Bitcoin (BTC) has been on the agenda lately with its price rise in the cryptocurrency market. It is reported that there are signs that the “altcoin season” that cryptocurrency investors are eagerly awaiting may be on the horizon. Bitcoin reached $64,000 this week, nearing its 2021 record high, fueled by strong investments in spot Bitcoin ETFs and a 50% gain in February.
Additionally, the notable rally in meme coins last week can be seen as an early harbinger of the arrival of altcoin season. It is reported that there are hopes that SHIB, PEPE, DOGE and WIF prices could potentially rise in the coming weeks.
Increasing Demand for Meme Coins
Last week, well-known dog-themed cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB) experienced significant increases of 40% to 50% in value. Meanwhile, Pepe Coin (PEPE) and Dogwifhat (WIF), new additions to the pet-themed cryptocurrency market, have more than doubled their prices in the same time frame.
Shiba Inu (SHIB) Price Analysis
SHIB price is trying to maintain its upward momentum, but the RSI is showing an overbought condition, implying that sellers are strongly defending the resistance lines.
If the price pulls back from its current position but finds support at the 20-day EMA, this will indicate continued bullish sentiment and could trigger a retest of $0.000025. If SHIB price holds above this level, we could see it surge towards a trend towards $0.000033.
Pepe Price Analysis
The Pepe coin price has pumped hard in recent weeks, recording gains of over 500%. The bounce in Pepe’s price signaled the beginning of the next phase of its upward journey as it climbed above the $0.000005 resistance.
Increasing moving averages indicate that the market is mostly controlled by the bulls, while the RSI reaching the overbought zone indicates the possibility of a potential minor pullback. If the price remains above the recently achieved ATH, we could see a 10x rally in the price of PEPE in March.
Dogecoin (DOGE) Price Analysis
The bulls managed to maintain the $0.12 breakout level, but were unable to push Dogecoin above the $0.14 resistance level, signaling weak buyer interest at higher prices. As a result, the bears may try to take control by sinking the price below the moving averages.
For the bull trend to be confirmed, the bulls need to push the price between $0.15-$0.17 and keep it above this level. Achieving this could lead to the meme coin registering a 10x jump in the coming weeks.
dogwifhat (WIF) Price Analysis
dogwifhat continues to experience massive jumps, recording a nearly 600% gain in price in 30 days. Buyers are now aiming to break above the $1.8 level to extend the uptrend further.
Interestingly, as the RSI level has now stabilized around the overbought zone, buyers may gain more confidence to push the price above the immediate Fib channels. In this case, the buying momentum will strengthen further and could be on the edge of a 10x rally for WIF price in the coming weeks.
However, sellers can cool the overheated sentiment by trying to sink the price below the EMA20 trend line.
*This article is not investment advice!
