🚀 Meme Coins on the Move: DOGE, WIF, SPX Set to Skyrocket as Risk-On Rally Heats Up

Meme coins are back in the spotlight—because nothing says 'healthy market' like dog-themed tokens and internet jokes turning into speculative assets.

DOGE Leads the Pack

Dogecoin’s rally defies gravity (and common sense) as retail traders pile in, betting Elon Musk will tweet it to the moon—again.

WIF and SPX Join the Party

Solana’s WIF and the SPX meme token ride the wave, proving that in crypto, fundamentals are optional when FOMO kicks in.

The Bottom Line

Risk-on sentiment fuels the pump, but remember: what goes up on memes often comes down harder. Trade accordingly—or just enjoy the show.

Dogecoin targets $0.20 as bearish pressure wanes

Dogecoin edges higher at press time on Wednesday, adding marginal gains to the 8% jump from Monday. Price action records a morning star pattern, known for igniting bullish reversals, completed on Monday with a bearish and Doji candle on the weekend. 

The immediate resistance for DOGE is at $0.1710, marked by the June 5 closing price. A clean push in daily close above this level could extend the Dogecoin recovery to $0.20 round figure, close to the monthly high. 

The Moving Average Convergence/Divergence (MACD) indicator approaches a buy signal as the MACD and signal lines inch closer towards a crossover. Investors could consider the rise of green histogram bars above the zero line as a sign of trend reversal. 

The Relative Strength Index (RSI) reverses from the oversold zone to 40, signaling a sudden decline in bearish strength. 

DOGE/USDT daily price chart.

However, if Doge fails to trigger a trend reversal, it could retest the $0.1428 support level, close to the monthly low. 

MACD indicator flashes a buy signal for WIF

Dogwifhat softens by 2.40% at press time as a breather phase kicks in following the 26% surge earlier this week. Similar to Dogecoin, WIF completes a morning star with a 20% rise on Monday. 

The recovery targets towards the $1.00 round figure, acting as the psychological resistance level, NEAR the highest monthly closing. A closing above $1.00 could propel WIF towards $1.20 level, the highest closing in May. 

The momentum indicator mimics Dogecoin, suggesting a easing in bearish strength. The MACD indicator triggers a buy signal with a crossover while the RSI hits the halfway level at 50, bouncing off the oversold boundary. 

WIF/USDT daily price chart.

On the flip side, a closing below Tuesday’s opening at $0.83 could extend a steeper correction to $0.65, last tested on Sunday. 

SPX recovery targets new all-time high

SPX6900 records around a 27% surge so far this week as the meme coin holds dominion over the $1.00 psychological support level. At the time of writing, SPX extends gains for the fourth consecutive day after completing a morning star pattern above $1.00 on Monday.

The 50% Fibonacci retracement level, drawn from the all-time high of $1.80 to the year-to-date low of $0.25, at $1.02, aligns closely with the $1.00 psychological level, making it an important support zone. Price action reflects the morning star formed at the 50% retracement level, targeting the 78.6% level at $1.47.

A close above this level could result in a new all-time high in SPX, potentially targeting the $2.00 round figure. 

Momentum indicators on the daily chart point to subsiding bearish momentum. The MACD indicator displays declining red histogram bars concurrent with the rising MACD line, indicating a weakening in selling pressure. Further up, the RSI crosses above the halfway line with a U-shaped reversal to 55. 

SPX/USDT daily price chart.

However, if SPX closes below the 61.8% level at $1.21, the meme coin could retest the $1.00 round figure.