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Despite the recent recovery phase in the crypto market, the major memecoins have shown limited growth in the last two weeks. However, as the external news has not shown much effect on these crypto coins, interested traders can rely on individual price behaviors to determine their potential target in the near future.
Under the influence of a resistance trendline, the Dogecoin price witnessed a steady correction for nearly six weeks and plunged to a low of $0.0625. However, with the ongoing recovery in the crypto market, the Dogecoin price rebounded from the aforementioned level and surged 18% within a fortnight to reach the current price of $0.07.
Amid this recovery, the DOGE price gave a decisive breakout from the resistance trendline, indicating an early sign of trend reversal. If the coin price manages to sustain above the trendline, the buyers will likely breach the crucial resistance of $0.078 to encourage further rallyThe post-breakout rally should drive this memecoin 33% higher to hit the $0.1 mark.
Similar to the Dogecoin price, a descending trendline carried the ongoing correction phase in Shiba inu coin and plunged it to 0.786 Fibonacci retracement level at $0.0000967. However, with the increasing buying pressure in the market, the buyers are showcasing more attempts to break the overhead trendline.
As of now, the SHIB price is trading at the $0.000011 mark with an intraday gain of $2.89%. Furthermore, the traders waiting for a long entry opportunity should wait for the prices to breach the overhead trendline. The potential breakout may push the SHIB price to targets of $0.000012, $0.000013, and $0.000014.
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Over the last four months, the LUNC price has showcased a sideways shift between the buying climax at $0.0002 and the selling climax at $0.00012. Amid the recent recovery in the crypto market, the LUNC price rebounded from $0.00012 twice within a fortnight.
Furthermore, these two reversals showcased the formation of a double bottom pattern with a neckline resistance of $0.000138. Currently, the LUNC price traders at $0.0000136 mar with an intraday gain of 3.4%.
With sustained buying, the LUNC price will break this neckline resistance and surge 13% higher to $0.00015. The aforementioned resistance is strong resistance that could restrict further growth in this memecoin.
In the daily time frame chart, the Floki coin price shows the formation of a cup and handle pattern. Even the recent correction in the meme coin was part of this bullish reversal pattern meant to check price sustainability at higher levels.
By the press time, the FLOKI price traders at $0.00004 and is gradually rising to challenge the local resistance of $0.000043. A potential breakout from this resistance will offer buyers additional support to drive the coin price 55% higher to challenge the neckline resistance of the cup and handle pattern.
The post Will Meme Coins Make A Comeback? Dogecoin (DOGE), Shiba Inu (SHIB), Luna Classic (LUNC) & Floki Inu (FLOKI) Price Analysis appeared first on CoinGape.
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