Dogecoin (DOGE), Pepe (PEPE), and Pudgy Penguins (PENGU): All Eyes on Bitcoin’s Next Big Move

Memecoins Hold Breath as Bitcoin Teases Next Market Direction

The Crypto Pendulum Swings

Dogecoin, Pepe, and Pudgy Penguins traders sit tight—waiting for Bitcoin to make up its mind. No altcoin dares move significantly until the king crypto gives the signal. It's the ultimate game of follow-the-leader, where Bitcoin's volatility dictates every alt's fate.

Timing the Tidal Wave

Market sentiment hinges on Bitcoin's next breakout or breakdown. Memecoins like DOGE and PEPE amplify Bitcoin's moves—both up and down. When BTC pumps, they soar higher; when it dumps, they crash harder. PENGU joins the fray, blending NFT hype with tokenomics.

The Institutional Shadow

While retail chases meme-driven pumps, whales accumulate positions—ready to capitalize on Bitcoin's momentum. Another day, another 'wait and see' approach in crypto—where most 'investment strategies' amount to hoping Elon tweets something favorable.

$DOGE price maintaining an uptrend

Source: TradingView

$DOGE is still the undisputed leader of the memecoins, but considering that we are arguably approaching the final stage of this bull market the price action is relatively uninspiring. That said, compared with most of the memecoins, $DOGE is at least maintaining an uptrend.

The daily price chart above shows this uptrend, and reveals that a break to the up or the downside should take place soon. Obviously, if $BTC confirms its trend break, a breakout of the current triangle WOULD likely be to the upside for $DOGE.

At the bottom of the chart, the Stochastic RSI indicators have recently crossed back up again. A breakout of the triangle would leave the bulls gunning for the horizontal resistance at $0.245, before targeting a higher high at $0.255.

$PEPE loses trend

Source: TradingView

The daily chart for $PEPE is fairly desultory. The price action recently lost the uptrend and now it remains to be seen whether it can gain it again. There is strong horizontal support just below, and support at the current price level could be held. If it is, the Stochastic RSI indicators at the bottom of the chart look as though they are going to cross back up, bringing the momentum for a potential break back above the ascending trendline.

$PENGU forms a classic bull flag

Source: TradingView

After its astonishing 500% climb through June and into July, $PENGU has been putting in a series of lower highs and lower lows. This price action could be construed as a memecoin that was pumped to the highs and is now being discarded and left to deflate.

However, this particular price action fits the bill of a classic bull flag, which is a continuation pattern. After the last touch of the bottom trendline of the flag, it might now be expected that the $PENGU price climbs back up to the top trendline, and breaks out from there. 

$PENGU is certainly one to keep an eye on. If Bitcoin does its thing, and memecoins follow, $PENGU could be one of the main gainers once again. 

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.