DOGE, SHIB, WIF, PEPE: Meme Coins Price Analysis
In the past week, most meme coins saw significant declines, except for Pepe (PEPE) and Shiba Inu (SHIB), which experienced positive price movements. SHIB, now ranked 11th in terms of market capitalization, recorded a 7.24% increase, while PEPE’s price rallied by 36.19%.
On the other hand, both dogwifhat (WIF) and Dogecoin (DOGE) suffered declines. WIF’s price dropped by 6.38%, while DOGE tumbled by a similar ratio of 6.99%. Let’s take a closer look at the factors influencing these performances and assess where their prices might be headed in the near future.
Dogecoin (DOGE)
Currently trading at $0.14, DOGE attempted to surpass $0.16 on April 23 but faced immediate rejection, causing its price to retreat. As a result, DOGE lost support at $0.15, and the Relative Strength Index (RSI) dropped to 33.37, indicating strong bearish momentum. However, if DOGE continues to decline, it may eventually reach oversold levels, leading to a potential price bounce.
Similar indications are observed in the Money Flow Index (MFI), which suggests that capital has exited DOGE but the coin could soon become oversold. This supports the signal given by the RSI. If DOGE rebounds, a price range between $0.17 and $0.21 could be likely.
Shiba Inu (SHIB)
SHIB’s 4-hour chart paints a different picture. The Awesome Oscillator (AO) shows a negative trend, indicating an increasing downward momentum for the token. In this scenario, SHIB’s price might slip from $0.000024 and target $0.000022 as the next area of interest.
However, the Fibonacci retracement indicator suggests that SHIB could defy the odds and reach the 0.382 Fib level at $0.0000025. Moreover, an increase in buying pressure could drive the token towards the 1.619 Fib level, which represents the golden ratio extension.
If this occurs, SHIB’s price could jump to $0.000030. However, a bearish perspective could change the direction, with bears attempting to pull the price below $0.000020. However, in the short term, this seems unlikely.
dogwifhat (WIF)
Around April 10, WIF experienced a death cross, where the 50 EMA (yellow) fell below the 20 EMA (blue). This bearish trend led to a sharp decline in price, from $3.78 to $2.39. However, on April 23, WIF formed a golden cross, causing the price to rise to $3.55. Nevertheless, WIF could not sustain the surge and eventually declined to $2.69.
Currently, both the 20 and 50 EMAs are in close proximity, indicating that the token might move sideways in the coming days. From a bullish perspective, WIF may not rise above $3.15, while a bearish forecast could see the price around $2.70.
Pepe (PEPE)
PEPE’s upward trend was halted after facing rejection at $0.0000079, leaving its price on the verge of falling below $0.0000071. Additionally, the Moving Average Convergence Divergence (MACD) is negative.
Moreover, the 26 EMA (orange) has crossed above the 12 EMA (blue), indicating that traders are taking profits from the initial surge. If this trend continues, the price of PEPE might continue to fall, potentially reaching $0.0000064 in the short term.
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