This week, most meme coins are taking a breather compared to the tumultuous trends of October, with Dogecoin (DOGE) leading the pack. However, other meme coins have not performed as well.
The AI-themed GOAT and the Hamster-inspired MOODENG have experienced double-digit declines, contrary to Dogecoin's upward trend. This is an analysis of what happened to these coins and what may happen next.
Dogecoin (DOGE)
On October 26, the price of Dogecoin was $0.13. However, this week, the value of the meme coin has risen by 20%, currently trading at $0.16. Dogecoin's upward momentum can be attributed to increased demand and large-scale investor accumulation. However, Elon Musk's X (formerly Twitter) post on Monday provided additional impetus to the upswing.
In the post, Musk expressed his long-standing support for DOGE and shared a photo of himself with "jacked" Dogecoin. As soon as this happened, the price of Dogecoin surged from $0.14 to $0.16 within a few hours.
Although the coin eventually reached $0.17, the recent price adjustment of Bitcoin (BTC) has pulled it back down. From a technical perspective, Dogecoin has formed a bullish flag pattern on the 4-hour chart.
The bullish flag pattern suggests that the asset's price can continue to rise in the short term. This pattern is characterized by a strong upward movement followed by a slight correction, and the potential for further upside if the uptrend resumes.
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As seen above, DOGE nearly escaped the correction phase (flag). Once confirmed, the price of the meme coin could rise to $0.18. In a very positive scenario, Dogecoin could reach $0.20.
On the other hand, a breakdown below the flag could invalidate this hypothesis. In that scenario, DOGE could drop to $0.14.
GOAT
Unlike Dogecoin, GOAT has seen a double-digit decline this week, despite the hype in recent weeks. This drop may have occurred due to a decrease in demand for the AI-themed meme coin. Previously, GOAT's price had spiked at the peak of this trend, with its market capitalization approaching nearly $1 billion. At that time, the price was close to $1 as well.
However, at the time of writing, GOAT has fallen by almost 30% since Monday. Looking at the 4-hour timeframe, the Moving Average Convergence Divergence (MACD), a momentum indicator, has dipped into negative territory.
This decline indicates that the momentum around GOAT is weak. As a result, the price may continue to decline. If this situation persists, the value of the meme coin could drop to $0.34.
However, if buying pressure increases again, a rebound could occur. In that scenario, the MACD indicator would turn positive, and GOAT's price could rise to $0.90.
MOODENG
MOODENG has also experienced a significant decline this week. The price has dropped by 20% over the past week.
This decline may have occurred as traders shifted liquidity from MOODENG to other trending coins, as the focus of the meme coin market has shifted. As a result, the price of MOODENG has fallen below the 20-period and 50-period Exponential Moving Averages (EMAs).
When the price remains below these EMAs, it generally indicates a bearish trend. In contrast, when the price is maintained above these levels, it suggests bullish sentiment. If this situation continues, the price of the meme coin may continue to decline.
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If this were to happen, MOODENG could drop from $0.18 to $0.16. However, if demand for meme coins increases, this hypothesis may not materialize. Instead, the token could break through the $0.20 resistance level and rise to $0.24.
