altcoin While the industry is experiencing a huge upward wave, meme coins are leading this upward trend. While interest in meme coins, the best performing sector in 2024, is constantly increasing, RWA and AI tokens are also following this trend.
During the bull run in these community and hype-driven coins, prominent names such as DOGE and SHIB are hinting at the possibility of a trend reversal. Additionally, BRETT, a relatively new token, is also attracting attention with an exit rally promising huge gains.
As the bull market approaches, will the best meme coins stand out? To find the answer to this question, we took a closer look at the price charts of DOGE, SHIB, and BRETT.
Biggest Meme Coin
Dogecoin, the largest meme coin per market cap, is going through a correction phase after reaching a yearly high of $0.22. Under a pullback, DOGE price is declining from the 52W high of $0.22 to the descending support trend line at $0.1175.
The downtrend in DOGE price has formed a falling wedge pattern and is in a negative cycle with breaks below the 200-day exponential moving average (EMA). With thismeme coin It managed to stay above the psychological level of $0.10.
Currently, DOGE is trading at $0.12548 after a 6.05% jump overnight.
From a technical perspective, the recovery in DOGE prices is supported by the upward trend of the MACD and signal lines. It also delays the death cross forming on the daily chart.
If the bull cycle in the falling wedge gains momentum, the meme coin could trigger a bullish breakout by reaching the 50-day EMA at $0.14. This breakout rally could lead DOGE into a bull run to $0.18 or $0.22.
Falling Channel for Shiba Inu
On a slippery slope, Shiba Inu The token reveals a falling channel on the daily chart. Moreover, after the formation of the 52W high of $0.00004567, the declining breast coin is breaking below the 200D EMA, threatening a death cross on the daily chart.
However, the negative loop on the daily chart is gaining early support at $0.000017 before testing the support trend line. With an early reversal, the meme coin is teasing a reversal. Additionally, a bullish crossover in the MACD and signal lines strengthens the possibility of an uptrend.
As the trend momentum increases, the bull cycle could reach the $0.000025 mark. This will increase the possibility of a channel breakout for a bull run to $0.000035.
BRETT Price Prediction
Continuing its upward trend in the long term, BRETT price action forms a solid support trend line. The 4H chart shows a triangle formation breakout as the uptrend breaks through the short-term resistance trend line.
With the recent bounce from the support trend line, meme coin price is up 25% and is well above $0.15. However, a potential retest of $0.15419 is the next possible move before the price bounce.
Based on trend-based Fibonacci levels, BRETT price could reach $0.23318 next month.
