Memecoins
Memecoin Market Analysis: What’s the Price Outlook for Dogecoin, Shiba Inu, Pepe and GameStop?
The meme coin market has seen a bullish rally in recent weeks, coinciding with a slowdown in the altcoin and Bitcoin markets. Notably, the return of Roaring Kitty triggered a bull run for GME, a SOL meme coin. As a result, investors are now curious about the upcoming price action of other major meme coins, including Dogecoin, Shiba Inu, and Pepe.
Dogecoin price analysis
Dogecoin turned bearish and fell below the moving averages, indicating that its price may remain in the $0.12 to $0.15 range for a while. At the time of writing, DOGE price is trading at $0.146, down more than 1% in the past 24 hours.
The declining 20-day EMA ($0.15) and RSI in the negative territory suggest that bears will gain the upper hand in the near term. The DOGE/USDT pair may drop to $0.138 and then to $0.12.
A strong bounce from $0.12 would indicate that bulls are buying at lower levels. The next trend move is likely to start with a break above $0.15 or below $0.12. Until then, random and volatile action within a range may continue.
Shiba Inu price analysis
SHIB price fell from $0.000026, consolidating around the crucial $0.0000225 level. This level is crucial as it is likely to see significant action from both bulls and bears. As of this writing, SHIB price is trading at $0.0000231, down more than 2.2% in the past 24 hours.
If SHIB price breaks above the resistance channel, we could see a rally towards $0.00002898. However, the Bears will defend that level strongly.
However, if the SHIB drops below the current price level, it could head towards $0.00002 for a retest. A decline below that level could push the price forward towards $0.000012.
Pepe price analysis
Pepe bounced off the support line and broke above the 20-day EMA ($0.0000129), showing positive sentiment as traders buy the lows. However, bears remain active around the 23.6% Fibonacci channel.
The bulls will try to push the price to the upper resistance of $0.000015, where strong selling by the bears is expected. If the bulls succeed, the PEPE/USDT pair may start the next uptrend towards $0.000017.
However, if the price declines and falls below the support line, it will invalidate the bullish pattern. The pair could then fall below $0.00001.
GameStop price analysis
In the last few hours, the price of GME has fallen due to selling pressure above the $0.02 threshold. Currently, GME is trading at $0.0184, having fallen more than 5% in the past 24 hours.
The 20-day exponential moving average (EMA) at $0.0182 is slightly lower, and the relative strength index (RSI) is pointing to a decline below the midline, signaling that sellers have the upper hand. The GME/USDT pair could fall to the breakout point of $0.013, testing the patience of buyers.
However, this bearish outlook could change if the price rebounds and holds above the EMA20 trend line. In such a scenario, the pair could reach $0.032 and aim for a new all-time high (ATH).