DOGE, PEPE, FLOKI, and MEME, May Be Ready to Run, Here’s Why

• PEPE defied its overbought state and rose to $0.0000016
• DOGE may hit $0.01 should upward momentum increase and sellers stay out of the way.
• Potential entries for MEME and FLOKI are around $0.034 and $0.000032 respectively.

For the last few days, the crypto market has been in green, and apart from Bitcoin’s (BTC) incredible run, memecoins also seem to be running the show. The interesting part of this rally is that new memecoins like Pepe (PEPE)  and Memecoin (MEME) have not been left out of the uptrend.

Likewise, old guards like Dogecoin (DOGE) and Floki (FLOKI) have also been following. As a result of these movements, market participants are convinced that this is the early stage of the bull market. In turn, the price action of memecoins mentioned above should not be overlooked.

Pepe (PEPE)

PEPE is one of the four leading the rally in the last 24 hours. According to CoinMarketCap, PEPE’s price at press time was $0.0000016, representing a 17.21% hike within the said period. Also, the price increase has pushed up PEPE’s position on the market cap standing. 

A few weeks ago, PEPE was only able to reclaim its place in the top 100. But as of this writing, the cryptocurrency is ranked number 79 with a market cap of $671.62 million. On a weekly timeframe, PEPE’s value had increased by 46.17% in the last seven days.

A performance like this hints at a possibility that the meme might reclaim the $1 billion market cap it hit around April. Per its technical condition, the PEPE/USD 4-hour chart showed that the token was exhibiting a high level of volatility.

This inference was taken from the expanding bands of the Bollinger Bands (BB) indicator. There was, however, one interesting take from the BB trend. An evaluation of the indicator showed that the upper band had touched PEPE at different levels up to $0.0000016.

At one point, the upper band tapped $0.0000014, then it also hit $0.0000015. But all in all, the signal that was supposed to be overbought and tank the PEPE value did not. This is typical of a bull cycle where cryptocurrencies defy normal technical expectations while ripping upwards.

The Relative Strength Index (RSI) at 71.58 indicated that PEPE was overbought. While there is a chance that the price may retrace, it is also likely that the buying momentum won’t stop. 

If traders decide to take profits, PEPE may slide to $0.0000013, and that might be a good entry for short-term spot traders or derivatives participants looking to long the token.

Dogecoin (DOGE)

Next on the list is Dogecoin which is not as new as PEPE. Known as the favorite of Tesla CEO Elon Musk, DOGE has lost its number 8 spot per market cap to Cardano (ADA). But in the last 24 hours, the coin has shown signs that it could be ready for a repeat of its last bull market performance.

As of this writing, the price of DOGE was $0.098. The DOGE/USD chart on a 4-hour timeframe showed that the coin held support at $0.084.

Also, during its uptrend, there was resistance at $0.090. But bulls were able to break the psychological resistance as DOGE moved to $0.098. Based on indications from the Chaikin Money Flow (CMF) which was 0.24, DOGE’s buying pressure was enormous.

Should the buying pressure continue, the price may cross $0.1 in the short term. This assertion was also reinforced by the Awesome Oscillator (AO) which signaled increasing upward momentum. 

However, DOGE traders need to watch out for Bitcoin’s price action because of the correlation between both cryptocurrencies. If BTC retests $44,000, then DOGE might hit $0.1 faster. However, a drop below $43,000 could send DOGE back to $0.08 levels. But with the current market sentiment, the former seems more likely to happen. 

Floki (FLOKI)

During the last bull cycle, FLOKI appeared late to the memecoin rally. However, the cryptocurrency was still able to produce gains for traders who got in early. This time, it could be different. 

One of the reasons for this assumption is that the Floki project has added new use cases that are in demand in the market. Some of these include lending, yield farming, and staking. 

FLOKI’s price at press time was $0.000040, following a rally from $0.000032 on December 1. In the short term, FLOKI’s value may decrease because the current market depicts greed, and players who have made profits may decide to take them.

But for the mid-term— entering into Q1 2024, FLOKI may switch back to the bullish side. This was shown by the Exponential Moving Average (EMA). At the time of writing, the 20 EMA (blue) closed above the 50 EMA (yellow).

This is a typical bullish sign. So, if the broader market sentiment stays bullish in a few weeks, FLOKI could head in the $0.000080 direction.

Memecoin (MEME)

Out of all the four mentioned, MEME is the newest. Memecoin launched in October via the Binance Launchpad. Interestingly, the cryptocurrency has had a good start especially as Binance allowed users to farm MEME tokens by staking their BNB or FDUSD.

The bullish sentiment around MEME has also grown because a sizable number of whales are invested in the project. At press time, MEME’s price was $0.038, indicating a 93% jump in the last 30 days.

But the MEME/USD 4-hour chart showed that there has been some selling pressure recently which affected the price rise to $0.048. However, the Auto Fibonacci Extension showed that there could be an entry around $0.034, indicated by the 0.786 level.

If MEME drops to this price and buying pressure resumes, the value may rise above $0.057. Also, the 4.236 Fib level was at $0.062 which could serve as resistance to the potential uptick.

Currently, MEME’s buying momentum has become weak, as indicated by the Relative Strength Index (RSI). Should the RSI reading drop further, then the price may hit $0.034 which traders may take advantage of to buy.