Here’s A Price Analysis Guide For The Fast-Recovering Meme Coins

Amid the resumed recovery in the crypto market, the meme coins received a special when Billionaire Elon musk shared a picture of his Dog ‘Floki’ on Twitter with the caption, “new CEO of Twitter is amazing.”. This tweet instantly affected Floki, Dogecoin, and Shiba Inu’s market value and pushed it to even higher levels. Here’s a daily chart price analysis on these memes coins to determine their future target.s

Floki(FLOKI)

Source- Tradingview

The Floki token price witnessed a strong recovery in January 2023, followed by the February month correction phase. With the increasing uncertainty in the market, the coin price plunged to the $0.00002 support, an attempt to validate sustainability at higher levels.

However, The Floki coin has been most rewarded after the Musk tweet, showing a 53% gain on intraday. As a result, the price rebounded from the $0.00002 support and surpassed the last swing high resistance of $0.000032 in one strike.

If the daily candle closes above the $0.000032 level, the buyers will gain significant support from the breached level and may extend its recovery another 17% higher to reach $0.000043. 

Dogecoin(DOGE)

Source- Tradingview

Over the last week, the Dogecoin price has been hovering above the local support of $0.073. The lower price rejection showcase at this support indicates the traders are actively accumulating at this support.

Thus, with improving bullish sentiment in the market and an extra boost from the Elon Musk Tweet, the Dogecoin price rebounded from this mentioned support and rallied 7.5% in the last two days. Moreover, with sustained buying in the market, the coin price may retest the $0.09 barrier.

This is a crucial level for Doge holders as a reversal or breakout from it may influence the coin’s near-future price. 

Shiba Inu(SHIB)

Source- Tradingview

The Shiba Inu coin daily time frame chart showed the formation of the cup and handle pattern. Moreover, the recent correction phase in the market shaped the handle portion, which validates the SHIB price sustainability above $0.000012.

Thus, with a shift in market sentiment, the Shiba Inu coin price rebounded from the $0.000012 support. As a result, the coin price rallied 8% in the last two days and reached the current price of $0.000013.

If the buying pressure, the SHIB price may showcase a breakout attempt from the $0.0000147 neckline resistance of the cup and handle pattern. Thus breakout could lead to a bull run to the $0.000022 mark.