The second week of December saw mixed performances for meme coins. Most of them experienced double-digit declines. This development is in line with broader market conditions, as most cryptocurrencies have recently lost their bullish momentum. Meme coins such as Dogecoin (DOGE) and dogwifhat (WIF Coin) also witnessed price declines. However, one meme coin performed differently from the others. Crypto analyst Victor Olanrewaju discusses 3 meme coins.
Dogecoin (DOGE): Is the original meme coin tired?
A few weeks ago, Dogecoin signalled that it was ready to push towards the $1 mark. This week, however, things have changed as the value of the meme coin has dropped by 10%. According to the 4-hour chart, the drop in DOGE’s value is linked to an increase in distribution. Specifically, the Money Flow Index (MFI), which looks at the level of buying and selling pressure in the market, fell from 75.57 to 24.12. This decline suggests that some DOGE holders profited from the previous week’s hike.
At the time of writing, the trading volume around DOGE has decreased. This indicates that the recovery period has not yet arrived. If this trend continues, Dogecoin is likely to fall again. This time a drop to $0.37 is on the cards. However, if the accumulation of meme coins increases, this situation may change and Dogecoin may rise towards the $ 1 milestone.
dogwifhat (WIF Coin): The meme coin witnessed a sharp correction!
Like Dogecoin, the price of WIF also fell this week. However, WIF Coin’s price decline is a 25 per cent correction due to increased selling pressure. On the daily chart, WIF formed a head and shoulders pattern. The head and shoulders pattern progresses from bullish to bearish and indicates that the value of the cryptocurrency could fall further. With this in mind, it is possible that the WIF Coin price could fall as low as $1.88. However, if the bulls defend the support around $2.35, this forecast may not come true. In this scenario, the meme coin is likely to rise to $3.93.
Fartcoin (FARTCOIN): Bizarre meme coin increased over 200 per cent!
While there have been declines in meme coins such as DOGE and WIF, Fartcoin, which has recently attracted the attention of the market, has been on the rise. FARTCOIN has increased by over 200% in the last week. This significant price increase may be linked to the rising bullish sentiment around artificial intelligence agents. Fartcoin is one of the meme coins developed as a result of Truth Terminal’s post. From a technical perspective, the volume around the meme coin fell. Also, this suggests that the cryptocurrency will experience a pullback. If confirmed, the price of FARTCOIN could fall as low as $0.41. On the other hand, this trend is likely to change if buying pressure increases. In this scenario, FARTCOIN is likely to jump to $0.78.
The opinions and forecasts in the article belong to the analyst and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing.
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