In August, analysts are looking at Dogecoin, Shiba Inu, and PEPE. Attention is also on WAI and the WeinerAI meme coin project.
Ethereum and Solana are rising, curiously outperforming Bitcoin at press time. The good news is that when the Ethereum and Solana tides rise, meme coins and DeFi tokens in their respective ecosystems are the biggest beneficiaries.
As of press time, Ethereum is steady above $3,300, while Solana is approaching $200. A slight push and these coins will explode, reinvigorating the broader markets.
Thus far, the meme coin scene is “not that bad,” but the top coins are deep in red, choked by sellers.
According to CoinMarketCap, the meme coin market cap stands at over $49 billion while Dogecoin, Shiba Inu, and Pepe are all sliding, trailing WienerAI, a meme coin with an AI-powered trading bot taking the crypto world by storm.
(Source)
Over the past week, these tokens are down roughly -4%.
Dogecoin, Shiba Inu, and PEPE Price Analysis
Despite recent weakness, analysts are upbeat, expecting prices to recover ahead of the project crypto bull run.
1. Dogecoin (DOGE)
Dogecoin sank -60% from April highs before bouncing off to spot rates in early July.
Technically, bears have the upper hand. It will take a lot of effort for DOGE prices to breach the immediate local resistance levels.
(DOGEUSDT)
For now, the first liquidation line is $0.14. If broken in August, DOGE might float to May 2024 highs of $0.17 in a buy trend continuation formation.
On the other hand, if sellers take over, extending losses of the past three months, any breach of $0.10 would force DOGE to $0.06 in a bear trend continuation formation.
2. Shiba Inu (SHIB)
Shiba Inu developers have grand plans, including launching a layer-3 platform and releasing more tokens.
For now, however, SHIB remains under pressure.
The token consolidates with clear caps at $0.00002034 on the upper end and 0.00001430 as support.
(SHIBUSDT)
How prices react at these levels will shape the medium- to long-term trend in August.
After plunging by over 60% from March highs, SHIB bulls are optimistic.
If prices break off from the current wedge, the medium-term target, if buyers take over, would be $0.00002945.
On the other hand, sharp losses below local support might see SHIB fall to Q1 2024 lows of $0.00000898.
3. Pepecoin (PEPE)
PEPE sits third in the meme market cap ranking but must at least 2X before overtaking SHIB.
Like other top meme coins, PEPE struggles to generate momentum as interest fades.
Looking at the PEPEUSDT chart, sellers are in control.
(PEPEUSDT)
To put in the numbers, PEPE is down 32% from all-time highs.
However, it is up 12X from Q1 2024 lows.
For this reason, the uptrend remains. Still, if PEPE buyers are to succeed in August, they must breach $0.00001320 as they target May 2024 highs of $0.00001717.
Conversely, losses below $0.00001080 will force the meme token to July 2024 lows.
WienerAI: The New King Of Meme Coins
As top meme coins struggle, shedding double digits from recent swing highs, attention is on the ongoing viral WienerAI presale that has raised over $8 million.
WienerAI is a well-thought-out project combining the power of AI and the virtual meme culture.
At the heart of WeinerAI is a proprietary AI-powered trading bot.
WAI holders will analyze the markets and autonomously place trades using the bot.
On the last day of the WienerAI presale, WAI is trading for just $0.00073.
Banking on the vibrant social media user base of over 16,000 followers on X and an additional 13,000 members on Telegram, analysts predict WAI will fly after listing on leading exchanges after the presale ends.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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