Bitcoin (BTC) has recently been leading the crypto market surge. Yet, there are indicators that a so-called “altcoin season” might be on the horizon. Bitcoin has approached its record high from 2021, reaching $64,000 this week, triggered by robust investments into spot Bitcoin ETFs and registering a 50% increase in February. Additionally, the remarkable rally in meme coins last week could be seen as an early harbinger of the altcoin season’s arrival. There’s a growing hope that the prices of SHIB, PEPE, DOGE, and WIF could potentially skyrocket, achieving a 10x increase in the upcoming weeks.
Growing Demand For Meme Coins
Last week, well-known dog-inspired cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB) experienced significant increases in value, ranging between 40% and 50%. Meanwhile, recent additions to the pet-themed crypto market, including Pepe Coin (PEPE) and Dogwifhat (WIF), saw their prices more than double in the same timeframe.
Shiba Inu (SHIB) Price Analysis
SHIB price is attempting to continue its upward momentum, although the RSI indicating an overbought condition implies that sellers are strongly defending the resistance lines.
Should the price retreat from its present position yet find support at the 20-day EMA, it would indicate ongoing bullish sentiment, potentially triggering a retest of $0.000025. If the SHIB price holds above this level, we might see a skyrocketing trend toward $0.000033.
Pepe Price Analysis
Pepe coin price has been pumping hard in recent weeks as it recorded gains of over 500%. Pepe’s price jump over the $0.000005 resistance marked the commencement of the next phase in its upward trajectory.
The trend of moving averages surging signifies that the market is predominantly controlled by the bulls, though the RSI reaching into the overbought territory hints at a potential minor pullback. If the price remains above its recently achieved ATH, we might see a 10x rally in PEPE’s price in March.
Dogecoin (DOGE) Price Analysis
The bulls managed to protect the breakout level of $0.12, but were unable to push Dogecoin past the $0.14 resistance level, signaling weak buyer interest at higher prices. Consequently, the bears might attempt to take control by driving the price below the moving averages.
For a bullish trend to be confirmed, the bulls need to push and sustain the price above $0.15-$0.17. Achieving this could lead the meme coin to record a 10x surge in the coming weeks.
dogwifhat (WIF) Price Analysis
dogwifhat continues to experience massive jumps in its price as it recorded nearly 600% gain in 30 days. Buyers are now aiming to break above the $1.8 level to continue the uptrend further.
Interestingly, as the RSI level has now stabilized around the overbought region, buyers might gain further confidence to send the price above immediate Fib channels. In such a case, the buying momentum will be further strengthened and a 10x rally might be on the edge for WIF price in the coming weeks.
However, sellers might attempt to plunge the price below the EMA20 trend line to cool down the overheated sentiment.