DOGE, SHIB, WIF, PEPE: Meme Coins Price Analysis

In the last seven days, most meme coins registered significant declines except for Pepe (PEPE) and Shiba Inu (SHIB). SHIB, which is now ranked 11th on the market cap standings, managed a 7.24% increase. For PEPE, its price rallied by 36.19%.

On the opposite side of the divide were dogwifhat (WIF) and Dogecoin (DOGE). While WIF’s price dropped by 6.38%, DOGE tumbled by almost the same ratio at 6.99% within the last week. Here’s an analysis of the factors that led to the performance, and an assessment of where the prices could go in the coming days.

Dogecoin (DOGE)

At press time, DOGE changed hands at $0.14. From the 4-hour chart, it was observed that bulls attempted to drive the coin past $0.16 on April 23 but a quick rejection at that point forced the price back.

As a result, DOGE lost hold of the $0.15 support. Furthermore, the Relative Strength Index (RSI) was down to 33.37, suggesting a solid bearish momentum. However, a further decline could see DOGE hit an oversold point. Should this be the case, the price of the cryptocurrency might bounce.

DOGE/USD 4-Hour Chart (Source: TradingView)

Indications from the Money Flow Index (MFI) also suggested the same. As of this writing, the MFI reading was close to 20.00, meaning that capital had flowed out of DOGE but the coin might soon be oversold. This reinforces the RSI signal. In a case where DOGE rebounds, a move between $0.17 and $0.21 could be likely.

Shiba Inu (SHIB)

SHIB’s structure on the 4-hour chart was different. According to our analysis, the Awesome Oscillator (AO) was negative, suggesting an increasing downward momentum for the token. In a case like this, the price of SHIB might slip from $0.000024 while targeting $0.000022 as the next area of interest.

But the Fibonacci retracement indicator suggested SHIB might defy the odds and key into the 0.382 Fib level which was at $0.0000025. Besides that, an increase in buying pressure could drive the token toward the 1.619 Fib level which is the golden ratio extension.

SHIB/USD 4-Hour Chart (Source: TradingView)

Should this be the case, SHIB’s price might jump to $0.000030. However, a bearish perspective could change the direction as bears might try to drag the price below $0.000020. In the short term, that seemed unlikely.

dogwifhat (WIF)

Around April 10, WIF experienced a death cross where the 50 EMA (yellow) went below the 20 EMA (blue). Typically, this is a bearish trend, and it was not surprising that the price plunged from $3.78 to $2.39 moments later.

However, on April 23, the meme coin formed a golden cross as seen in the chart below. Thus helped the price rise to $3.55 But WIF could not hold the surge for a long while. As such the value declined to $2.69.

At press time, both the 20 and 50 EMAs were around the same spot, suggesting that the token might move sideways in the coming days. From a bullish point of view, WIF might not rise more than $3.15 while the bearish forecast could be around $2.70.

WIF/USD 4-Hour Chart (Source: TradingView)

Pepe (PEPE)

PEPE’s uptrend was stopped after it faced rejection at $0.0000079. As a result, the price of the token remained on the brink of falling below $0.0000071. Furthermore, the Moving Average Convergence Divergence (MACD) was negative.

PEPE/USD 4-Hour Chart (Source: TradingView)

In addition, the 26 EMA (orange) had risen above the 12 EMA (blue), indicating that traders were booking profits from the initial hike. If this continues, the price of PEPE might fall, and slide to $0.0000064 might be likely in the short term.