This week, most meme coins took a breather from October’s hectic trends, with Dogecoin (DOGE) leading the pack. However, other meme coins have not fared as well.
AI-themed Goatseus Maximus (GOAT) and hippo-inspired Moo Deng (MOODENG) both saw double-digit declines, deviating from Dogecoin’s uptrend. Here’s a look at what happened and what could be next for these coins.
Dogecoin (DOGE)
On October 26, the price of Dogecoin was $0.13. But this week, the meme coin’s value soared 20% and is currently trading at $0.16. Dogecoin’s rally can be attributed to several factors, including rising demand and massive investor accumulation. However, Elon Musk’s message on X (formerly Twitter) on Monday provided an additional upward boost.
In the post, Musk, who has supported DOGE for a few years, shared a photo of himself and a “muscled” Dogecoin. As soon as this happened, the price of Dogecoin increased from $0.14 to $0.16 within a few hours.
While the coin eventually reached $0.17, the recent Bitcoin (BTC) retracement helped push the price lower. From a technical perspective, Dogecoin formed a bullish flag on the 4-hour chart.
A bull flag pattern suggests that the price of an asset could continue to rise in the short term. This trend forms after a strong uptrend, followed by a slight consolidation, and signals the potential for further gains if the uptrend resumes.
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As seen above, DOGE is on the brink of collapse exit from the consolidation phase (flag). Once validated, the price of the meme coin could rise as high as $0.18. In a very bullish scenario, Dogecoin could rise as high as $0.20.
On the other hand, a breakdown below the flag could invalidate this thesis. In this scenario, DOGE could drop to $0.14.
Goat Maximus (GOAT)
Unlike Dogecoin, Goatseus Maximus saw a double-digit decline this week despite trending for several weeks. This decline could be linked to a drop in demand as the narrative for AI-themed coins cools. Previously, during the peak of this trendthe price of GOAT surged, approaching the market cap of $1 billion. The price at that time was also close to $1.
But as of this writing, GOAT has fallen almost 30% since Monday. Over a 4-hour time frame, the Moving Average Convergence Divergence (MACD), which measures momentum, has fallen into the negative region.
This drop indicates that the momentum around GOAT is bearish. The price could therefore continue to fall. If this remains the case, the value of the meme coin could drop to $0.34.
However, a rebound could occur if buying pressure increases again. In this scenario, the MACD reading could turn positive and GOAT Price Could Rise around $0.90.
Moo Deng (MOODENG)
Moo Deng also faced a significant decline this week, with the price down 20% over the past seven days.
This decline could come from a shift in focus in the meme coin market, as traders shift liquidity from MOODENG to other trending coins. As a result, MOODENG price fell below its 20- and 50-period exponential moving averages (EMA).
When prices stay below these EMAs, it usually signals a downtrend, contrasting with the downtrend. bullish feeling observed when prices remain above these levels. If this stays the same, the price of the meme coin could continue to fall.
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If this happens, MOODENG could rise from $0.18 to $0.16. On the other hand, if the demand for the same coin increases, this thesis might not come true. Instead, the token could beat the resistance of $0.20 and climbs to $0.24.
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