The post Will BABYDOGE and MEW Breakout and Surge to New Highs? appeared first on Coinpedia Fintech News
As the recovery trend in Bitcoin hits the front brakes, the altcoin market volatility increases quickly. Amid a volatile market, certain meme coins continue to surge or are ready for a breakout rally ahead!
Baby DogeCoin (BABYDOGE) and Cat in a Dogs World (MEW) are such meme coins. Let’s have a look at the BABYDOGE and MEW price analysis for an upside possibility.
Top Meme Coins Ready For A Breakout:
Baby Doge Coin (BABYDOGE)
The BABYDOGE meme coin has a market cap of $340 million and is currently trading at $0.000002216. The meme coin has increased by 2.54% in the past 24 hours. In the daily chart, the meme coin reveals a falling wedge breakout rally leading to a trend reversal.
The recovery rally in BABY DOGE hits an overhead resistance near the 61.80% Fibonacci level, leading to a double bottom formation at the $0.000001827 baseline. Additionally, the neckline for the double bottom pattern stands at the 50% Fibonacci level at $0.000002364.
The growing bullish influence has led to a golden crossover between the 50-day and 200-day EMA. Furthermore, the MACD and signal lines are on the verge of a bullish crossover.
Based on the Fibonacci level, the breakout rally in BABY DOGE will likely reach the previous swing high, the 52-week high, at $0.000003941.
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Cat in a Dogs World (MEW)
In the daily chart, the MEW meme coin reveals a larger symmetrical triangle pattern. The ongoing bull cycle within this pattern tests the $0.00738 before taking a higher-priced action.
Following the two consecutive bullish candles, accounting for a price jump of almost 30%, the meme coin takes an intraday pullback of 3.75%. Currently, the meme coin is trading at $0.006883 and potentially approaching the 78.60% Fibonacci level at $0.0065.
The intraday pullback marks as a retest of the rounding bottom reversal with a neckline at 78.60% level. The ongoing bull cycle leads to a bullish crossover between the MACD and the signal line.
With the ongoing bull cycle gaining momentum and surpassing the 78.60% Fibonacci level, the meme coin is likely to break above the overhead trendline and the $0.00738 resistance level. Based on the Fibonacci level, the triangle breakout rally will have two crucial price targets at $0.00111 and $0.00166.
