The meme coin frenzy that was booming in late February and early March has cooled off just lately amid a broader crypto market correction. Nonetheless, this week, we have now a transparent winner amongst meme cash, and that’s the meme coin king – Dogecoin (DOGE).
Dogecoin has outperformed all different main meme cash, corresponding to SHIB, WIF, BONK, PEPE, and FLOKI, this week. DOGE is up 19%, whereas SHIB has gained 11%, PEPE 6%, WIF 4.9%, and FLOKI 15%. Then again, BONK has truly declined by 12%.
High meme cash this week through CoinMarketCap
Dogecoin Worth Prediction & Evaluation
At press time DOGE is buying and selling round $0.17. On the DOGE/USDT chart, we will see that DOGE broke out of the sideways channel in late February and commenced its pump from the $0.09 ranges to $0.20.
Previous to this week’s pump, the Dogecoin value skilled a retracement from its earlier highs, dipping to the $0.14 space earlier than regaining momentum and surging to present ranges.
Dogecoin value chart – day by day timeframe
So, breaking the $0.20 degree is the subsequent logical goal that might be predicted for the DOGE value.
The Relative Power Index (RSI) is at the moment at 59, indicating that the asset is just not but overbought and has room for additional upside.
Moreover, the Shifting Common Convergence Divergence (MACD) line remains to be under the MACD sign line. Nonetheless, based mostly on the chart’s bullish development, the MACD line can quickly cross above the MACD sign line, which is usually a robust purchase sign.
Trying forward, if Dogecoin can maintain its bullish momentum and break by means of the essential $0.20 resistance degree, it may pave the best way for additional upside. The following main goal for DOGE bulls would doubtless be the $0.25-$0.30 vary, which represents a robust psychological barrier and a degree not seen since 2021 bull run.
Nonetheless, any potential setbacks, market crashes, or profit-taking may see DOGE retrace to its help round $0.14-$0.15 within the brief time period.
Shiba Inu and FLOKI are inclined to Observe DOGE
The surge in Dogecoin’s value has caught the eye of SHIB KNIGHT, a famend meme coin analyst boasting over 400k followers on the social media platform X, previously referred to as Twitter. In line with SHIB KNIGHT’s observations, Dogecoin’s 16% acquire on the day signifies the return of the “canines” within the crypto market.
SHIB KNIGHT believes that the performances of meme cash like Shiba Inu (SHIB) and Floki Inu (FLOKI) are more likely to comply with swimsuit, as they have a tendency to expertise extra substantial rallies when Dogecoin pumps. The analyst additionally highlighted Floki Inu’s potential, stating that it “is trying good with the discharge of its new roadmap yesterday.”
$DOGE is up 16% immediately 👀️️🔥️️️️
The canines are backing and it is just a matter of time earlier than $SHIB and $FLOKI follows, as they have a tendency to comply with #doge and transfer tougher when it rallies.#FLOKI is trying good with the discharge of its new roadmap yesterday. https://t.co/KAxutYrgbl pic.twitter.com/eMQ54HuYAI
— $SHIB KNIGHT (@army_shiba) March 23, 2024
This take means that SHIB and FLOKI are inclined to comply with DOGE’s pumps, so merchants ought to in all probability hold this in thoughts within the upcoming days and weeks.
Finest Meme Cash to Purchase Now
SMOG is a dragon-themed meme coin that has quickly gained reputation within the crypto market on account of its fascinating narrative, viral airdrops, multi-chain infrastructure, and community-building initiatives.
Dogecoin20 is a brand new meme coin that goals to supply an improved model of Dogecoin by combining meme tradition with staking rewards. It has raised $7 million in presale already, with a give attention to passive rewards for traders who stake DOGE20 tokens.
SpongeV2 is an upgraded model of the unique Sponge meme coin, aiming to construct on the success of its predecessor. It introduces a “Stake-to-Bridge” setup that hyperlinks it to the unique SPONGE ecosystem.
All in all, the meme coin mania has cooled off this week, however Dogecoin has emerged because the clear winner this week, outperforming different main meme cash. With its robust momentum and bullish technical indicators, an optimistic Dogecoin value prediction might be that its rally continues past $0.25, doubtlessly additionally influencing the efficiency of different meme cash like SHIB, FLOKI, and others.
Moreover, new meme coin initiatives like SMOG, Dogecoin20, and SpongeV2 are nonetheless in early phases, however these memes provide fascinating narratives and utilities which makes them top-of-the-line meme cash to put money into now.
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