We are arguably entering into the final phase of this crypto bull market. There is the possibility that Bitcoin could go a lot higher. However, for traders looking to maximise their gains, albeit by also partaking in a huge amount of risk, the memecoins are the go-to trade. $DOGE, $PEPE, and $PENGU are favourites, but which will perform the best?
$DOGE back in a strong uptrend
Source: TradingView
The 8-hour time frame for $DOGE shows the steady uptrend since June of this year. A swing high in July did take the price to $0.28, which was followed by a big dip, but as can be seen, the price is back above the ascending trendline, and with the short-term time frame Stochastic RSIs at the bottom, the bulls would hope to make another higher high in this latest mini uptrend.
Source: TradingView
Looking at $DOGE on the weekly time frame it can be noted that the last swing high took the price to the 0.618 Fibonacci extension. The bulls will need to take $DOGE above this in order to avoid a failed rally. The 0.786 Fibonacci at $0.59 is a good target.
At the bottom of the chart, the MACD shows the indicator line nicely above the signal line, while the first green histogram bars are printed. Expect these indicator lines to continue to rise.
$PEPE price inside an ascending triangle?
Source: TradingView
For $PEPE , could it be that the price action is traversing within an ascending triangle? If so, this would be very bullish. The bulls will first need to push the price beyond the $0.000012 horizontal resistance, but then the top of the ascending triangle comes in at $0.000014. If the bulls can push the price through both barriers, the measured move could take the price to $0.000022.
$PENGU price forming a bull pennant
Source: TradingView
The daily chart for $PENGU shows some of the incredible rise that this memecoin has experienced. From bottom to top, the gain was around 1,130%.
Many might have thought that after such incredible gains the $PENGU price would start a major retracement. Far from it. Instead, the price has chopped sideways and downwards and a pennant formation is taking shape. This is a bullish continuation pattern. If the bulls can send the price out of the top of the pennant, the measured move could take the price out to $0.065 - another 2x. Not bad for a memecoin that has already made such large gains.
Conclusion
While $PEPE and $PENGU might be pretty good, if risky bets, $DOGE is still the king of the memecoins, and if it is a race between these three, $DOGE has the name and the possibility, no matter how dubious, that it could still be used by Elon Musk as a future payment option, perhaps on X. Place your bets.
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.
