Meme coins are unable to create bullish momentum. That’s normal because there is no bullish time window. Mems only ‘pump’ when the timeline allows it; the timeline currently is not bullish. Consequently, should investors be concerned that memes like SHIB and DOGE are about to dump?
RELATED – Shiba Inu (SHIB) price prediction
Before looking at the potential pump vs. dump scenarios in leading meme coins, we need to emphasize the importance of tracking leading indicator BTC.
That’s because BTC sets the stage for memes:
- BTC bullish – memes can develop a ‘pump’ scenario.
- BTC mildly to wildly bearish – impossible for memes to be bullish.
It’s a market dynamic many tend to forget.
Bias is a problem.
Lots of bias is created by being too close to the charts, focusing on short term timeframes, which is what all content is about in the cash tags $SHIB and $DOGE. Be careful with that.
Shiba Inu (SHIB) – close to major support
Shiba Inu Coin (SHIB) has the potential to develop a beautiful long term reversal on its chart.
The potential W-reversal is visible only on the weekly timeframe.
That’s why it’s important to zoom out.
What would turn the chart of SHIB unusually bullish is a strong support structure that should be created right at $0.0000111. This might create bullish energy to lit a fire on SHIB in 2025 with higher price targets mentioned in our SHIB forecast to be achieved, say mid-2025.
Short term, this chart will be unable to pop. BTC does not allow for a bull run in the short term, market conditions are not right for a meme pump.
SHIB may drop but we firmly believe that $0.0000111 will provide strong support.
Dogecoin (DOGE) – close to major support
As explained in our Dogecoin (DOGE) price prediction research, DOGE is working on a long term bullish reversal.
The DOGE chart says it all – after a big rally in 2021 it required a big break in 2022, 2023, 2024.
The 2024 falling trendline will be dominant short term – no ‘pump’ scenario should be expected short term.
DOGE is fast approaching very strong support at $0.0859. This level will likely create a floor for DOGE which, if materialized, would be outstanding news for DOGE fans in 2025 & beyond.
Memes- first a dump then the pump?
We are not sure memes will dump.
Many memes can down 50 to 70% in recent months.
What we observe, based on SHIB and DOGE chart analysis, is solid support is near.
So, most of the selling is likely over.
Testing strong support is next.
Once all testing is complete, in a few months from now, the conditions should change and market dynamics will allow for upside.
Remember – memes tend to pump toward the end of Bitcoin’s bullish cycle – crypto investors should initially focus on other narratives in 2024 & 2025 and start positioning in memes with a solid ‘buy the dip’ strategy.
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