Are Dogecoin (DOGE) And Pepe (PEPE) Strong Enough To Break Records Post Legal Market Upset?
Release: 2023/11/22 20:49 Reading: 519
In the ever-turbulent world of cryptocurrencies, the recent drama surrounding Binance has sent ripples through the market, making waves even among the most seasoned traders: Changpeng Zhao, the big boss at the world’s dominant crypto exchange, pleads guilty to charges from the U.S. Department of Justice.
Suddenly, Binance Coin, which was riding a hopeful wave earlier, crashes by more than 9%. Bitcoin and Ethereum aren't spared either, with the former dipping to around $36,500 and the latter just hanging above $2,000. Coupled with another legal battle involving Kraken, this sudden turn of events has everyone wondering if this is just the start of a bigger market shake-up, especially in light of Zhao agreeing to a $50 million fine and stepping down as Binance's chief executive.
Amidst this broader market upheaval, meme coins such as Dogecoin (DOGE) and Pepe (PEPE) have not been immune. Despite their notable monthly gains, both coins experienced a downturn, dropping over 3% each. This decline coincided with a surge in trading volumes – 15.5% for DOGE and 8.5% for PEPE – suggesting a heightened level of investor activity, possibly driven by traders seeking to capitalize on the market's volatility.
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Dogecoin (DOGE): Is $1 In Sight After Galactic Surge?
Dogecoin (DOGE), a long-standing favorite in the meme coin category, has been creating a buzz with its recent escape from a 2.5-year consolidation pattern. This surge in activity, marked by a peak transaction volume of over $1.1 billion, comes amidst the backdrop of the DOGE team’s ambitious plan to literally reach the moon. With Dogecoin (DOGE) marking 20 out of the last 30 days as green and exhibiting an 8% price volatility, this news might just be the catalyst the asset needs for its next major leap.
Dogecoin (DOGE) Technical Analysis
From a technical standpoint, DOGE is trading between key levels, with the current price nestled between the first support at $0.0586 and the first resistance at $0.077. The Moving Average Convergence Divergence (MACD) level of 0.0025 and the Relative Strength Index (RSI) of 51.3 indicate a neutral to slightly bullish momentum.
Source: TradingView
The Simple Moving Averages (SMA) further support this view, with the 10-day SMA at $0.0774 slightly above the current price, suggesting potential resistance, while the 100-day SMA at $0.0655 sits below, indicating a solid support zone.
Dogecoin (DOGE) Price Forecast
Dogecoin (DOGE) has been a subject of intense speculation, especially with predictions about its potential to hit the $1 mark fueled by crypto analyst KALEO's bullish outlook. His analysis suggests a strong upside potential as the coin prints lower highs and points towards a possible leap to above $0.1 by December, setting the stage for an exciting period ahead.
Looking at the bullish scenario, if DOGE can sustain its current momentum and break through $0.077, it can test higher levels at $0.0853 and potentially aim for KALEO's forecasted $0.14 mark. On the flip side, the planned lunar mission, while adding a unique twist to the narrative of Dogecoin (DOGE), could introduce volatility depending on its reception and execution. Should the meme coin fail to sustain its current level and break below the $0.0586 support, it could further slip towards the lower supports at $0.0485 and $0.0301.
Pepe (PEPE): From Binance To Boom
Pepe (PEPE) has recently captivated its community with a significant move by its development team, who introduced a massive 418B PEPE tokens into Binance. This bold move, aimed at enriching the Binance-earn program, has ignited a wave of bullish sentiment among investors. In just a month, the PEPE price soared by an impressive 47%, indicating a strong momentum that has caught the attention of both traders and crypto enthusiasts alike.
Pepe (PEPE) Technical Analysis
Technically, Pepe (PEPE) is oscillating between its first support level at $0.00000104 and the first resistance level at $0.00000146. The MACD level of 0.000000025 and the RSI of 48.11 suggest a neutral market momentum.
Source: TradingView
The SMAs provide further insights, with the 10-day SMA at $0.00000115 slightly above the current price, indicating near-term resistance, and the 100-day SMA at $0.0000009 acting as a longer-term support.
Despite its similarities to Dogecoin (DOGE) in market position, the trading volume of PEPE is increasing at the trend line support, hinting at a possible break below, which could lead to a retest of the range support.
Pepe (PEPE) Price Forecast
In the bullish case, if Pepe (PEPE) continues its upward trajectory and breaks past $0.00000146, the next target would be the second resistance level at $0.00000178, with a potential to reach $0.00000184 as predicted by TradingView analyst Ifiok-2sydes.
On the other hand, a bearish turn could see PEPE breaking below $0.00000104 and even testing lower supports at $0.00000072 and $0.0000003. Such a move would be crucial, as a breach below these levels could indicate a more pronounced downtrend.
However, analysts like Chefderek.eth remain optimistic, suggesting a surge if the meme coin market maintains its previous cycle’s market share. This optimism is mirrored in the Fear and Greed Index, currently at 67, pointing towards a considerable bullish outlook for Pepe (PEPE).
Conclusion
To wrap up, Dogecoin (DOGE) and Pepe (PEPE) stand out with their distinctive approaches amidst market turbulence.
DOGE, riding high on its audacious moon mission plans and recent escape from a long consolidation, is showing signs of an exciting upward trajectory; positive technicals suggest that the meme coin can be on the cusp of a significant breakthrough. Whereas PEPE is making waves after its hefty token injection into Binance. It's a tightrope walk for the asset, balancing between the bullish optimism and potential bearish downturns, hinging on how it maneuvers through pivotal market levels.
Both Dogecoin (DOGE) and Pepe (PEPE) capture the essence of the meme coin market – a space rife with unpredictability, innovation, and a dash of whimsy, where investor mood swings and strategic plays can drastically sway their fortunes.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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