As the field of meme coins has sparked a huge bull market trend, meme coins have led the upward trend. With demand for meme coins constantly rising, followed by RWA and AI tokens, meme coins have emerged as the best-performing field in 2024.
In this community and hype-driven bull market for tokens, top tokens such as DOGE and SHIB are indicating a trend reversal. In addition, relatively new token BRETT is indicating a massive breakout rebound, bringing huge profits.
As the bull market approaches, will top meme coins lead the trend? Let’s take a close look at the price charts for DOGE, SHIB, and BRETT to answer these questions.
Largest Meme Coin in Wedge Downward Trend
After hitting a yearly high of $0.22, the largest meme coin Dogecoin experienced a period of adjustment. During the pullback, the DOGE price dropped from the 52-week high of $0.22 to the downward support trend line of $0.1175.
The downward trend in DOGE price formed a descending wedge pattern, with a negative cycle breaking below the 200-day EMA. Nevertheless, the meme token still maintains dominance above the psychological level of $0.10.
Currently, the meme coin’s trading price is $0.12548, up 6.05% overnight.
From a technical perspective, the rise in DOGE price has led to a bullish crossover of the MACD and signal lines. Additionally, it has postponed the impending death cross on the daily chart.
If the bull market cycle in the downward wedge gains momentum, the meme coin could reach $0.14, the 50-day EMA, to signal a bull market breakout. A breakout rebound could lead to a bull market reaching $0.18 or $0.22.
Shiba Inu’s Fall Channel
On the slide, the Shiba Inu token shows a downward channel on the daily chart. Additionally, after forming a 52-week high of $0.00004567, the falling meme token fell below the 200-day EMA, threatening a death cross on the daily chart.
However, the negative cycle on the daily chart received early support at $0.000017 before testing the support trend line. With an early reversal, the meme coin is indicating a comeback. Additionally, a bullish crossover of the MACD and signal lines enhances the likelihood of an upward trend.
With the strengthening momentum, the bull market cycle may reach the significant level of $0.000025. This would increase the likelihood of a bull market channel breakout to $0.000035.
BRETT’s Breakthrough Progress Expected to Grow by 50%
The price trend of BRETT has maintained a long-term bullish trend, forming a stable support trend line. On the 4-hour chart, the bullish trend presented a triangle pattern breakout when surpassing the short-term resistance trend line.
With the recent rebound from the support trend line, the meme coin price has risen by 25%, far exceeding $0.15. However, before the price surge, the next possible trend is a retest of $0.15419.
Based on trend-based Fibonacci levels, the price of BRETT can reach $0.23318 next month.
