Pepe Price Poised for Another ATH; Elite Crypto Analyst Discusses Top Meme Coin Dogecoin’s (DOGE) Potential to Hit $1
Release: 2024/05/20 19:34 Reading: 813
According to recent analysis by the popular YouTube channel 99Bitcoins, meme coins Pepe Coin and Dogecoin are showing strong potential for notable gains as the cryptocurrency market enters a new phase in this bull run.
Pepe Coin's Impressive Performance
Launched during the bear market, Pepe Coin has defied expectations and currently ranks third among meme coins with a market cap of $3.9 billion. Despite a recent correction after breaking all-time highs, Pepe is up 6% on the day, 44% on the week, and an impressive 104% on the month, as reported by 99Bitcoins.
Technical analysis conducted by the channel suggests that Pepe remains bullish, with moving averages indicating a buy signal. As the bull market progresses and Bitcoin approaches $72,000, 99Bitcoins predicts that meme coins like Pepe are likely to take off. If Pepe continues to outperform other top meme coins in terms of market cap and trading volume, it could become the leading meme coin of 2024.
Dogecoin's Bullish Outlook
Dogecoin, the top meme coin by market cap, is also displaying bullish behavior, according to 99Bitcoins. Analysts predict a potential 50% upside if Bitcoin can hold above $65,000. Dogecoin is up 7% on the week and nearly 100% over the past six months, indicating strong bullish momentum.
The channel highlights positive news coverage surrounding Dogecoin, with the community eagerly anticipating the launch of X's payment service, which is rumored to include Dogecoin as a payment option. Although Elon Musk has not confirmed plans to add Doge to X, the Doge Army remains optimistic, as per the video.
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Market Conditions Favor Meme Coins
99Bitcoins notes that the overall crypto market is in the green, with the fear and greed index leaning towards greed. As Bitcoin aims to break $72,000 and potentially go parabolic, this bullish sentiment is expected to spill over into other cryptocurrencies, particularly meme coins.
The channel emphasizes Dogecoin's dominance, with its $22 billion market cap far exceeding that of its closest competitor, Shiba Inu, which has a $4 billion market cap. Despite its lack of utility, Dogecoin benefits from Elon Musk's endorsement, which could prove pivotal if the X payment processor adopts Dogecoin as a payment method.
Technical Indicators Suggest Upward Momentum
According to 99Bitcoins' analysis, technical indicators suggest that Dogecoin is poised for upward momentum. The price is trading above the 15 cents level and the 100-hourly simple moving average, with a key bullish trend line forming on the hourly chart. If Dogecoin can settle above the 15.4 cents level, it could trigger a fresh surge and move in a positive direction.
As the bull market progresses and Bitcoin continues its ascent, 99Bitcoins believes that meme coins like Pepe Coin and Dogecoin are well-positioned to benefit from the bullish sentiment.
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