Cryptocurrency prices and the crypto fear and greed index dropped after Donald Trump ignored the industry in his first day as the US president. Bitcoin, which reached a record high of $109,200 on Monday and then pulled back below $102,000. This article explores some of the biggest meme coins in crypto: Shiba Inu, Dogecoin, Dogelon Mars, and Pepe Coin.
Shiba Inu price analysis
Shiba Inu, Dogecoin, and Pepe have all dropped recently as crypto investors turned their focus to the newer coins like Fartcoin, Melania, and Official Trump.
SHIB token peaked at $0.0000338 in December and has now crashed to $0.000020. This decline is in line with the plunge of other coins and the ongoing weak performance of the Shibarium layer 2 network.
Shiba Inu price has now dropped below the 50-day and 200-day weighted moving averages (EMA) and the two lines risk having a death cross. This is a high-risk chart pattern that often leads to more downside.
There are signs that the SHIB price has formed a head and shoulders chart pattern, another popular risky sign in the market. Shiba Inu is attempting to cross the key support at $0.00001960, where it has failed to drop below several times this year.
The coin has also moved below the bottom of the trading range of Murrey Math Lines tool. Therefore, a drop below the key support at $0.00001958 will point to more downside, potentially to the next level at $0.000012, the ultimate support point.
On the positive side, the coin has formed a small triple-bottom chart pattern at $0.000019, which may lead to a breakout if bulls defend that support.
Dogecoin price forecast
The DOGE price retreated this week after Elon Musk’s Department of Government Efficiency was sued in the US. The plaintiffs argue that the appointment and the creation of the advisory board did not follow the law.
The coin has continued to slowly form the bullish pennant chart pattern on the weekly chart. This pattern comprises a long vertical line in November last year, which was the flag pole.
The pennant section of the pattern is formed by its ongoing consolidation. During most periods, this pattern is one of the most popular bullish chart patterns in the market. The bullish breakout usually happens when the two triangle lines are nearing their confluence levels.
Therefore, the DOGE price is likely to have a strong bullish breakout. The next point to watch is its all-time high of $0.7600, which is about 122% above the current level.
Pepe Coin price prediction
The daily chart shows that the Pepe Coin price peaked at $0.00002837, giving it a market cap of over $10 billion. It has now dropped sharply and settled at a low of $0.0000135, which coincides with the 200-day moving average.
Pepe Coin has formed a falling wedge chart pattern, which is made up of two descending and converging trendlines. The two lines are now nearing their convergence, meaning that a strong bullish breakout could happen soon. If this happens, the next point to watch will be at the all-time high of $0.00002837, which is about 90% above the current level.
Dogelon Mars
The Dogelon Mars price went parabolic, reaching a high of $0.000000685 on January 19 as most celebrity-themed tokens surged. It then dropped to a low of $0.0000002490 as the momentum ended.
The token has crashed below the key support level at $0.00000030, its highest point in November and December last year. It remains above the 50-day moving average and the rising trendline that links the lowest swings since September. Therefore, the coin will likely remain under pressure as traders wait for the upcoming actions by the Donald Trump administration.
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