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The meme coin market has been volatile in recent days. After a sudden surge in Dogecoin (DOGE) prices and PepeCoin (PEPE) last week, both projects have experienced significant declines. This raises the question of whether buying these coins is a good time or if other meme coins offer better growth opportunities.
Meanwhile, Meme Kombat, a new project, is currently in the presale phase and plans to offer tangible real-world benefits.
Dogecoin and PEPE plummet, traders remain bullish
Over the past 24 hours, Dogecoin has plunged 4.01% while Pepe is down 7.25%.
Though both projects remain net positive this month, with Dogecoin up 28% and PEPE up 58%, the recent struggle raises concerns about whether a broader correction may be on the horizon.
The recent drop in Dogecoin’s price came after testing an uptrend resistance. However, the decrease is losing momentum as the candlesticks now show wicks on the bottom side, suggesting buyers are taking charge.
This is happening at the support trend line and is accompanied by decreased trading volume. These factors indicate that a trend reversal may happen soon.
Moreover, the chart is forming a megaphone pattern, which is bullish when it occurs on an uptrend.
Ultimately, this signals that Dogecoin is in a good position despite its recent pullback. Crypto analyst KALEO shares this sentiment, backing DOGE to explode recently.
The trader recently updated a Dogecoin analysis X thread, noting that DOGE is “continuing to print lower highs,” a strong signal of upside potential.
KALEO then posted a chart predicting Dogecoin’s trajectory. According to the forecast, DOGE could reach $0.14 in December.
Moving to PEPE, it is in a similar position to Dogecoin, on an uptrend and creating higher lows on the price chart. Its recent price action has formed a wedge and could tear higher.
However, its volume is increasing at the trend line support, indicating a potential for a break below.
If this occurs, we may see a retest of the range support (blue), but a break below would signify a downtrend, making it a crucial level.
Yet, regardless of the potential risk, analysts remain bullish on PEPE. According to TradingView analyst Ifiok-2sydes, PEPE is forming a rising channel on the daily chart and could continue its uptrend.
The analyst believes that PEPE could reach $0.00000184 if the trend continues.
Checderek.eth also believes PEPE could surge if the meme coin market retains its previous cycle’s market share.
This illustrates the market’s considerably bullish outlook and is also evident in CoinMarketCap’s Crypto Fear and Greed Index, at 74/100, in the “Greed” zone.
Overall, these factors illustrate that despite the recent pullback, traders are significantly optimistic on the road ahead.
Considering newly launched cryptocurrencies with low market caps and no price history can be a worthwhile strategy, as seen in the recent performance of PEPE and Dogecoin.
Such projects, including Meme Kombat, whose presale is ongoing, often tend to outperform more established ones.
Meme Kombat presale approaches $2m
Meme Kombat blends the allure of meme coins with crypto-gambling for utility.
Its presale has already raised $1.9 million. Moreover, its team recently announced it will give away $100K to presale investors once it hits $2 million.
Several analysts, including Cilinix Crypto and Jacob Bury, are bullish on the project.
The project allows users to gamble on the outcome of AI-generated battles between meme coin characters with the MK. This provides utility and a fun way for users to earn crypto.
MK holders can also stake for passive rewards.
The Mortal Kombat team is public, and its smart contracts are audited. These present a security advantage over market leaders like DOGE and PEPE.
Potential investors can buy MK for $0.205 in the current stage. Token prices will rise to $0.214 in two days.
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This article first appeared at crypto.news
