The meme coin frenzy that was booming in late February and early March has cooled off recently amid a broader crypto market correction. However, this week, we have a clear winner among meme coins, and that’s the meme coin king – Dogecoin (DOGE).
Dogecoin has outperformed all other major meme coins, such as SHIB, WIF, BONK, PEPE, and FLOKI, this week. DOGE is up 19%, while SHIB has gained 11%, PEPE 6%, WIF 4.9%, and FLOKI 15%. On the other hand, BONK has actually declined by 12%.
Top meme coins this week via CoinMarketCap
Dogecoin Price Prediction & Analysis
At press time DOGE is trading around $0.17. On the DOGE/USDT chart, we can see that DOGE broke out of the sideways channel in late February and began its pump from the $0.09 levels to $0.20.
Prior to this week’s pump, the Dogecoin price experienced a retracement from its earlier highs, dipping to the $0.14 area before regaining momentum and surging to current levels.
Dogecoin price chart – daily timeframe
So, breaking the $0.20 level is the next logical target that could be predicted for the DOGE price.
The Relative Strength Index (RSI) is currently at 59, indicating that the asset is not yet overbought and has room for further upside.
Additionally, the Moving Average Convergence Divergence (MACD) line is still below the MACD signal line. However, based on the chart’s bullish trend, the MACD line can soon cross above the MACD signal line, which is typically a strong buy signal.
Looking ahead, if Dogecoin can sustain its bullish momentum and break through the crucial $0.20 resistance level, it could pave the way for further upside. The next major target for DOGE bulls would likely be the $0.25-$0.30 range, which represents a strong psychological barrier and a level not seen since 2021 bull run.
However, any potential setbacks, market crashes, or profit-taking could see DOGE retrace to its support around $0.14-$0.15 in the short term.
Shiba Inu and FLOKI tend to Follow DOGE
The surge in Dogecoin’s price has caught the attention of SHIB KNIGHT, a renowned meme coin analyst boasting over 400k followers on the social media platform X, formerly known as Twitter. According to SHIB KNIGHT’s observations, Dogecoin’s 16% gain on the day signifies the return of the “dogs” in the crypto market.
SHIB KNIGHT believes that the performances of meme coins like Shiba Inu (SHIB) and Floki Inu (FLOKI) are likely to follow suit, as they tend to experience more substantial rallies when Dogecoin pumps. The analyst also highlighted Floki Inu’s potential, stating that it “is looking good with the release of its new roadmap yesterday.”
$DOGE is up 16% today 👀️️🔥️️️️
The dogs are backing and it is only a matter of time before $SHIB and $FLOKI follows, as they tend to follow #doge and move harder when it rallies.#FLOKI is looking good with the release of its new roadmap yesterday. https://t.co/KAxutYrgbl pic.twitter.com/eMQ54HuYAI
— $SHIB KNIGHT (@army_shiba) March 23, 2024
This take suggests that SHIB and FLOKI tend to follow DOGE’s pumps, so traders should probably keep this in mind in the upcoming days and weeks.
Best Meme Coins to Buy Now
SMOG is a dragon-themed meme coin that has rapidly gained popularity in the crypto market due to its interesting narrative, viral airdrops, multi-chain infrastructure, and community-building initiatives.
Dogecoin20 is a new meme coin that aims to offer an improved version of Dogecoin by combining meme culture with staking rewards. It has raised $7 million in presale already, with a focus on passive rewards for investors who stake DOGE20 tokens.
SpongeV2 is an upgraded version of the original Sponge meme coin, aiming to build on the success of its predecessor. It introduces a “Stake-to-Bridge” setup that links it to the original SPONGE ecosystem.
All in all, the meme coin mania has cooled off this week, but Dogecoin has emerged as the clear winner this week, outperforming other major meme coins. With its strong momentum and bullish technical indicators, an optimistic Dogecoin price prediction could be that its rally continues beyond $0.25, potentially also influencing the performance of other meme coins like SHIB, FLOKI, and others.
Additionally, new meme coin projects like SMOG, Dogecoin20, and SpongeV2 are still in early phases, but these memes offer interesting narratives and utilities which makes them one of the best meme coins to invest in now.
