Meme coin market fluctuates as traders eye next big hit

Dogecoin and Shiba Inu prices dip, while the surge of the new meme coin Smog stirs market speculation about its next move.

Dogecoin and Shiba Inu have experienced a decline today, with their values dropping by 6.37% and 7.4% respectively, after enjoying significant gains.

Amidst this, the new entrant, Smog, has captured the market’s attention with its recent rally, propelling its market capitalization to $210 million.

DOGE and SHIB pullback, traders remain bullish

Dogecoin and Shiba Inu experienced outsized momentum this month, currently up 103% and 238%, respectively. 

Consequently, the recent pullbacks are barely noticeable on higher time frame price charts, leaving analysts unfazed and anticipating further gains.

Dogecoin peaked at $0.2 on Tuesday, 5 March. Shortly after, it experienced a volatile selloff, but this was mostly absorbed as it recovered to $0.18.

Although it has fallen to $0.1662 today, traders predict an uptrend will continue.

“DOGE to $0.3 soon, “ said prominent analyst Cryptoknight890 on X. The trader displayed a Dogecoin price chart highlighting a strong support level at $0.16.

Dogecoin’s price remains above the support level, offering a bullish outlook for its next move.

Meanwhile, Ali Martinez provides an even more bullish forecast, speculating it could reach $1 soon.

“This may sound wild, but if history is any guide, Dogecoin could hit $1 by mid-April,” Martinez wrote on X recently.

He displayed a DOGE price chart that marks the previous bear market accumulation ranges from 2016 and 2020. These ranges were followed by explosive rallies to the upside, resulting in ATHs. 

It also illustrates that DOGE has broken the range again, indicating a similar trajectory is on the horizon.

Shiba Inu also enjoyed a monumental rally this month, peaking at $0.000044 before a deep retracement and recovery. But like DOGE, SHIB is struggling today, priced at $0.000032.

Nevertheless, market sentiment is optimistic. Ali Martinez notes that SHIB formed a symmetrical triangle and could rise by 40%.

“Shiba Inu forms a symmetrical triangle on the 4-hour chart. A sustained close above the $0.000038 resistance could trigger a 40% bullish breakout, pushing $SHIB toward $0.000052,” he explained.

However, Martinez also warns that a sustained break below $0.000033 invalidates the bullish outlook. Currently, SHIB is trading at $0.000032 but is edging toward the support level again. 

This makes it a crucial area to watch, with a rejection potentially spelling further downside.

However, taking a longer-term outlook, the Shiba Inu community remains bullish, with SHIB Bezos speculating that an ATH “could be coming quickly and heavily.”

The analyst references a higher-time frame price chart displaying a falling wedge. This pattern is synonymous with a reversal to the upside, offering a bullish perspective for SHIB.

Cross-chain meme coin smog flies past $200M market cap

Spreading its wings over the two most prominent meme coin markets, dragon-themed meme coin Smog has soared over 200% this month, reaching a $200 million market cap as investors are drawn to its airdrop.

Launching on Solana and Ethereum, Smog is widely accessible, bolstering its liquidity potential.

Its airdrop, constituting 35% of its total supply, a considerable sum given the recent uptick in valuation.

Currently trading at $0.26 with a $200 million market cap,

Analysts have widely embraced smog, with Matthew Perry suggesting it could be “The king of Solana meme coins.”

Those who buy Smog via the project’s website get a limited offer: a 10% discount on their investment.