This Week in Meme Coins: Dogecoin Rallies 20%, GOAT, MOODENG See Steep Declines

This week, most meme coins took a breather compared to October’s eventful trends, with Dogecoin (DOGE) leading the pack. However, other meme coins didn’t fare that well. 

AI-themed Goatseus Maximus (GOAT) and hippo-inspired Moo Deng (MOODENG) both experienced double-digit declines, diverging from Dogecoin’s uptrend. Here’s a breakdown of what happened and what might be next for these coins.

Dogecoin (DOGE)

On October 26, Dogecoin’s price was $0.13. But this week, the meme coin’s value climbed by 20% and currently trades at $0.16. Dogecoin’s rally can be attributed to multiple factors, including rising demand and large investor accumulation. However, Elon Musk’s post on X (formerly Twitter) on Monday gave the upswing an extra boost.

In the post, Musk, who has been supporting DOGE for some years, shared a picture of him and a “muscular” Dogecoin. As soon as that happened, Dogecoin’s price rallied from $0.14 to $0.16 within a few hours.

While the coin eventually reached $0.17, the recent Bitcoin (BTC) retracement helped pull the price back. From a technical standpoint, Dogecoin has formed a bullish flag on the 4-hour chart. 

A bullish flag pattern suggests that an asset’s price may continue to rise in the near term. This pattern forms after a strong upward movement, followed by a slight consolidation, and signals the potential for further gains if the upward trend resumes.

Read more: Best Crypto Exchanges With the Lowest Trading Fees

As seen above, DOGE is on the brink of breaking out from the consolidation phase (flag). Once validated, the meme coin’s price might climb to $0.18. In a highly bullish scenario, Dogecoin might climb to $0.20.

On the other hand, a breakdown below the flag could invalidate this thesis. In that scenario, DOGE could decline to $0.14.

Goatseus Maximus (GOAT) 

Unlike Dogecoin, Goatseus Maximus saw a double-digit decline this week despite trending for several weeks. This drop could be tied to waning demand as the AI-themed meme coin narrative cools off. Earlier, during the peak of this trend, GOAT’s price surged, nearing a $1 billion market cap. The price at that time also got close to $1.

But as of this writing, GOAT has fallen nearly 30% since Monday.  A look at the 4-hour timeframe, the Moving Average Convergence Divergence (MACD), which measures momentum, has fallen to the negative region.

This fall indicates that momentum around GOAT is bearish. As such, the price might continue to fall. Should that remain the case, then the meme coin’s value might sink to $0.34. 

A rebound, however, could occur if buying pressure increases again. In that scenario, the MACD reading might turn positive, and GOAT’s price might rise toward $0.90.

Moo Deng (MOODENG) 

Moo Deng also faced a significant dip this week, with its price down by 20% over the last seven days. 

This drop might stem from a shifting focus in the meme coin market as traders move liquidity away from MOODENG toward other trending coins. As a result, MOODENG’s price has fallen below its 20 and 50-period Exponential Moving Averages (EMA). 

When prices remain below these EMAs, it typically signals a bearish trend, contrasting with the bullish sentiment seen when prices hold above these levels. Should this remain the same, then the meme coin’s price might continue to decline.

Read more: 11 Top Solana Meme Coins to Watch in November 2024

If that happens, MOODENG might drop from $0.18 to $0.16. On the flip side, if demand for the meme coin rises, then this thesis might not come to pass. Instead, the token could beat the $0.20 resistance and climb to $0.24.