Memecoins Rally: What's Next for Dogecoin (DOGE), Pudgy Penguins (PENGU), and Dogwifhat (WIF)?

Bitcoin is threatening to break through major resistance on Monday. At the same time the memecoins are starting to get up a head of steam. What’s next for memecoin frontrunners Dogecoin (DOGE), Pudgy Penguins (PENGU), and Dogwifhat (WIF)?

Take some profits on $DOGE?

Source: TradingView

The 12-hour time frame for $DOGE shows how the undisputed memecoin leader has broken through the downtrend line, even though it had previously dropped out of the triangle. The bulls will now have the $0.24 horizontal resistance in their sights.

That said, taking some profits here, or as the price ascends towards the bigger resistance level, could be a good idea. All the short-term momentum indicators have hit the top and so the next downward impulse could be about to start soon.

Macro higher highs and higher lows for $DOGE

Source: TradingView

In the macro perspective of the weekly time frame all appears well for the $DOGE price so far. Higher highs and higher lows have been made, and it now remains to battle through this overhead horizontal resistance

At the bottom of the chart, the Stochastic RSI indicators look to be undecided as to whether it’s up or down, and the RSI right at the bottom of the chart shows that the indicator line is poised to either break the downtrend or to get rejected again.

$PENGU hits resistance

Source: TradingView

Much like the $DOGE chart, the $PENGU chart is showing a big resistance level that is stopping further upside progress. Also in a similar vein, the shorter time frame Stochastic RSI indicators are starting to top out. For $PENGU it just might be that there is going to have to be some more sideways price action before that definitive move that breaks through the resistance plus the top of the bull flag.

$PENGU excellent longer term setup

Source: TradingView

The weekly time frame illustrates that $PENGU is still in what looks like an excellent setup. Even if the bull flag does not break this week, there is always next week (Bitcoin allowing obviously)

$WIF likely to be rejected from strong resistance

Source: TradingView

$WIF is more of an outside bet than the previous two memecoins, but should the price break through and confirm above the $0.85 horizontal resistance level, a continuance up to $1 could be next

That said, this is very strong resistance, and all the shorter term momentum indicators are very much in the overbought zone. Like the other two memecoins, $WIF is likely to be rejected here, but after another period of sideways price action the bulls could get their chance again.

One last big chance for $WIF?

Source: TradingView

The weekly chart view for $WIF illustrates the difficult task ahead of the bulls. If, as is expected, the price is rejected from here, the Stochastic RSI indicators can fall further towards the bottom. Once these indicators do cross back up, the $WIF bulls will perhaps have one last opportunity to surpass the major resistance at $1.37. If this does happen, $2 would be the next target.

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.