Memecoins are spearheading a significant surge in the altcoin market. Demand for memecoins, which have been the best-performing sector in 2024, continues to grow. Real World Assets (RWA) and artificial intelligence altcoins closely follow this trend. Amid this bull run in community-driven and hype-focused altcoins, top names like Dogecoin (DOGE) and Shiba Inu (SHIB) are hinting at potential rallies that could reverse the trend. Additionally, a new memecoin, Brett (BRETT), is showing signs of a strong breakout rally for substantial gains.
How is Dogecoin (DOGE) Performing?
Dogecoin, the largest memecoin by market value, experienced a correction phase after reaching its yearly high of $0.22. The price dropped to around $0.1175, forming a falling wedge pattern and slipping below the 200-day EMA. Despite this, Dogecoin maintains its position above the psychological threshold of $0.10. Currently, DOGE is trading at $0.12548 after a 6.05% overnight surge. Technically, the recovery in DOGE’s price is supported by rising MACD and signal lines, delaying a potential death cross on the daily chart. If the bullish cycle within the falling wedge gains momentum, DOGE could break out towards $0.14 and potentially reach $0.18 or $0.22.
What is Happening with Shiba Inu (SHIB)?
Shiba Inu revealed a falling channel on its daily chart after hitting a 52-week high of $0.00004567. The price dipped below the 200-day EMA, threatening a death cross formation. However, the negative cycle found rapid support at $0.000017 before testing the support trend line, indicating an early trend reversal. The rise in MACD and signal lines supports the possibility of a bullish trend. If the upward momentum continues, SHIB could reach $0.000025 and potentially break out to $0.000035.
BRETT: A Bullish Breakout Signal?
BRETT has established a solid long-term support trend line and recently broke through a short-term resistance trend line, forming a triangle breakout on the 4-hour chart. Following a recent bounce off the support trend line, BRETT’s price surged 25%, trading well above $0.15. The next potential move before another price jump is a retest at $0.15419. According to trend-based Fibonacci levels, BRETT’s price could rise to $0.23318 in the coming month.
Actionable Insights
– DOGE might see a breakout rally if it maintains momentum within the falling wedge.
– SHIB has potential for a bullish breakout if it sustains support at key levels.
– BRETT’s recent pattern suggests a further price increase is likely in the near term.
In summary, the altcoin market is witnessing a robust upward trend led by memecoins, with DOGE, SHIB, and BRETT showcasing promising technical patterns that could lead to significant gains. Investors should keep an eye on these patterns for potential investment opportunities.
