Who Wins the Meme Coin Race? — TradingView News

For the past few days, the price of meme coins has been increasing in a mind-blowing manner. The likes of Shiba Inu (SHIB), Pepe (PEPE), Dogecoin (DOGE), and dogwifhat (WIF) have seen their values climb by incredible figures.

While these four have led the market’s bullish wave, their performance differed. For instance, SHIB’s price has increased by 126.12% in the last seven days. DOGE, on the other hand, jumped by 64.23%. PEPE’s performance was better with a 204.18% increase, according to CoinMarketCap. Lastly, WIF’s price increased by 422.67%, making it the best meme coin of the lot.

Shiba Inu (SHIB) vs. Pepe (PEPE)

Coin Edition looked at the SHIB/USD and PEPE/USD price action on the 4-hour timeframe. According to our analysis, both meme coins shared a similar structure. It is also noteworthy to mention that PEPE and SHIB broke out of consolidating around the same period but with a little difference.

While PEPE was able to make it on February 25. SHIB had to wait three days later to pump. Furthermore, the Supertrend indicator flashed a buy signal for SHIB, indicating that the price potential remains a bullish one.

However, SHIB’s price action seemed to be retracing as the Relative Strength (RSI) showed that the token had become overbought. It was a similar case with PEPE whose price also dropped. 

For the time being, SHIB’s rally might slow down. From a bearish perspective, the rice could drip to $0.000018 as traders might book profits in the coming days. PEPE also faced the same fate with signs that it could fall below $0.0000040.

However, a bullish return could see the prices trend much higher. In a highly bullish case, SHIB could rise to $0.000030 while PEPE might rally toward $0.000060.

Dogecoin (DOGE) vs. dogwifhat (WIF)

DOGE price at press time slipped from $0.15 to $0.13. WIF’s price also dropped from $1.70. But unlike, SHIB and PEPE, DOGE and WIF’s price action were different. For WIF, its incredible rise meant that bulls had kept bears out of the picture for a while.

However, Dogecoin bulls, despite being in control, still had bears lurking in the corner. Using the Fibonacci retracement indicator, Coin Edition observed that DOGE’s price might pull back. For instance, the 0.382 Fib level was around $0.12, indicating that the meme coin could experience a 7.69% drawdown. 

This potential decline was also evident in the Awesome Oscillator (AO). At press time, the AO displayed red bars, indicating a possible downward momentum. If this decline leads to a Dogecoin’s price decline, WIF might also be affected. However, it was unlikely for WIF to drop below $1 in the short term.