Top 3 Memecoins To Buy In This Dip; Dogecoin, Shiba Inu, Floki Price Analysis

The crypto market experienced a notable downturn during mid-April, resulting in a considerable price correction across the board for many major cryptocurrencies. However, this retracement phase could present an advantageous chance to purchase some popular memecoins at a discount. Here is the top meme cryptocurrency with a strong bullish setup that can encourage a sustained recovery in the near future.

Dogecoin(DOGE)

Source- Tradingview

Over the past 10 months, the dogecoin price has been moving in a sideways strength under the influence of a symmetrical triangle pattern. The recent bounce back from this pattern converging trendline signals the traders actively respond to this pattern and therefore will also have a significant impact on its future price 

With the ongoing selling pressure in the market, the DOGE price is falling back to the pattern’s support to replenish the bullish momentum. If buyers manage to defend this pattern, the resulting reversal may drive the price around 50% higher to retest the overhead resistance trendline.

Moreover, a potential breakout from the pattern’s resistance will signal an early sign of trend reversal. Under bullish conditions, this pattern completion could lead a bull run to a $0.2 psychological barrier.

Shiba Inu(SHIB)

Source- Tradingview

In the daily time frame chart, the Shiba Inu price shows the formation of a descending triangle. Amid the recent correction, the coin price initiated a bear cycle within this triangle after reverting to a downsloping trendline.

As of now, this memecoin is stuck in a narrow range spread from $0.00001186 to $0.0000097. With sustained selling the sellers may drive the price another 23.6% to revisit the $0.0000078 neckline support.

In theory, this pattern signals the resumption of prevailing downfall if the prices break the lower neckline. However, the momentum indicator rising indicates the underlying pressure is rising and thus the coin also has an opportunity to breach the trendline.

Under favorable conditions Thus, a potential breakdown may surge the SHIBA inu price 80% high to hit the $0.00001815 mark.

Floki(FLOKI)

Source- Tradingview 

Over the past two months, the Floki can price has been walking a sideways trend within two definite levels of $0.000045 and $0.00002746. The coin price falling for the past four days consecutively and is approaching the range’s bottom support. 

This support level acts as a strong accumulation zone as buyers have already rebounded the prices with strong bullish momentum. Anyhow, for additional confirmation of the uptrend, the safer traders can wait for a breakout above $0.000045.

As per the trend-based Fibonacci extension, the breakout could lead the Floki price to 140% higher to hit $0.000086(100% FIB)

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Brian Bollinger
CoinGape