The bull market is pretty lukewarm right now. Bitcoin is flat and sideways, and most altcoins are under duress. However, when/if the bull market does get going again, the memecoins are likely to come back into the limelight, just as they’ve done before. What to buy, and at what price? Big risk, but potential huge upside The first thing to consider when thinking about buying memecoins is that they are as far out on the risk curve as anything is likely to get. That said, if the crypto market erupts into one final upward price surge, you can bet your bottom dollar that the memes will probably be leading the field. The trick will be to buy the top-performing memecoins, but not buy them too soon, as when the market is correcting the memecoins will be among the foremost for losing value. $DOGE holding support Source: TradingView Dogecoin (DOGE) is the big dog of the memecoins. Even though it has a market capitalization of just shy of $25 billion, when this meme gets moving it can really fly. The above 8-hour chart shows the importance of the $0.16 horizontal support level. Failure to hold this level could mean a descent to $0.14. That said, the Stochastic RSIs have reset and this should help the price to climb. Buying at the current level could be a decent move as long as a stop loss is applied just under the support line, but for those wishing to take advantage of a safer play, waiting for the price to confirm above the descending trendline would perhaps be a better option. A higher high above $0.205 would be the next big target for the bulls. $PEPE in bullish descending channel Source: TradingView $PEPE is the perennial crowd favourite among the memes. Like $DOGE, and probably even more so, once this gets going it can make big gains in relatively short amounts of time. The above chart shows what might have been a bull flag initially, but this pattern has been nullified due to the long period of time it has taken the price to go sideways and down. That said, it is a descending channel, and this is still a bullish pattern. Price will need to hold support at $0.00001, or at the worst at $0.000009. A potentially good place to buy would be as the price pierces through and then confirms above the descending (dotted) trendline. A stop loss would be a very good idea below the bottom trendline of the descending channel just in case the price continues to track down. $WIF long-shot in bullish falling wedge Source: TradingView Dogwifhat (WIF) is more of a long-shot compared with $DOGE and $PEPE. Many might have been forgiven for thinking that this memecoin was going to zero when it was plumbing the depths at $0.60 and below. However, a 355% surge from the bottom shows that it isn’t dead yet. The $WIF price is currently in danger of losing the $0.80 support level, but it is inside a falling wedge pattern and could be expected to bounce from the bottom of the wedge. If it does so, and is able to break out the top of the wedge, buying at confirmation of the breakout would be a viable option. Setting a stop loss below the upper trendline would protect from any unexpected price collapse. 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.
