This week, most meme coins took a breather compared to October’s eventful trends, with Dogecoin leading the way. However, other meme coins did not perform that well. Two meme tokens that made a name for themselves in the market experienced double-digit declines, moving away from Dogecoin’s uptrend. Crypto analyst Victor Olanrewaju discusses these 3 tokens.
First up is the original meme coin Dogecoin (DOGE)
The price of Dogecoin was just $0.13 on October 26. However, this week, the value of the meme coin increased by 20%. The token is trading around $0.16 at the time of writing. Dogecoin’s rise is due to many factors, including growing demand and large investor accumulation. However, Elon Musk’s post on Monday gave extra momentum to the rise. In the post, Musk shared a picture of himself and a “muscular” Dogecoin. As soon as this event took place, the meme coin price increased from $0.14 to $0.16 in a few hours.
The cryptocurrency eventually managed to reach $0.17. However, with the recent Bitcoin pullback, it too lost ground. From a technical perspective, Dogecoin has formed a bullish flag on the 4-hour chart. The flag bull pattern indicates that the price of an asset may continue to rise in the near term. This formation occurs with a strong upward movement followed by a slight consolidation. It also indicates the potential for more gains if the upward trend continues. DOGE is on the verge of exiting the consolidation phase (flag). Once confirmed, it is possible for DOGE to rise to $0.18. $0.20 is on the cards for Dogecoin in a fairly strong bullish scenario. On the other hand, if there is a break below the flag, DOGE is likely to drop to $0.14.
Dogecoin 4-Hour Analysis. Source: TradingViewArtificial intelligence meme coin Goatseus Maximus (GOAT) is also on the list!
Goatseus Maximus has experienced a double-digit decline this week despite being trending for several weeks. This decline is due to declining demand as the AI-themed meme coin narrative cools. Earlier, during the peak of this trend, GOAT’s price rose and approached the $1 billion market cap. The meme coin price at that time also approached 1 dollar. However, the GOAT is down nearly 30% since Monday. On the 4-hour time frame, the Moving Average Convergence Divergence (MACD), which measures momentum, has fallen into negative territory.
This decline indicates that the momentum around GOAT is trending downward. Therefore, it is possible that the price will continue to fall. If the situation continues like this, it is possible for the meme coin value to drop to $0.34. However, if buying pressure increases again, a rebound is likely. In this scenario, GOAT’s price is likely to rise towards 0.90.
Goatseus Maximus 4-Hour Chart Source: TradingViewMoo Deng (MOODENG) comes in last place
Moo Deng also experienced a significant decline this week. Meme coin price has fallen by 20% in the last seven days.
This decline is linked to traders shifting liquidity away from MOODENG towards other trending coins. As a result, MOODENG’s price fell below its 20- and 50-period Exponential Moving Averages (EMA).
When prices stay below these EMAs, it typically signals a bearish trend. It also contrasts with the bullish sentiment seen when prices remain above these levels. If this situation remains the same, it is possible that the meme coin price will continue to fall. If this happens, MOODENG could drop from $0.18 to $0.16. On the other hand, if the demand for the token increases, this thesis changes. Instead, it is possible for the token to surpass the $0.20 resistance and rise to $0.24.
Moo Deng 4 Hour Analysis. Source TradingViewThe opinions and predictions in the article belong to the analyst and are definitely not investment advice. cryptokoin.comWe strongly recommend that you do your own research before investing.
