This week, most meme cash took a breather in comparison with October’s eventful tendencies, with Dogecoin (DOGE) main the pack. Nonetheless, different meme cash didn’t fare that properly.
AI-themed Goatseus Maximus (GOAT) and hippo-inspired Moo Deng (MOODENG) each skilled double-digit declines, diverging from Dogecoin’s uptrend. Right here’s a breakdown of what occurred and what is likely to be subsequent for these cash.
Dogecoin (DOGE)
On October 26, Dogecoin’s value was $0.13. However this week, the meme coin’s worth climbed by 20% and at present trades at $0.16. Dogecoin’s rally might be attributed to a number of elements, together with rising demand and enormous investor accumulation. Nonetheless, Elon Musk’s put up on X (previously Twitter) on Monday gave the upswing an additional enhance.
Within the put up, Musk, who has been supporting DOGE for some years, shared an image of him and a “muscular” Dogecoin. As quickly as that occurred, Dogecoin’s value rallied from $0.14 to $0.16 inside a number of hours.
Whereas the coin ultimately reached $0.17, the latest Bitcoin (BTC) retracement helped pull the worth again. From a technical standpoint, Dogecoin has fashioned a bullish flag on the 4-hour chart.
A bullish flag sample means that an asset’s value could proceed to rise within the close to time period. This sample types after a robust upward motion, adopted by a slight consolidation, and alerts the potential for additional beneficial properties if the upward development resumes.
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As seen above, DOGE is on the brink of breaking out from the consolidation part (flag). As soon as validated, the meme coin’s value may climb to $0.18. In a extremely bullish situation, Dogecoin may climb to $0.20.
Then again, a breakdown under the flag might invalidate this thesis. In that situation, DOGE might decline to $0.14.
Goatseus Maximus (GOAT)
In contrast to Dogecoin, Goatseus Maximus noticed a double-digit decline this week regardless of trending for a number of weeks. This drop might be tied to waning demand because the AI-themed meme coin narrative cools off. Earlier, throughout the peak of this development, GOAT’s value surged, nearing a $1 billion market cap. The worth at the moment additionally bought near $1.
However as of this writing, GOAT has fallen almost 30% since Monday. A take a look at the 4-hour timeframe, the Shifting Common Convergence Divergence (MACD), which measures momentum, has fallen to the unfavorable area.
This fall signifies that momentum round GOAT is bearish. As such, the worth may proceed to fall. Ought to that stay the case, then the meme coin’s worth may sink to $0.34.
A rebound, nevertheless, might happen if shopping for stress will increase once more. In that situation, the MACD studying may flip optimistic, and GOAT’s value may rise towards $0.90.
Moo Deng (MOODENG)
Moo Deng additionally confronted a major dip this week, with its value down by 20% during the last seven days.
This drop may stem from a shifting focus within the meme coin market as merchants transfer liquidity away from MOODENG towards different trending cash. Because of this, MOODENG’s value has fallen under its 20 and 50-period Exponential Shifting Averages (EMA).
When costs stay under these EMAs, it usually alerts a bearish development, contrasting with the bullish sentiment seen when costs maintain above these ranges. Ought to this stay the identical, then the meme coin’s value may proceed to say no.
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If that occurs, MOODENG may drop from $0.18 to $0.16. On the flip aspect, if demand for the meme coin rises, then this thesis won’t come to cross. As an alternative, the token might beat the $0.20 resistance and climb to $0.24.
Disclaimer
According to the Belief Challenge pointers, this value evaluation article is for informational functions solely and shouldn’t be thought-about monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market circumstances are topic to vary with out discover. At all times conduct your personal analysis and seek the advice of with knowledgeable earlier than making any monetary choices. Please notice that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.
