DOGE, PEPE, PNUT Price Analysis: Can Memecoin Market Rebound Last Any Longer?

Most top cryptocurrencies have undergone modest rebounds at the beginning of the week after closing the previous session in losses. That includes memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB), which have outperformed Bitcoin (BTC) on Dec. 23.

Let’s examine if Dogecoin and its rival memecoins’ rebound can last any longer in December — and their potential to continue climbing in January 2025.

Dogecoin (DOGE) Technical Analysis

DOGE/USD Four-Hour Price Chart Analysis — Bias Conflict Visible

Dogecoin has declined by over 35% from its local high of $0.48 and was changing hands for $0.31 as of Dec. 24. In doing so, the top memecoin is trending inside a range defined by a descending trendline resistance and a horizontal trendline support aligning with the $0.30 level.

DOGE/USD’s relative strength index (RSI) on the four-hour chart is recovering after declining below 30, an oversold zone. The RSI eyes a close above 51 to indicate a strong upside momentum, which, in turn, could have DOGE break above the descending trendline resistance.

If it happens, the memecoin can rally toward $0.35, which aligns with the 0.382 Fibonacci retracement line and the 50-4H exponential moving average (50-4H EMA; the red wave).

Conversely, a break below the horizontal trendline support could send the DOGE price toward the 0.0 Fib line, aligning with the $0.26 level. In other words, the price can dip 15-16% by December’s end.

DOGE/USD Weekly Price Chart Analysis — A 35-60% Decline If RSI Drops Below Key Support

On the weekly chart, DOGE’s price shows signs of declining in the 35-60% range in the coming weeks. At the core of this bearish outlook is a corrective weekly RSI, now closing in toward its ascending trendline support.

The scenario is similar to the correction in April 2024, during which a breakdown before the RSI’s ascending trendline support preceded a 60% price crash toward the 50-week EMA (the red wave) and 200-week EMA (the blue wave).

If the fractal repeats in December, DOGE’s probability of declining toward its 50- and 200-week EMAs will likely increase. In other words, the memecoin can drop toward the $0.18-0.12 range, amounting to a 35-60% price correction by January 2025.

Pepe (PEPE) Technical Analysis

PEPE/USD Four-Hour Price Chart Analysis — A 15% Bounce Expected

Pepe (PEPE) may grow modestly in the coming days as it bounces from a critical support level, with its RSI on the four-day chart further showing upside momentum.

Notably, PEPE/USD is testing its 0.236 Fib retracement line of around $0.00001738 as support. The pair bounced more than 60% after testing the same support in November 2024, which may enable traders to accumulate tokens at the same level, leading to another extended bounce.

Should it happen, the next upside target for PEPE appears to be around its descending trendline resistance, aligning with the 0.5 Fib retracement line near the $0.00002070 level.

PEPE’s upside moves will likely take its RSI toward a key resistance level at around 56. It is the same point at which PEPE is marking its local highs. That said, the memecoin’s RSI must decisively close above 56 to enable a price breakout above its descending trendline resistance.

In that case, PEPE may rise toward $0.00002400 by January 2025.

PEPE/USD Weekly Price Chart Analysis — One Breakdown Can Cause 38% Drop

Pepe has been strictly trading inside a rising wedge pattern since its debut in mid-2023, confirmed by the formation of two ascending, converging trendlines meeting at a potential apex point of $0.00004502.

As of Dec. 23, the memecoin was testing the wedge’s lower trendline—aligning with the 0.5 Fibonacci retracement line at around $0.00001418—for a potential breakdown.

Should it happen, PEPE’s next downside target appears to be at the confluence of its 0.382 Fib retracement line and ascending trendline support, both around the $0.00001097 level, down 38.25% from current prices.

A rebound from the wedge’s lower trendline, on the other hand, could send PEPE’s price toward the next psychological resistance point at $0.00003000, with a primary goal of hitting the apex point of around $0.00004502.

Peanut the Squirrel (PNUT) Technical Analysis

PNUT/USD Four-Hour Price Chart Analysis — Bear Flag Warns About Massive Selloff in January 2025

Peanut the Squirrel (PNUT) is consolidating within a classic bear flag pattern, a bearish continuation structure that suggests the potential for further downside.

The price has rebounded from its recent low of $0.62, climbing along two parallel upward-sloping trendlines. However, the broader bearish bias remains intact, with the 50-period EMA ($0.82) and 200-period EMA ($1.13) positioned well above the current price, reinforcing resistance.

The relative strength index (RSI) stands at 46, showing weak momentum as buyers struggle to regain control. Volume remains subdued, further validating the bear flag’s credibility as a continuation signal rather than a reversal.

A breakdown below the flag’s lower trendline could trigger a sharp drop, targeting $0.41 based on the pattern’s height. Alternatively, a breakout above $0.75, the flag’s upper boundary, could invalidate the bearish outlook.