The entire crypto market cap (excluding BTC) is up around 14% since a potential bottom was hit last week. Memecoins have also taken part in this recovery. The top 3 memecoins by market cap are analysed. Are $DOGE, $SHIB, and $PEPE making a comeback?
Total2 will signal altcoin rally or rejection
Source: TradingView
Total2 is the chart of the combined market capitalisation of all cryptocurrencies, excluding $BTC. Therefore it enables a reasonable assessment of how the altcoins are doing in general.
It can be seen that a minor rally is currently taking place. For this rally to really take off, the descending trendline will have to be broken, and higher highs will need to be made. If this does take place, expect some of the prominent memecoins to take advantage.
$DOGE potentially finds a bottom
Source: TradingView
The daily chart for $DOGE does show that this $25.5 billion memecoin may have finally found a bottom. The price was able to bounce from the ascending trendline, which was perhaps the very bottom, and is now battling to stay above the 0.786, the deepest of the Fibonacci retracement levels.
A big plus is that the bulls have broken through the descending trendline. The price may be coming back down to retest this, possibly at $0.16 before going higher.
If the bottom is indeed in for $DOGE, potential bounces from the indicators in the RSI, and Stochastic RSI, could help to get a powerful rally started.
$SHIB in favourable position
Source: TradingView
The $SHIB price does look to be in a favourable position in the weekly chart. The bulls have forced it through the descending trendline, and the price is currently maintaining at the major horizontal support level.
With the Stochastic RSI indicators on this time frame inclining upward from the bottom, all would appear to be perfect for a rally from here. That said, the support and the trendline would have to hold, and Bitcoin would need to take the lead. Important targets are at $0.000016, and then $$0.000021.
Horizontal support proves its worth for $PEPE
Source: TradingView
$PEPE can probably be classed as a true memecoin, because all it has backing it is the air that we breathe. Even so, it has a market cap of more than $3 billion, and the price appears to be recovering nicely so far.
The horizontal support at $0.000006 has proved its worth, and the price has bounced from there. Targets, according to the Fibonacci levels, are in the chart above.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
