Dogecoin (DOGE), Pepe (PEPE), and Pudgy Penguins (PENGU) Hit Bottom: Price Analysis
Things could be about to take off for Bitcoin and the crypto market. With a strongly rallying altcoin market the memecoins are probably not going to sit idly by. $DOGE, $PEPE, and $PENGU have all found bottoms. Is now the time to get in?
$DOGE consolidates at major support
Source: TradingView
$DOGE is looking good to go. The huge dip out of the ascending wedge exactly met the extent of the measured move, and was then bought up rapidly. The price has still not returned to the wedge, but has instead been consolidating along the $0.20 horizontal support line. This is major support as can be seen by looking left at previous price action. Therefore, with the Stochastic RSI indicators at the bottom and posturing to cross back up, building a position at this area is probably a decent bet. If the price does fall below the support and confirm below, this would be a time for caution.
The next major price target is at $0.31 at the 0.382 Fibonacci level, while $0.475 at the 0.618 Fibonacci is just below the major local high.
Potential big gains ahead for $PEPE
Source: TradingView
In the above daily chart it can be seen that the $PEPE price is consolidating along the $0.0000072 support line. If there is one more dip from here, the $0.000006 is major horizontal support that goes back to March 2024. The trick here is to buy in and set a stop loss that won’t be triggered before a rally up to the $0.000009 horizontal resistance.
At the bottom of the chart, the Relative Strength Index shows that the indicator line has broken through the downtrend line and has confirmed above. This looks bullish.
Breaking through the overhead resistance is obviously the first target, and then the descending trendline. After that, it’s $0.0000125 at the 0.382 Fibonacci, and $0.0000155 at the 5.0 Fibonacci.
$PENGU hits bottom of bull flag
Source: TradingView
The weekly view for $PENGU is a great looking chart. It appears that $PENGU might have hit bottom last week as the price retested the bottom of the bull flag. Underneath this is some good horizontal support. It might be expected that the price now starts to rise back towards the top of the bull flag with a potential breakout when it gets there. The measured move for the breakout is arrived at by taking a measurement of the pole of the bull flag and then transferring this to the bottom of the flag. $0.057 is the potential outcome.
At the bottom of the chart, the Stochastic RSI indicators are in a perfect position to start angling back towards their top limit, signalling large-scale price momentum as they pass above the 25.00 level.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.