The post Which Memecoins Should You Trust Ahead of the Bull Run? Dogecoin, OFFICIAL TRUMP, or dogwifhat? appeared first on Coinpedia Fintech News
The market dynamics for memecoins appear to have changed to a large extent as they are displaying a vibrant price action. While some manifested a monstrous rally like TRUMP, others like WIF maintain a calm upswing, and memecoins like Dogecoin are stuck within a range waiting for the right time to trigger a breakout. In the times when the Bitcoin price is stuck within a range, which memecoin will attract huge gains? OFFICIAL TRUMP (TRUMP) or Dogecoin (DOGE) or dogwifhat (WIF)?
Let’s analyze all of them!
Dogecoin (DOGE) Price Analysis
Dogecoin has survived multiple bullish and bearish markets; hence, it is the top memecoin but has been closely consolidating and failing to revive a strong upswing. Despite this, the market participants continue to remain bullish on DOGE as the price is holding within a bullish range. Therefore, the token is believed to trigger a breakout after a U-shaped recovery.
The daily chart of DOGE appears to be extremely bullish, as the token has initiated a recovery from the local bottoms. The rally is accumulating strength every day and as a result, the price is maintaining a slow yet steady ascending trend.
The DMI levels are heading towards a bullish crossover, hinting towards a change in the prevailing trend, while the CMF being in the positive range suggests the buyers becoming stronger than sellers. Hence, the Dogecoin price is expected to achieve 0.5 FIB at $0.2932 and enter the resistance zone between $.3 and $0.31. Therefore, the price is expected to breach above the zone to trigger a strong rise towards higer targets at $0.4, if it surpasses 0.618 FIB at $0.33.
dogwifhat (WIF) Price Analysis
Since the beginning, dogwifhat price has displayed notable strength and sustained above the crucial support. Meanwhile, these levels were broken in the first few days of the month, which triggered more than a 45% downswing, forming lows below $0.6. The token has triggered a strong rebound, flipping lower highs & lows into higher highs & lows, hence suggesting a rise in the bullish strength. Hence, the WIF price is believed to maintain a consolidated ascending trend and reclaim the pivotal zone.
The WIF price dropped below the neckline of the double-top pattern and after reaching the bottoms, it has rebounded finely. However, a rise above the bearish influence is yet to be validated, but the rise in the volume suggests a rise in the trading activity. Besides, the RSI has rebounded after entering the oversold zone for the first time, along with OBV, which flashes bullish signals for the crypto. Therefore, the WIF price is believed to maintain a consolidated ascending trend and enter the pivotal support-turned-resistance between $1.051 and $1.11.
OFFICIAL TRUMP (TRUMP) Price Analysis
After monstrous inception, the TRUMP price has failed to recover the incurred losses. The price is forming constant lower highs and lows regardless of volume remaining within an average range, which suggests the sellers were more active than buyers. Although the bulls tried to elevate the range above bearish captivity, they fell short of strength, resulting in a rejection from the monthly highs.
As seen in the above chart, there are fewer chances of a bullish reversal as the resistance has been defended well. The bearish divergence in the OBV and a bearish continuation with the STOCHRSI hint towards the price continuing a bearish action. Therefore, the TRUMP price, which just faced a rejection from $20, is expected to test the lower support at $16.5 and remain consolidated within the range for more time than expected.
Dogecoin is slowly consolidating but showing huge chances of a bullish breakout, while TRUMP has fewer chances of a rebound. Meanwhile, the dogwifhat price rally continues to remain uncertain, carrying both bullish and bearish possibilities.
