Dogecoin (DOGE), Shiba Inu (SHIB), and Pudgy Penguins (PENGU) Defend Critical Support Levels - Explosive Rally Imminent?
Memecoins dig in at make-or-break price floors as traders watch for the next big move.
Technical Standoff
DOGE, SHIB, and newcomer PENGU establish firm defensive positions at key support zones that have historically triggered massive price surges. The crypto market holds its breath as these fan-favorite tokens test levels that could determine their next trajectory.
Market Psychology at Play
Retail investors pile into positions while institutional money watches from the sidelines - because nothing says 'serious investment' like dog-themed digital assets and cartoon penguins. Yet the charts don't lie: previous bounces from these exact levels generated triple-digit returns within weeks.
Volume tells the real story. Whale accumulation patterns match previous breakout setups, while social sentiment metrics hit fever pitch across crypto communities. The stage appears set for either a spectacular rally or another lesson in meme-driven volatility.
$DOGE breakout - back to top of wedge pattern?
Source: TradingView
The daily chart for the $DOGE price shows a nice spike to the upside of around 5% on the day so far. The convergence of the ascending trendline with the horizontal support at $0.23 provided the platform needed for the bulls to begin their attempt at a breakout.
It can be seen that a descending trendline is also adding resistance to the breakout, but if the bulls can pierce through this trendline as well, a strong surge could result. A target for the breakout is $0.32, which could coincide with the top of the wedge pattern.
$SHIB spikes and hits resistance - a long way to go yet
Source: TradingView
Even though $SHIB has broken out of a long-standing descending trendline, and a more recent, and smaller descending trendline, the price has continued to travel sideways, with the $0.000011 horizontal level serving as major resistance and support.
Wednesday’s surge to the upside has brought the price up 4.4% so far, and puts it right up against the $0.000012 resistance level. A breakout here could lead to further upside price action. $0.000016 and $0.0000176 are major resistance levels that will need to be surmounted in order to turn around a long-time down trend.
$PENGU surges from support - back to top of bull flag?
Source: TradingView
The $PENGU price has been within a parallel channel since the end of July. The run-up into the top of the channel/bull flag was in the order of 520%, so it’s no wonder that this consolidation phase has taken more than two months so far.
Today’s price spike to the upside has registered more than 10%, coming off of the excellent support base at $0.028. It has also pierced through a descending trendline, which probably accounts for the surge.
The next resistance level is at $0.032, while the top of the channel is beyond that. Breaking out of the top of the channel could lead to much higher prices. A measured move WOULD give a target of $0.065.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
