February 5, 2023

Meme token

Published 10 minutes ago

Top 3 Memecoins to invest in as we approach 2023: The memecoins have a dedicated following in the crypto space and numerous investors who believe in its growth potential. While these cryptocurrencies started as a joke, the increasing utility of those tokens has attracted more investors into the market. So here are three top memecoin you can invest in before entering 2023

Dogecoin (DOGE)

TradingView chartSource – Tradingview

In the current downtrend, the Dogecoin price is down 89.51%, down from its all-time high of $0.7376, and is trading at $0.077. However, the technical chart shows that the price action has almost turned sideways, suggesting that bearish momentum is exhausting.

In addition, the $0.056 level acted as strong bottom support and has maintained this lateral hike for the past six months. In addition, the RSI slope is rising in doge despite a consolidation phase, reflecting growing underlying bullishness.

As of press time, the Dogecoin price is attempting to stay above the $0.073 local support. In addition, the low price rejection associated with this week’s candle indicates that the buyers are trying to recover from this support.

With continued purchases, the price increase could reach $0.0157 by mid-2023

Shiba Inu Coin (SHIB)

TradingView chart

Source – Tradingview

From an all-time high of $0.00008845, the Shiba Inu coin fell 90.62% to its current price of $0.00000828. So, similar to dogecoin, the SHIB has been in a sideways rally for the past seven months, indicating buyers are defending the lower levels.

At the time of writing, SHIB coin is once again testing the June bottom support of $0.000008. In addition, the coin shows the formation of a falling wedge pattern on the weekly time frame chart. In theory, this is a bullish continuation pattern that encourages a strong bull run as it breaks its resistance trendline.

If market sentiment is favourable, this bullish breakout could lead SHIB price to $0.000001 in the first quarter of 2023.

Dogelon (ELON)

TradingView chartSource – Tradingview

A sharp drop in Dogelon from an all-time high of $0.00003263 has sent its market value down 99.10% to $0.0000002912. However, a seven-month consolidation in ELON indicates that prices are trying to drop to $0.00000023 support.

In addition, the weekly chart shows the formation of a symmetrical triangle pattern. This continuation pattern could release the trapped bullish momentum and trigger a price rally in the direction. Currently, the price is fluctuating between the converging trendlines in anticipation of a breakout.

As for the bullish divergence in the RSI indicator, which reflects the strength of the ongoing price trend, the ELON price is likely to break the overhead trendline. This bullish breakout could push prices up 92% to reach $0.000000566 by mid-2023.

I have been working in journalism for the past 5 years. I have been following the Blockchain & Cryptocurrency for the past 3 years. I’ve written on a variety of topics, including fashion, beauty, entertainment, and finance. tell me at brian(at)coingape.com

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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