Bitcoin is breaking out right now and the memecoins are still fairly flat. Do they need the king of the cryptocurrencies to confirm its breakout first, and they follow, or are they going to continue their current relatively uninspiring price action?
$DOGE price maintaining an uptrend
Source: TradingView
$DOGE is still the undisputed leader of the memecoins, but considering that we are arguably approaching the final stage of this bull market the price action is relatively uninspiring. That said, compared with most of the memecoins, $DOGE is at least maintaining an uptrend.
The daily price chart above shows this uptrend, and reveals that a break to the up or the downside should take place soon. Obviously, if $BTC confirms its trend break, a breakout of the current triangle would likely be to the upside for $DOGE.
At the bottom of the chart, the Stochastic RSI indicators have recently crossed back up again. A breakout of the triangle would leave the bulls gunning for the horizontal resistance at $0.245, before targeting a higher high at $0.255.
$PEPE loses trend
Source: TradingView
The daily chart for $PEPE is fairly desultory. The price action recently lost the uptrend and now it remains to be seen whether it can gain it again. There is strong horizontal support just below, and support at the current price level could be held. If it is, the Stochastic RSI indicators at the bottom of the chart look as though they are going to cross back up, bringing the momentum for a potential break back above the ascending trendline.
$PENGU forms a classic bull flag
Source: TradingView
After its astonishing 500% climb through June and into July, $PENGU has been putting in a series of lower highs and lower lows. This price action could be construed as a memecoin that was pumped to the highs and is now being discarded and left to deflate.
However, this particular price action fits the bill of a classic bull flag, which is a continuation pattern. After the last touch of the bottom trendline of the flag, it might now be expected that the $PENGU price climbs back up to the top trendline, and breaks out from there.
$PENGU is certainly one to keep an eye on. If Bitcoin does its thing, and memecoins follow, $PENGU could be one of the main gainers once again.
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.
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