As the meme coin market hits the $116 billion market cap, DOGE and PEPE are stealing the spotlight. Industry leader Dogecoin (DOGE) is up almost 250% over the past 30 days, and PEPE has seen massive growth of almost 100% over the past 24 hours.
As Dogecoin’s market cap reaches nearly $58 billion, PEPE stands at $10.21 billion. Will the PEPE and Dogecoin bull run lead to the next bull run in the crypto market?
What are the upside potentials of these two meme coins? In our latest price action analysis, let’s learn about the meme coin market leaders, DOGE and PEPE.
PEPE Eyes $0.00010 Barrier
The daily chart shows a descending channel breakout rally in PEPE price action. With two consecutive bullish engulfing candles, the meme coin exceeds the trend-based Fibonacci level of 38.20%.
The two engulfing candles represent a price rally of over 200%, challenging the 50% Fibonacci level at $0.000025. The meme coin is currently trading at $0.000024 with an intraday gain of 17.79%, creating a new all-time high at $0.00002567.
The bull run began with a morning star pattern near $0.00000718 and led to nine consecutive bullish candles over the past 10 days. As the descending channel breakout rally marks an uptrend as part of the current uptrend in early 2024, the underlying potential for PEPE is enormous.
Additionally, with PEPE’s recent listing on Coinbase and Robinhood, sentiments around the meme coin are extremely bullish.
The MACD and signal lines on the weekly chart show a positive crossover towards support. Based on Fibonacci levels, PEPE’s upside target stands at $0.00000104. This will repeat a bull run similar to that seen in early 2024.
Dogecoin (DOGE) price targets $1
Similar to PEPE, Dogecoin price action shows a bullish rally. In the weekly chart, DOGE price action reveals five consecutive bullish candles, representing a 253% price rise.
The bull run started near the $0.111 mark as it required a Morning Star reversal from the psychological $0.10 mark. DOGE’s bullish recovery broke above the 78.60% Fibonacci level at $0.3468. The meme coin is trading at $0.39368, with a weekly gain of 41.65%.
This also marks a breakout rally from the rounded bottom with a neck line near the 61.80% Fibonacci level. As Dogecoin trades at its 52-week high, the MACD and signal lines are giving a positive crossover due to mounting buying pressure.
En route to its all-time high of $0.7390, DOGE’s high-momentum rally will likely create a new all-time high. Based on the Fibonacci retracement tool, upside targets for Dogecoin are present at the psychological $1 mark and $2.38.
Check out more DOGE price targets in our latest Dogecoin Price Prediction!
FAQs
Based on the Fibonacci retracement levels, the upside targets for Dogecoin are the psychological $1 mark and could reach $2.38.
The PEPE rally began with a morning star pattern near $0.00000718, leading to a breakout of the bearish channel. It is currently challenging the 50% Fibonacci level, showing strong bullish support.
A descending channel breakout rally results in the current PEPE price rise, two consecutive bullish engulfing candles and a positive crossover in the MACD signal line.