Dogecoin Price Prediction for July - Will It Keep Rising? These Meme Coins Could Pump Harder
Dogecoin has pumped 5.66% this week after a slump since November 2022. After peaking at $0.14, it has continuously made lower lows since then. However, could the recent pump mean DOGE is about to break its downtrend?
As seen on the Dogecoin price chart below, the price has recently broken a descending channel after touching its $0.05441 support level.
Usually, a descending channel break out is followed by a bullish reversal. In this case, this would mean a move to the daily time frame resistance level of $0.1. However, this is a longer-term move.
When we zoom in to the four-hour chart, we see the price has rejected at its previous lower high.
The long upper wick shows strong bearish momentum above the previous local resistance of $0.06855. Consequently, the Dogecoin price has formed a double top, meaning we could see a pullback.
If this occurs, the price will head towards $0.5930 before potentially dropping to $0.05169.
These targets are below local support levels and are where many traders will have put their stop losses. This will provide ample liquidity for whales to accumulate before the next leg up.
Following this, we may see Dogecoin bounce towards its higher-time frame zone resistance of $0.1 or continue to trend lower. However, these two scenarios are longer-term outlooks.
In the short term, Dogecoin will likely pull back towards $0.5930 before potentially touching below its long-term support again.
What Meme Coins Can Outperform Dogecoin?
Dogecoin has performed poorly relative to the broader crypto market over the last year. While coins like Ethereum and Bitcoin are up 78% and 56%, respectively, Dogecoin has struggled to break even, currently up just 0.55%.
Meanwhile, newer meme coins have been exploding. Pepe is up 3,024%, and many lesser-known coins are up even more. Next, let’s look at two new meme coins touted to be next to surge.
Wall Street Memes
Wall Street Memes is a new presale meme coin seemingly gearing up to explode when it launches on exchanges. The presale has been massively successful, raising $12.4 million so far.
The project was created by the Wall Street Memes social media brand, which has over one million followers across all platforms.
Interestingly, the project launched in 2021 as a meme page on Instagram and Twitter. Following this, the team released the Wall St Bulls NFT collection, which sold out in just over 30 minutes, raising $2.5 million.
Since the dawn of its presale, Wall Street Memes has proven immensely popular amongst investors and analysts. One of the reasons why is that Elon Musk has engaged with the Wall Street Memes’ Twitter on several occasions.
As seen with Dogecoin’s 2021 rally, Musk’s support can propel meme coins to multi-billion dollar valuations. This has excited many investors in case Wall Street Memes becomes Elon’s new favourite meme coin.
Visit Wall Street Memes Presale
Thug Life
Another presale meme coin showing lots of potential is Thug Life. The project is touted as the next Pepe due to its pioneering and distinctive online presence, similar to how Pepe burst onto the scene.
Thug Life is a hip-hop-themed meme coin that features Snoop Dogg, Hasbulla and others on its website. Although there are no official partnerships yet, anything can happen in the world of meme coins.
The project is focused on humour and community, with its website calling it a “no utility” token. Instead, Thug Life aims to make light of missed meme coin opportunities, providing investors with a chance to “turn past losses into future wins”.
So far, the project has raised $330,000, but investors must be quick as the presale is selling out fast. Thug Life is limited to a $2,058,000 presale hard cap, after which $THUG will launch on exchanges, and its price will be determined by supply and demand.
