Memecoins Technical Analysis Overview (DOGE, SHIB, PEPE, BONK)
Memecoins have gained huge popularity during the last few years due to their active community support and high trading volumes on CEX. In this article, we will review their current trend status using technical analysis tools, namely the Elliott waves approach to identify their market status.
DOGE/USDT
Current price: $0.3607
Market cap: $53.23B
Average volume: $3.15B
Daily chart of DOGE/USDT
Looking at the daily chart of DOGE/USDT, the price, with high probability, has completed the 4 Elliott wave in a bullish cycle, reaching $0.26189 as the key support level. The recent price rebound has likely started the final rally in the 5 wave to finish the growth rally. The target area of the fifth wave is at $0.55 per DOGE which will increase the current capitalization to 80,85B (+52%).
SHIB/USDT
Current price: $0.00002151
Market cap: $12.67B
Average volume: $392.45M
Daily chart of SHIB/USDT
There was a significant bullish spike in March 2024, its price action structure supports the idea that it was an impulse in the A wave followed by a 6-month correction in the B wave. The latest rally can be marked as a 1 sub-wave in wave C. Q1 and Q2 of 2025 can be a promising time for SHIB as the next wave structure provides growth targets at 0.000048970 (+129%).
PEPE/USDT
Current price: $0.00001741
Market cap: $7.32B
Average volume: $705.82M
Daily chart of PEPE/USDT
Similar to DOGE/USDT, PEPE/USDT has recently completed correction in the 4 Elliott wave and making progress in creating a setup for future growth in the 5 wave. The highest peaks on the AO indicator support the idea that the 3 wave reached its maximum in December 2024 providing a minimum rally target for the 5 wave — $0.00002833 (+63%).
BONK/USDT
Current price: $0.00002731
Market cap: $2.08B
Average volume: $126.15M
Daily chart of BONK/USDT
Compared to other memecoins, BONK has a more complex wave structure. Looking at the daily chart of the crypto pair, the peaks of the price in November of 2024 could have finished the rally in the major ABC zigzag, leaving the instrument with a pessimistic prospect of a down 1–5 wave structure. A recent drop in December formed a first wave down with expected correction in the 2 wave in the next weeks ahead. We expect short-term growth of BONK in the 2 wave and continuation of a bearish trend in the 3 Elliott wave.
According to our weekly chart analysis, 3 out of 4 (DOGE, SHIB, and PEPE) meme coins have a promising price momentum for Q1 and possibly Q2 of 2025.
