3 Top Meme Coins Set For Big Gains This Week: DOGE, SHIB, PEPE
Release: 2024/08/11 23:15 Reading: 378
Surge in Crypto Market Led by Bitcoin and Meme Coins
August 8th witnessed a surge in the market leader Bitcoin (BTC), with a significant green candle propelling it above $60,278. Notably, BTC has found stability above the previous resistance, which now acts as support.
The surge in the crypto market, including top meme coins, has pushed the market capitalization beyond $2 trillion, reaching $2.11 trillion. Optimism has returned, evident in the Fear and Greed Index indicating improved market conditions at 40, signaling increased investor risk appetite.
Top Meme Coin Performance in 2024
Amidst market fluctuations, meme coins have emerged as a promising crypto category, potentially poised for significant gains in the second half of 2024. Given the upcoming elections, nominee-based memes could drive further growth.
The meme coin sector experienced a surge in the first quarter of 2024 but subsequently faced a correction in the second quarter. However, a resurgence of optimism in the third quarter has ignited a recovery in some meme coins.
Dogecoin (DOGE)
As the leading meme coin, Dogecoin ranks ninth among cryptocurrencies by market cap. Currently trading at $0.1045 with a market cap of $15.19 billion, DOGE has bounced off a long-standing support trendline. A breakout above the wedge's upper border could initiate a new bull run. Recent gains have propelled the meme coin above $0.097, yielding a 26% surge since August 5th.
With an increased likelihood of a breakout, Dogecoin could target a price of $0.22, representing a 120% increase from its current market price.
Shiba Inu (SHIB)
Shiba Inu, the second-largest meme coin globally, has formed a declining wedge pattern. Recent buying pressure suggests a surge from the $0.00010 psychological level, coinciding with trendline support.
Trading at $0.00001412, SHIB has experienced a modest increase of 0.43%. A breakout above the wedge's upper trendline could signal a sustained uptrend, with bulls targeting $0.000022 or even $0.000029 if momentum persists.
PEPE (PEPE)
PEPE, ranked 24th among cryptocurrencies, has exhibited a remarkable bull run, maintaining bullish momentum with a year-to-date growth of approximately 550%. However, a recent correction led to a decline below the $0.0000100 psychological support and the 200-day and 50-day EMA. A breakdown of an ascending wedge pattern occurred.
Despite the decrease, PEPE has found support at the horizontal level of $0.00000600. The uptrend could challenge resistances at $0.0000100 and $0.0000135. A bullish breakout above this resistance trendline could trigger a rally towards a new all-time high (ATH).
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