DOGE, BABYDOGE, FLOKI Price Analysis: Elon Musk Keeps Memecoins Bullish

Bitcoin’s (BTC) recent decline below $100,000 has stirred similar downside reactions from other top coins. That includes Ethereum’s native token, Ether (ETH), whose price has broken below the $4,000 support level, and XRP (XRP), now trading below $0.50.

But some dog-themed memecoins have fared better: Baby Doge Coin (BABYDOGE) and Floki (FLOKI). Their bullish performances have again appeared due to Elon Musk’s latest cryptic tweet showing a Shiba Inu sandstorming over a city.

pic.twitter.com/eYTt40ahVq

— Elon Musk (@elonmusk) December 7, 2024

Meanwhile, Dogecoin, the top memecoin by market capitalization, is paring its gains.

Dogecoin (DOGE) Technical Analysis

DOGE/USD Four-Hour Price Chart Analysis — A 40% Jump By December Likely

Dogecoin (DOGE) is trading within an ascending triangle pattern, a classic bullish continuation structure, which signals the potential for an imminent price breakout.

The ascending triangle is defined by a horizontal resistance level near $0.45 and an upward-sloping trendline connecting higher lows. Typically, such setups resolve when the price breaks above the resistance trendline and rises by as much as the triangle’s maximum height.

The projected target for a successful breakout is calculated by adding the triangle height ($0.172) to the breakout level, suggesting a potential rally to $0.619—a nearly 40% gain from current levels.

Adding to the bullish case, DOGE is finding support at its 100-period exponential moving average (EMA) on the 4-hour chart, currently near $0.4187. Historically, this level has acted as a strong pivot during trending markets, increasing the chances of an upward continuation.

Conversely, a breakdown below the ascending triangle’s lower trendline, currently near $0.43, could invalidate the bullish scenario and potentially lead to a decline toward the next key support of around $0.37.

DOGE/USD Weekly Price Chart Analysis — Is Upward Momentum Weakening?

Dogecoin’s weekly chart shows the cryptocurrency consolidating within a crucial Fibonacci retracement zone: the 0.5 Fibonacci level of around $0.408 and the 0.618 Fibonacci level of around $0.491.

The 0.618 level is a critical resistance zone. A break and close above this level on the weekly timeframe could open the door for a rally toward the next major Fibonacci resistance at the 0.786 level ($0.609). The move would mark a 36% gain from the current price levels.

The 0.5 level has so far acted as strong support, maintaining DOGE’s bullish structure. However, a break below this level could trigger a bearish correction, potentially pushing the price down to the 0.382 Fib level at $0.325—a 27% decline.

Notably, the weekly RSI is overbought territory, hovering above 83, which should increase the risk of price correction in the coming weeks. However, during DOGE’s rallies in 2021, the RSI stayed overbought for weeks while the price continued climbing.

Baby Doge Coin (BABYDOGE) Technical Analysis

BABYDOGE/USD Four-Hour Price Chart Analysis — Technical Breakout Projects 50% Gains in December

The 1MBABYDOGE/USD perpetual futures chart—a pair representing one million BABYDOGE tokens’ worth in dollars— shows a classic bull pennant breakout, formed after a sharp initial rally (the “flagpole”), followed by a period of consolidation marked by converging trendlines (the “pennant”).

The breakout from this pattern, confirmed by a surge in price and trading volume, suggests that the token could continue its upward trajectory. In doing so, the 1MBABYDOGE/USD pair will likely target $0.00895 as its primary upside target, measured after adding the flagpole’s height to the breakout point.

A break below the pennant’s upper boundary could invalidate the bullish outlook in the short term, potentially pushing the price down to the 50-EMA support near $0.0034.

BABYDOGE/USD Weekly Price Chart Analysis — Falling Wedge Breakout Eyes Record Highs Next

BABYDOGE has entered a falling wedge breakout stage on its weekly chart, increasing the odds of a sustained price rally in the remainder of 2024 and 2025.

A falling wedge forms when the price action is confined within two downward-sloping trendlines, with the upper line acting as resistance and the lower line serving as support. Over time, the wedge narrows as the price consolidates, eventually leading to a breakout.

In BabyDoge’s case, the wedge was established following a steep decline from its all-time high in late 2021. The breakout occurred near $0.0000000045 (1MBABYDOGE = $0.0045), with the price now rallying toward its immediate resistance target of around $0.0000000123 (1MBABYDOGE = $0.123).

The potential breakout target is calculated using the wedge’s height, measured from the highest point of resistance to the lowest point of support.

Floki (FLOKI) Technical Analysis

FLOKI/USD Four-Hour Price Chart Analysis — Cup-and-Handle Breakout Next

Floki Inu is forming a cup-and-handle pattern on the 4-hour chart, signaling a potential bullish continuation. The “cup” phase is completed with a rounded consolidation, while the current “handle” phase shows a slight pullback within a tightening range, indicating healthy consolidation before a possible breakout.

The resistance level to watch is $0.0002746, the cup’s rim. A breakout above this level would confirm the pattern and set up a potential rally. The technical target for the breakout is near $0.0003699, calculated by adding the cup’s height to the breakout point.

FLOKI remains above key support levels, including the 20-EMA ($0.0002534) and 50-EMA ($0.0002441), signaling bullish momentum.

FLOKI/USD Weekly Price Chart Analysis — A 60% Boom Next

FLOKI/USD has broken out of a descending triangle pattern on the weekly chart, signaling a bullish reversal. The price closed decisively above the triangle’s resistance near $0.00022, supported by rising trading volume, indicating strong buyer momentum.

The triangle’s height suggests a breakout target near $0.000403.

Meanwhile, FLOKI’s RSI is at 63.80, reflecting bullish momentum without overbought conditions. Additionally, the token is trading above its 20-week EMA ($0.00018) and 50-week EMA ($0.000147), which now act as strong support levels.