SHIB vs PEPE, DOGE vs WIF: who will win the meme coin race?
Popular
SHIB
$0.0
+58.54%
BABY
$0.0
+11.72%
DOGE
$0.2
+12.67%
Meme coins including SHIB, PEPE, DOGE and WIF registered a significant surge.
Profit taking could see SHIB fall to $0.000018 while PEPE signals a decline below $0.0000040.
The AO reflects possible downward momentum for DOGE, but WIF may not fall below $1.
Over the past few days, the price of meme coins has risen staggeringly. The value of cryptocurrencies such as Shiba Inu (SHIB), Pepe (PEPE), Dogecoin (DOGE) and Dogwifhat (WIF) has increased by incredible amounts.
Although these four led the market's bullish wave, their results varied. For example, the price of SHIB has increased by 126.12% in the last seven days. DOGE, on the other hand, jumped 64.23%. According to CoinMarketCap, PEPE performed better, with an increase of 204.18%. Finally, the price of WIF increased by 422.67%, making it the best meme coin of all.
Siba-inu (SHIB) vs. Pepe (PEPE)
Coin Edition looked at the price action of SHIB/USD and PEPE/USD on the 4-hour time frame. According to our analysis, both meme coins had a similar structure. It is also worth noting that PEPE and SHIB came out of consolidation around the same period, but with a slight difference.
While PEPE was able to do so on February 25, SHIB had to wait three days to pump out the water. Additionally, the Supertrend indicator has given a buy signal for SHIB, indicating that the price potential remains bullish.
However, SHIB's price action seemed to be recovering as the relative strength index (RSI) showed that the token had become overbought. A similar case occurred with PEPE, the price of which also fell.
SHIB/USD vs PEPE/USD (Source: TradingView)
SHIB's growth may be slowing down for now. From a bearish perspective, the price could fall to $0.000018 as traders may lock in profits in the coming days. PEPE also suffered the same fate, with signs emerging that it could fall below $0.0000040.
However, a bullish return could lead to significant price increases. In the extreme bullish case, SHIB could rise to $0.000030, while PEPE could rise to $0.000060.
Dogecoin (DOGE) vs Dogwifhat (WIF)
DOGE price fell from $0.15 to $0.13 at the time of publication. The price of WIF also fell from $1.70. But unlike SHIB and PEPE, the price action of DOGE and WIF was different. For WIF, its incredible rise meant that the bulls pushed the bears out of the picture for a while.
However, the Dogecoin bulls, despite being in control, still had bears lurking in the corner. Using the Fibonacci retracement indicator, Coin Edition noticed that DOGE price could pull back. For example, the .382 Fib level was around $0.12, indicating that the meme coin could experience a 7.69% drawdown.
DOGE/USD vs WIF/USD (Source: TradingView)
This potential decline was also evident in the Awesome Oscillator (AO) indicator. At the time of publication, AO was displaying red bars indicating possible downward momentum. If this decline causes the price of Dogecoin to fall, it could also impact WIF. However, it is unlikely that WIF will fall below $1 in the short term.
