Meme Coins Rising: SHIB and MOG Set for Moonvember Rally?
The post Meme Coins Rising: SHIB and MOG Set for Moonvember Rally? appeared first on Coinpedia Fintech News
The crypto market is experiencing volatility amid the US elections. The BTC price is back to $68k as the FUD surges. Under such conditions, SHIB and MOG are rising against the bearish tide, with intraday gains teasing the continuation of the uptrend.
With a golden crossover in SHIB and MOG ready for a bullish comeback, is it the best time to buy meme coins? Find out now in Coinpedia’s SHIB and MOG price analysis anticipating a Moonvember rally.
Mogcoin (MOG) Ready For Cup and Handle Breakout Rally?
Despite the bullish failure to give a rounding bottom breakout rally, the underlying bullish support in MOG Coin is teasing a Cup and Handle pattern formation. The bullish failure to surpass the $0.000002354 mark led to a pullback to the 50-day EMA near $0.000001631.
This has created a double bottom pattern, with the dynamic average line as the baseline. The neckline for the double bottom stands at the $0.0000020 psychological mark.
With an intraday gain of 6.13%, MOG Coin computes an Evening Star pattern near the 50-day EMA. This increases the possibility of a bullish reversal. Furthermore, it increases the credibility of the double bottom pattern.
Currently, it is trading at $0.000001814, above the 78.60% Fibonacci level. Furthermore, supporting the bullish comeback chances, the MACD and Signal lines reveal an uptick and tease a positive crossover as the bearish histograms decline.
Based on the Fibonacci levels, the uptrend double-bottom breakout rally will likely surpass the neckline at the 100% Fibonacci level at $0.000002354. Based on the Fibonacci levels, the uptrend will likely reach the 1.618 Fibonacci level at $0.0000049.
Hence, the possibility of MOG Coin reaching the $0.0000050 psychological mark will significantly increase with the Cup and Handle Breakout Rally. The price target shows an upside of 175% from the current market price.
Morning Star Brings Double Bottom for Shiba Inu?
With the Falling Channel Breakout Rally struggling to gain momentum, the SHIB price consolidates near the 23.60% Fibonacci level. Due to the consolidation, the 50-day and 200-day EMAs have merged and are struggling to give a golden crossover.
However, the recent Morningstar pattern with an intraday gain of 2.49% teases a bullish comeback. This also increases the possibility of a double-bottom reversal. The daily RSI line shows a bullish divergence, supporting the double-bottom reversal and increasing the upside chances.
Considering the broader market recovers, the SHIB price will likely challenge the 50% Fibonacci level for a breakout rally. Considering that the Moonvember rally will propel the Shiba Inu price higher, the bull run could reach the 100% Fibonacci level at $0.00003591.
Hence, despite the short-term selling in the broader market, SHIB and MOG price analysis reveals a massive upside for the meme coins.
Also read: Shiba Inu price prediction 2024-2030.
FAQs
Will the MOG Coin price reach $0.0000050?
If the broader market continues to head higher, the $0.000002354 breakout will likely push the MOG coin to $0.0000050.
Will Shiba Inu Reclaim $0.000020?
As the meme coin prepares for trend reversal, it should reclaim the $0.000020 mark before the end of 2024.
What’s the downside risk in Shiba Inu?
Based on the current price action, a breakdown below $0.00001633 will test the $0.000015 mark, a ~13% from the current market price.
