Meme coins like SHIB, PEPE, DOGE, and WIF saw big increases. However, there might be profit-taking, which could push SHIB down to $0.000018 and PEPE below $0.0000040. The AO indicated that DOGE could decrease, but WIF might stay above $1.
In recent days, meme coin prices have skyrocketed, with Shiba Inu (SHIB), Pepe (PEPE), Dogecoin (DOGE), and dogwifhat (WIF) all experiencing remarkable gains. SHIB rose by 126.12% in the last week, while DOGE saw a 64.23% increase. PEPE performed even better with a 204.18% jump, according to CoinMarketCap. Lastly, WIF surged by 422.67%, making it the top-performing meme coin.
SHIB vs. PEPE: Meme Coin Price Analysis
We looked at how the prices of SHIB/USD and PEPE/USD changed every 4 hours. Our study showed that both meme coins had a similar pattern. Interestingly, both PEPE and SHIB started moving out of a period of holding steady around the same time, although there was a small difference between them.
PEPE achieved this breakout on February 25, while SHIB experienced it three days later. Additionally, the Supertrend indicator signaled a buy for SHIB, suggesting bullish potential in its price.
However, SHIB’s price action appeared to be retracing due to overbought conditions indicated by the Relative Strength Index (RSI). A similar situation was observed with PEPE, leading to a drop in its price.
For now, SHIB’s rally might slow down, with a bearish perspective indicating a possible drop to $0.000018 as traders may take profits in the coming days. PEPE faces a similar fate, with indications suggesting a potential fall below $0.0000040.
SHIB/USD Against PEPE/USD (Source: TradingView)
Nevertheless, a bullish scenario could see prices trend much higher. In a highly bullish case, SHIB could rise to $0.000030, while PEPE might rally toward $0.000060.
DOGE vs. WIF: Meme Coin Price Analysis
At press time, the price of DOGE slipped from $0.15 to $0.13, while WIF’s price also experienced a drop from $1.70. Unlike SHIB and PEPE, the price action of DOGE and WIF differed.
WIF’s impressive surge showed that buyers had been in charge for a while, keeping sellers away. However, even though Dogecoin buyers were strong, there was still a chance of sellers causing trouble. By using the Fibonacci retracement indicator, it was noticed that DOGE’s price might decrease. For instance, the 0.382 Fib level was about $0.12, indicating a potential 7.69% drop for the meme coin.
DOGE/USD Against WIF/USD (Source: TradingView)
This potential decline was also evident in the Awesome Oscillator (AO), with red bars indicating a potential downward momentum. If this decline affects Dogecoin’s price, WIF might also be impacted. Nonetheless, it was unlikely for WIF to drop below $1 in the short term.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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