Doge, Shiba Inu, Bonk Analysis: Top Dog-Themed Cryptos Build Bullish Momentum

 

The meme coin sector has renewed interest, with Dogecoin (DOGE) leading the pack. Over the past 30 days, DOGE prices have doubled. Elon Musk’s influence and the quirky association with the Department of Government Efficiency (D.O.G.E) have driven this surge. The GOAT platform will allow DOGE holders to stake tokens for Bitcoin rewards, bridging meme coins, and decentralized finance (DeFi). This development highlights DOGE’s evolution from a joke to a serious financial asset, cementing its place in the growing DeFi ecosystem.

On the other hand, Shiba Inu (SHIB) continues to thrive as a meme coin with strong community backing. While DOGE leads in utility advancements, SHIB is leveraging its ecosystem to remain relevant. SHIB is known for its robust tokenomics and ecosystem, including ShibaSwap. Users can stake, earn rewards, and participate in decentralized exchanges. Its performance reflects the meme sector’s growing appeal, as SHIB attracts new investors through its affordability and dynamic marketing. The coin’s consistent gains present its staying power in the competitive crypto market.

Similarly, Bonk (BONK) is a rising meme coin making significant waves. Over the past 24 hours, Bonk has posted an over 10% increase in volume, indicating rising demand among traders. The price patterns for BONK indicate bullish potential in the crypto sector.

Dogecoin (DOGE) Technical Analysis

Dogecoin Daily Chart – Breakout from Cup Formation

The daily chart for Dogecoin shows that the price has broken out of a cup pattern. This breakout has positioned the price for upward movement. The strong rally in November has pushed the price into the overbought region. This price surge increases the likelihood of a price correction.

At the time of the breakout above the cup pattern, the 50-day SMA crossed above the 200-day SMA. This golden cross indicates bullish trend and indicates bullish potential for Dogecoin. A price correction to the $0.22 level could present a compelling buy signal for long-term investors.

Dogecoin 4-hour Chart – Ascending Broadening Wedge

The 4-hour chart for Dogecoin shows an ascending broadening wedge pattern. The price is approaching the support of the red-dotted trend line at $0.34. Interestingly, the lower support boundary for the ascending broadening wedge pattern is at the $0.22 level. This level aligns with the support level on the daily chart. A price correction to this level is considered a potential buy signal.

Shiba Inu (SHIB) Technical Analysis

Shiba Inu Daily Chart – Cup Formation

While Dogecoin has broken out of a cup pattern, Shiba Inu is in the early stages of forming a similar pattern. A price breakout from black-dotted trend line at $0.00001900 within the cup indicates bullish move. This breakout suggests that the price could potentially reach the cup pattern’s resistance around $0.00003600. Additionally, the 50-day SMA has crossed above the 200-day SMA. This crossover further support bullish momentum. The immediate support is located at the base of the cup, around $0.00002170.

Shiba Inu 4-hour Chart – Bullish Pennant

The 4-hour chart for Shiba Inu shows a double bottom and bullish pennant formation. The breakout from the double-bottom pattern and the formation of bullish pennant indicates bullish setup. A break above this pennant will initiate the next upward move. Conversely, in the event of a significant price correction, the $0.00001940 level serves as a strong support zone

BONK Technical Analysis

BONK Daily Chart – Bullish Patterns

The daily chart for Bonk shows that the price has broken out of a triangle pattern. This breakout initiated a strong surge in the market. After this breakout and the subsequent peak, the price began to correct lower.

Moreover, since the RSI indicates extremely overbought levels, the price is likely to correct further before making its next upward move. The 50-day SMA provides strong support around the $0.00003000 level. This level is considered as a key support for Bonk.

BONK 4-hour Chart – Price Compression

The 4-hour chart shows that Bonk has broken from the inverted head-and-shoulders pattern. The breakout from this pattern has lead the price to record levels. The peak formation has driven the price into the consolidation phase. This consolidation phase indicates price compression which is a bullish sign.