Dogecoin, Shiba Inu, Pepe, starting to rise together...Is the memecoin season coming back?

▲ Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE)/ChatGPT generated image

The memecoin market is showing a strong recovery, attracting the attention of investors.

Cryptocurrency specialized media outlet FXStreet analyzed the price movements of major memecoins in its report on April 21. Dogecoin (DOGE) is currently approaching a significant breakout point. Shiba Inu (SHIB) is testing a resistance zone. Pepe (PEPE) is maintaining a stable upward trend.

Dogecoin is forming strong upward momentum. The current price is hovering near the major resistance level of $0.20. On the 4-hour chart, it appears to be testing the upper boundary of a symmetrical triangle pattern. If accompanied by trading volume, the price could quickly surge to $0.25. The Relative Strength Index (RSI) has crossed above the 60-mark, indicating further upside potential.

Shiba Inu is struggling to break out of its downtrend line. It is currently testing the $0.000030 resistance level. The Moving Average Convergence Divergence (MACD) has recorded a golden cross, sending a positive signal. If buying pressure is sustained, a short-term rally to $0.000035 is possible. Strong support is established in the $0.000025 range.

Pepe has rebounded by more than 15% from its recent low, gaining momentum. Accumulation by whale investors has been observed, ensuring downside rigidity. It is currently showing a stable trend above $0.0000080. The next target price is set at $0.000010. As the memecoin craze reignites, interest in Pepe is also rapidly increasing.

The volatility of the memecoin market remains high. The direction of memecoins is expected to be determined by Bitcoin's (BTC) price movement. The proportion of memecoins in the total trading volume of major exchanges is gradually increasing. Investors are simultaneously monitoring changes in technical indicators and supply-demand conditions. Market energy is shifting towards memecoins, forming new price levels.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*