The memecoin cycle isn't over yet! FLOKI, BABYDOGE, or DOGE - which one will outperform the others? Read more to find out!
It all started with Dogecoin (DOGE) in 2013. Then came DOGE's poster boy, Elon Musk, with the DOGE memes that were followed by Floki Inu (FLOKI), and then Baby Doge Coin (BABYDOGE). What started as a joke about cryptocurrencies is recognized today as a new asset class. Meme culture has become a big part of the crypto space as a whole. Although many do not understand, these coins will continue to entertain and create value in the community.
Dogecoin (DOGE), was created as a joke about cryptocurrencies in 2013. It wasn't until 2020 that DOGE gained the attention of the Reddit community, WallStreetBets. Today, DOGE has grown to the extent that it is now sitting at the top 13th spot by market cap.
Floki Inu (FLOKI), is another meme coin from the dog family, named after Elon Musk's Shiba Inu. FLOKI claims to be a movement instead of just a meme. The team is working on an NFT gaming metaverse, a marketplace, and a content and education "Inuversity". FLOKI wants to be different by combining meme culture and utility. At the time of this writing, it is ranked 2,921 by market cap, according to CoinMarketCap
Baby Doge Coin (BABYDOGE) is a dog memecoin looking to show papa DOGE a trick or two. A cryptocurrency created by DOGE fans seeking to improve transactions speeds and cuteness. BABYDOGE is a hyper-deflationary token that rewards holders with reflections from transactions. According to CoinMarketCap, sitting at the 2,888 spot, the market cap of the token is unknown.
In this article, we'll review multiple time frames of DOGE, FLOKI, and BABYDOGE. Let's look at some charts!
DOGE/USDT on a Daily Chart
Using the logarithmic chart, we get a clearer long-term picture.
Looking at the daily time frame zoomed out, we can see the long-term trend is in favor of the bulls.
DOGE has seen incredible growth since 2021. It is currently respecting a descending wedge pattern. The last time we saw something similar was back in December 2020. This was right before DOGE decided to go parabolic.
Today we are seeing a similar price action. However, there are no signs of confirmation that the bulls have regained control. We need to take a closer look at the intraday market activity. Shifting to a lower time frame, we will look for any potential reversals.
Let's take a closer look!
DOGE/USDT on a 4-hour Chart
Sticking with the logarithmic chart but shifting to our pattern time frame. You can see that the price action has found short-term resistance and is now looking for support.
Looking at our 4-hour time frame, we can see a recent rejection from $0.1350 and the price action is now looking for support. DOGE is likely to retest its previous breakout zone for support before continuing to the upside.
If there is a close below $0.1250, expect the price to continue making lower lows. However, a close above $0.1350 is a sign that the bulls have regained control and the meme culture with continue to grow.
Expecting to see some minor consolidation before we get a confirmation of the next move. Due to global political reasons, the market is more volatile than usual. Proceed with caution.
FLOKI/USDT on a 4-hour Chart
Now we are switching to FLOKI and sticking with the logarithmic scale to keep things simple.
The 4-hour time frame shows us that the bears have been in control since early November. The price action has recently broken out and formed a higher high. We are now looking for a confirmation of support and a higher low as a sign that the bulls have regained control. A close above FLOKI’s local top (4,900) is a good sign for FLOKI indicating that a new cycle will begin. However, if there is a close below the area of interest, the bears will continue to print lower lows.
Looking at the most recent price action, we can see that the nearest support level (4,000) is being tested. Until there is a confirmation of support, the bears will remain in control.
A confirmation of support and a new higher high are confirmations that the bulls have regained control. Otherwise, expect to see the price respect this supply/demand zone.
BABYDOGE/USDT on a 4-hour Chart
Sticking with our logarithmic chart for a clearer picture.
Looking at our 4-hour time frame, we can see that BABYDOGE is in control of the bulls.
Since September, BABYDOGE has been printing higher highs and higher lows. We have formed a recent local top (6,500) and are now respecting a descending wedge while looking for support.
A close above its recent high (3,500) is a sign of continuation to the upside. Otherwise, expect the area of interest to be retested.
One thing is guaranteed that memes are here to stay and have become a part of the investment culture. How do these charts look when compared?
Let's take a closer look!
DOGE/FLOKI/BABYDOGE on a 4-hour Chart
Last but not least, a comparison among DOGE, FLOKI, and BABYDOGE on the logarithmic chart.
Looking at DOGE's most recent price action, we can deduce that in short term, the bears are in control. It will continue to print lower highs and lower lows. The same is happening with FLOKI.
Both DOGE and FLOKI have recently printed a higher high and are now looking to establish support. Both are also approaching their area of interest, which will be a battlefield between the bulls and bears. But what about BABYDOGE?
BABYDOGE has some interesting price action going on today. Since early September, the token has been in full control of the bulls. During the last couple of days, it has been in a minor downtrend. However, the price is now looking to confirm a higher low like DOGE and FLOKI.
Summarizing the Above
- DOGE, on a daily time frame, shows that the long-term trend is in favor of the bulls.
- DOGE, on a 4-hour timeframe, shows that it is likely to retest its previous breakout zone for support before continuing to the upside.
- FLOKI, on a 4-hour timeframe, is waiting for a confirmation of support. Until then, the bears will remain in control.
- BABYDOGE, on a 4-hour timeframe, shows the bulls are in control.
- When comparing DOGE, FLOKI, and BABYDOGE on a 4-hour timeframe, it is clear that all the three coins are bullish in the long term but looking for a confirmation of support in the short term.
Remember that this is all based on the subjective views of the writer. As always do your own research.
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