Table of Contents
- Dogecoin (DOGE): A Closer Look at the Recent Market Rally
- Dogecoin (DOGE) Technical Analysis
- Dogecoin (DOGE) Price Prediction
- Shiba Inu (SHIB): Market Resilience Explored
- Shiba Inu (SHIB) Technical Analysis
- Shiba Inu (SHIB) Price Prediction
- Pepe (PEPE): A Deep Dive into Its Market Breakthrough
- Pepe (PEPE) Technical Analysis
- Pepe (PEPE) Price Prediction
- Bottomline
The crypto market recently saw Bitcoin 's (BTC) plummet 10% to $59,700 after soaring to its record high above $69,000. Notably, it resulted in the liquidation of $1 billion in leveraged perpetual futures bets across top 25 digital asset markets.
This significant correction reset annualized funding rates in the crypto perpetual futures market to below 20%, a stark drop from the triple-digit figures seen just days earlier, suggesting a normalization of prices. With BTC currently holding strong above $66,000, investors are closely monitoring these developments, eager to discern whether this cooling-off period is a prelude to another climb to record highs.
In the midst of these broader market fluctuations, the meme coin market capitalization surpassed an astounding $54 billion, fueled by February's bull run. Dogecoin (DOGE), leading with a rally of over 110% this month and holding nearly half of the meme coin market cap at $24 billion, was joined by Shiba Inu (SHIB) and Pepe (PEPE) in driving this surge.
SHIB saw a staggering 300% increase over the past month, with a 227% spike in just the last week. PEPE, meanwhile, outstripped its peers with a phenomenal 750% rise to reach a new all-time high. Analyst Connor Kenny, who had previously expressed skepticism about meme coins, now posits that they could be instrumental in creating the next wave of crypto millionaires during this bullish cycle.
Adding to this intrigue, ScapesMania (MANIA), fresh out of its presale stage, is now poised for its Token Generation Event and subsequent DEX listing.
Dogecoin (DOGE): A Closer Look at the Recent Market Rally
Dogecoin 's (DOGE) recent rally brought its price to a 3-year peak. This surge in value coincided with significant activity from whale investors as revealed by on-chain data. According to Santiment's analysis , there was a noticeable increase in the holdings of whale wallets, with balances growing from 53.41 billion DOGE to 54.75 billion DOGE in just a week. This accumulation, totaling approximately $250 million worth of DOGE, underscored a strong bullish sentiment among major stakeholders.
The overtaking of Cardano in market capitalization briefly added an interesting dimension to Dogecoin's (DOGE) market behavior, indicating a broader interest in meme coins, but also necessitated caution given the volatile nature of the crypto market.
Dogecoin (DOGE) Technical Analysis
Right now, Dogecoin (DOGE) is oscillating between its key support level at $0.1065 and resistance level at $0.1792, indicating a potential for further upward movement.
Source: TradingView
The Exponential Moving Averages (EMAs) show a positive trend, with the 10-day EMA at $0.1639 positioned above both the 50-day EMA at $0.141 and 200-day EMA at $0.1059, suggesting a bullish momentum in the short term.
The Relative Strength Index (RSI) at 56.15 indicates that DOGE is neither overbought nor oversold, offering room for growth.
The Average Directional Index (ADX) at 34.8, coupled with the MACD level at 0.0077, reinforces the trend's strength.
However, the Stochastic %K at 44.33 and the Commodity Channel Index (CCI) at 45.39 hint at a potential slowdown in momentum.
The negative Momentum indicator at -0.0103 also suggests caution as it could signal a short-term reversal or consolidation.
Dogecoin (DOGE) Price Prediction
In a bullish scenario, sustained interest from whales could push Dogecoin (DOGE) above its current resistance at $0.1792, eyeing the next resistance levels at $0.2043 and $0.277. The robust support from social dynamics and weighted sentiment amplifies this possibility.
Conversely, in a bearish outlook, an increase in short positions and a potential reversal might see DOGE retreat towards its immediate support at $0.1065, and if broken, could head towards $0.0589.
Shiba Inu (SHIB): Market Resilience Explored
Just a week ago, Shiba Inu 's (SHIB) MVRV ratio, a key metric that compares market capitalization with realized capitalization, stood at a modest 0.5. This indicated that the average SHIB was being held at a price lower than the market value – a sign of potential undervaluation or wavering investor confidence. However, this ratio has now escalated to an impressive 1.29, signaling a substantial change. This leap pointed to a more than doubling in the value perceived by SHIB holders, reflecting a strong bullish sentiment and possibly an increase in speculative interest.
Shiba Inu (SHIB) Technical Analysis
Shiba Inu (SIB) is currently trading between the support level of $0.00002154 and the resistance level of $0.00004729.
Source: TradingView
The EMAs for 10, 50, and 200 days are closely aligned around $0.0000366, suggesting a period of consolidation.
The RSI at 42.6 leans towards neither overbought nor oversold conditions, indicating a balanced market sentiment.
The ADX at a low 13.1 suggests a lack of strong trend direction, and the MACD hovering near zero could indicate indecision in the market.
However, the Stochastic %K, currently at 11.5, and the CCI at -104.4 both signal a potential oversold situation.
Coupled with the Momentum at -0.00000035, these indicators suggest that SHIB is in a critical phase, potentially on the brink of a decisive move.
Shiba Inu (SHIB) Price Prediction
In terms of bullish and bearish scenarios, the recent news that 58.31% of SHIB's total supply is held by top addresses – a slight decrease from 59.55% – hints at stability in top holder confidence, which could be a bullish sign. Furthermore, the In/Out of Money Around Price (IOMAP) data shows that most holders are 'In the Money' at the current level, potentially providing strong support.
In a bullish scenario, overcoming $0.00004729 by Shiba Inu (SHIB) could open the path towards $0.00005939 and $0.00008514. Conversely, a bearish turn might see SHIB retesting $0.00002154, and if broken, moving towards $0.00000789.
Pepe (PEPE): A Deep Dive into Its Market Breakthrough
Pepe (PEPE) experienced a significant upsurge that was rooted in the trading activity of six influential wallets. They offloaded around 2 trillion PEPE tokens, translating to sales nearing $4.37 million. This underscored the growing momentum behind Pepe (PEPE) after it had reached a new all-time high of $0.00000858 on March 5. With the overall cryptocurrency market showing positive trends in the past month, PEPE has not been an outlier. Its current market capitalization stands at an impressive $3.36 billion, with a total coin supply of 420.69 trillion.
Pepe (PEPE) Technical Analysis
From a technical analysis perspective, Pepe (PEPE) is hovering between the support at $0.00000462 and resistance at $0.00000835.
Source: TradingView
The EMAs over 10, 50, and 200 days are clustered closely around $0.000008, indicating a stable trend in the short to medium term.
The RSI is at 66.81, suggesting that the asset is neither overbought nor oversold.
The MACD and Momentum indicators signal a slight bullish trajectory, albeit with caution as the ADX at 24.12 shows a lack of strong trend.
However, a high Stochastic %K value at 93.65 points towards a potential overextended condition that can be followed by a downward correction.
Pepe (PEPE) Price Prediction
In the bullish scenario, PEPE could break past $0.00000835 and aim for the second resistance at $0.00001039, buoyed by the increasing interest in AI-based cryptocurrencies and the potential hype surrounding a PEPE token burn. A successful breach of this level could even set the stage for an assault on the third resistance at $0.00001412.
On the flip side, in a bearish scenario, failure to maintain the momentum could see Pepe (PEPE) retracting to $0.00000462 and potentially further down to the second support level at $0.00000293.
Bottomline
The recent trends in today's meme coin arena, led by Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE), indicate a fascinating period of growth and investor interest. Dogecoin (DOGE), as a pioneer in the space, maintains its stronghold with significant market capitalization, while Shiba Inu's (SHIB) rapid ascent showcases the market's appetite for newer entrants. With its recent surge and ties to AI technology, Pepe (PEPE) adds another layer of intrigue to the meme coin phenomenon.
Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) exemplify the dynamic and often unpredictable nature of the meme coin market, attracting both seasoned and new investors looking to capitalize on these unique digital assets.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
