Dogecoin ($DOGE), Pepe ($PEPE), and Dog Wif Hat ($WIF) about to break out, or is this the top?
As Bitcoin ($BTC) heads into its monthly expiry, with potential high bouts of volatility to come, some of the top memecoins are ready to break out of their respective downtrends. $DOGE, $PEPE, and $WIF will be among the frontrunners if their breakouts are confirmed.
Sideways consolidation for $DOGE
Source: TradingView
The $DOGE price has been in a general sideways consolidation since 12 November, with a quick spike up, and then down, over the last week. The price is currently up against the descending trendline, and it might be expected that this breaks soon, all being well with $BTC of course.
$PEPE bull flag breakout taking place
Source: TradingView
The price action for $PEPE on the daily chart looks very bullish indeed. It can be seen how $PEPE escaped from the descending trendline, and then had a parabolic surge to the upside, which paused, went sideways and began to develop a bull flag.
The price is right at the top of that bull flag now, and looks to be breaking out. If the breakout is successful, and the price can confirm above, the measured move for the flag is to $0.000036.
$WIF downward trend needs to be broken
Source: TradingView
As can be seen by the short-term time frame chart above, $WIF bulls are going to have to get their act together and force the price up and out of the current wedge pattern it is within. The series of lower highs, and lower lows needs to be reversed.
Important weekly close coming for $WIF
Source: TradingView
Looking at $WIF in the much higher weekly time frame, it can be observed that there is a current battle with major horizontal resistance at $3.19. With only a couple of days left before the weekly candle close, it is imperative that the $WIF bulls achieve a close above this level.
In addition, while a local higher high has been made from the big price spike of a couple of weeks ago, this is still below the all-time high. For $WIF to have a shot at much higher levels over what remains of this bull market, the all-time high will have to be taken out.
Potential concern for all three memecoins
One area of concern, for $WIF as much as $DOGE and $PEPE, is that the weekly Stochastic RSI is currently showing a cross down of the indicator lines, which would be a signal of future downside price momentum. There is still time over the weekend for the bulls to remedy this situation.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
