This week, most meme cash took a breather in contrast with October’s eventful traits, with Dogecoin (DOGE) leading the pack. Then all once more, numerous meme cash didn’t fare that effectively.
AI-themed Goatseus Maximus (GOAT) and hippo-inspired Moo Deng (MOODENG) every experienced double-digit declines, diverging from Dogecoin’s uptrend. Here’s a breakdown of what occurred and what shall be subsequent for these cash.
Dogecoin (DOGE)
On October 26, Dogecoin’s sign used to be $0.13. But this week, the meme coin’s value climbed by 20% and currently trades at $0.16. Dogecoin’s rally shall be attributed to extra than one components, along with rising request and orderly investor accumulation. Then all once more, Elon Musk’s post on X (formerly Twitter) on Monday gave the upswing an extra increase.
In the post, Musk, who has been supporting DOGE for some years, shared a image of him and a “muscular” Dogecoin. As quickly as that occurred, Dogecoin’s sign rallied from $0.14 to $0.16 within a few hours.
While the coin in the end reached $0.17, the most contemporary Bitcoin (BTC) retracement helped pull the price aid. From a technical standpoint, Dogecoin has formed a bullish flag on the 4-hour chart.
A bullish flag sample means that an asset’s sign might maybe presumably maybe proceed to upward thrust within the shut to time interval. This sample kinds after a proper upward movement, followed by a exiguous consolidation, and indicators the aptitude for further gains if the upward pattern resumes.
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As seen above, DOGE is on the level of breaking out from the consolidation share (flag). Once validated, the meme coin’s sign might maybe presumably maybe maybe climb to $0.18. In a highly bullish scenario, Dogecoin might maybe presumably maybe maybe climb to $0.20.
On the assorted hand, a breakdown below the flag might maybe presumably maybe invalidate this thesis. In that scenario, DOGE might maybe presumably maybe decline to $0.14.
Goatseus Maximus (GOAT)
No longer like Dogecoin, Goatseus Maximus saw a double-digit decline this week despite trending for several weeks. This autumn shall be tied to waning request as the AI-themed meme coin narrative cools off. Earlier, throughout the height of this pattern, GOAT’s sign surged, nearing a $1 billion market cap. The price at that point also acquired shut to $1.
But as of this writing, GOAT has fallen with regards to 30% since Monday. A peek at the 4-hour timeframe, the Provocative Moderate Convergence Divergence (MACD), which measures momentum, has fallen to the negative attach.
This autumn indicates that momentum around GOAT is bearish. As such, the price might maybe presumably maybe maybe proceed to fall. Would possibly per chance easy that remain the case, then the meme coin’s value might maybe presumably maybe maybe sink to $0.34.
A rebound, nonetheless, might maybe presumably maybe happen if procuring tension increases all once more. In that scenario, the MACD finding out might maybe presumably maybe maybe turn obvious, and GOAT’s sign might maybe presumably maybe maybe upward thrust in direction of $0.90.
Moo Deng (MOODENG)
Moo Deng also faced a big dip this week, with its sign down by 20% over the final seven days.
This autumn might maybe presumably maybe maybe stem from a transferring focal level within the meme coin market as traders high-tail liquidity away from MOODENG in direction of numerous trending cash. In consequence, MOODENG’s sign has fallen below its 20 and 50-interval Exponential Provocative Averages (EMA).
When costs remain below these EMAs, it in most cases indicators a bearish pattern, contrasting with the bullish sentiment seen when costs shield above these ranges. Would possibly per chance easy this remain the identical, then the meme coin’s sign might maybe presumably maybe maybe proceed to decline.
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If that occurs, MOODENG might maybe presumably maybe maybe fall from $0.18 to $0.16. On the flip aspect, if request for the meme coin rises, then this thesis might maybe presumably maybe no longer come to high-tail. In its attach, the token might maybe presumably maybe beat the $0.20 resistance and climb to $0.24.
