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This week, most meme coins took a breather compared to October’s eventful trends, with Dogecoin (DOGE) leading the pack. However, other meme coins didn’t fare that well.  AI-themed Goatseus Maximus (GOAT) and hippo-inspired Moo Deng (MOODENG) both experienced double-digit declines, diverging from Dogecoin’s uptrend. Here’s a breakdown of what happened and what might be next for these coins. Dogecoin (DOGE) On October 26, Dogecoin’s price was $0.13. But this week, the meme coin’s value climbed by 20% and currently trades at $0.16. Dogecoin’s rally can be attributed to multiple factors, including rising demand and large investor accumulation. However, Elon Musk’s post on X (formerly Twitter) on Monday gave the upswing an extra boost. In the post, Musk, who has been supporting DOGE for some years, shared a picture of him and a “muscular” Dogecoin. As soon as that happened, Dogecoin’s price rallied from $0.14 to $0.16 within a few hours. While the coin eventually reached $0.17, the recent Bitcoin (BTC) retracement helped pull the price back. From a technical standpoint, Dogecoin has formed a bullish flag on the 4-hour chart.  A bullish flag pattern suggests that an asset’s price may continue to rise in the near term. This pattern forms after a strong upward movement, followed by a slight consolidation, and signals the potential for further gains if the upward trend resumes. Read more: Best Crypto Exchanges With the Lowest Trading Fees Dogecoin 4-Hour Analysis. Source: TradingView As seen above, DOGE is on the brink of breaking out from the consolidation phase (flag). Once validated, the meme coin’s price might climb to $0.18. In a highly bullish scenario, Dogecoin might climb to $0.20. On the other hand, a breakdown below the flag could invalidate this thesis. In that scenario, DOGE could decline to $0.14. Goatseus Maximus (GOAT)  Unlike Dogecoin, Goatseus Maximus saw…

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Filed under: News - @ November 2, 2024 8:24 am