 very soon
Shiba Inu (SHIB)
- The SHIB price has managed to rebound with significant strength each time it marked the bottom below $0.000007
- With this, the token has completed forming a double-bottom pattern as the price is testing the neckline
- The volume also has raised with a decent margin, which suggests the volatility may also rise to some extent
- Therefore, after consolidating along the neckline for a while, the Shiba Inu price is believed to surge and reach the pivotal resistance at $0.000029
Pepe (PEPE)
- The PEPE price is trading within a rising wedge and currently testing the lower support, displaying a higher probability of a bearish continuation
- The selling volume has soared heavily, due to which the bulls are finding it extremely difficult to sustain above-average gains
- Besides, the RSI is neutral but appears to be lenient towards the south, suggesting the price may break down the lower support
- With this, the Pepe price may test the lower support at $0.00000103 if the bearish trend continues and triggers a healthy rebound, reclaiming the lost levels close to $0.000002.
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