Key Insights
- The memecoin market is turning green once again, after crashing in the previous week.
- Its market cap and trading volumes are back to healthy levels once again, with 10% and 20% increases respectively.
- Some of the biggest gainers include Dogecoin and Shiba Inu, both of which are aiming for higher highs.
- Dogelon Mars and Baby DogeCoin are not as bullish as Dogecoin or SHIB. However, things might change if the market maintains its momentum.
- Pudgy Penguin is currently bearish, after breaking below an ascending channel. A recovery into this formation could yield bullish returns for investors.
The memecoin market has made a spectacular comeback over the last 24 hours, according to data from CoinMarketCap.
The capitalization of this sector has shot up by nearly 8% over the last 24 hours to an impressive $114 billion, along with a 20% increase in trading volume to $13 billion.
CoinMarketCap data also shows that most of the top memecoins on the market have made a comeback, with big players like Dogecoin and Shiba Inu leading the charge.
Here’s an in-depth analysis of some of these cryptocurrencies, along with what to expect from their price performance.
- Dogecoin
According to insights from CoinMarketCap, Dogecoin is currently up by around 10% on the daily timeframe, along with a 22% price increase on the weekly timeframe.
The cryptocurrency is also trading within a symmetric triangle according to the charts, along with a current price of around $0.41.
According to the RSI on the daily charts, the bulls have most of the control over the market, and are attempting to cause a breakout from the upper resistance of the formation.
If Dogecoin successfully breaks and closes above the $0.41 price level, a spike in trading volumes would serve as confirmation of a bullish breakout.
From here, Dogecoin will be free to travel further up to the psychological 50-cent mark ($0.5) or even higher.
- Shiba Inu (SHIB)
Shiba Inu is another top performer like Dogecoin, especially with its 9% price increase over the last 24 hours and an 11% price increase over the last week.
According to the charts, Shiba Inu is trading atop an ascending trendline, which indicates that the bulls are in control compared to the bears.
The cryptocurrency is also attempting to break above its previous local high of around $0.00002493 from 4 January.
A break above this price level would also count as a break above the cryptocurrency’s 50-day SMA.
If the bullishness of the general crypto market continues, Shiba Inu could be on its way towards the $0.00004567 high from March 2024.
- Dogelon Mars (ELON)
The price movement of Dogelon Mars hasn’t been as impressive as Shiba Inu or Dogecoin’s.
However, the cryptocurrency has registered a 2% price increase over the last day, despite its less than 1% price increase over the last week.
According to the charts, Dogelon Mars hasn’t been as volatile as most of the other memecoins.
However, the daily timeframe shows that the memecoin is currently trading within a symmetric triangle, as illustrated below:
This means that the memecoin is currently in a consolidation phase, and is unlikely to experience a wild price swing unless a breakout in either direction occurs.
Investors must keep in mind that a symmetric triangle Is a neutral formation, and a breakout can occur in either direction.
This means that the future of Dogelon Mars depends heavily on the direction of the rest of the market.
- Baby Doge Coin
Baby Doge Coin is more bullish in performance than Dogelon Mars, but has gained less than Dogecoin or Shiba Inu.
CoinMarketCap data shows that the cryptocurrency has moved to the upside by around 7% over the daily timeframe, and by an impressive 5.3% over the last week.
According to the daily charts, Baby Doge Coin is currently on its way down, after reversing from the $0.00000007102 in December of last year.
Despite this seemingly bearish setup, however, the cryptocurrency appears to have settled down on the ascending trendline illustrated above.
In essence, Baby Doge Coin needs to prevent itself from going further below, because a break below the aforementioned trendline could result in a stronger decline.
On the flip side, if the bulls manage to keep Baby Doge Coin standing above this trendline, a recovery is expected to launch the cryptocurrency further towards the upside around this $0.00000007102 zone.
- Pudgy Penguins (PENGU)
According to data from CoinMarketCap, Pengu is the least performant cryptocurrency in the lineup.
The cryptocurrency has declined by around 2% over the last 24 hours and is down by around 5% over the last week.
According to the charts, Pudgy Penguins broke out towards the underside of the ascending channel shown below, when the general market crashed out in the last week.
The cryptocurrency has only been unable to partake in the market’s bullishness because of its attempts to break into the channel once again.
Investors are advised to approach Pengu with caution, at least until it breaks and closes above the 50-day SMA around $0.035.
