- Dogecoin ($DOGE): Dogecoin’s value has seen a sharp drop in the past ten days, with technical indicators suggesting further drops could be on the way.
- Wall Street Memes ($WSM) and Sonik Coin ($SONIK): ChatGPT believes these two meme coins have potential to pump in the coming months.
- Technical Indicators: $DOGE appears to be creating a bear flag on its daily price chart, which often precedes another sharp drop. The coin has also broken through several key Exponential Moving Averages (EMA), indicating a strong bearish trend.
Dogecoin’s Price Drop
It has been an up-and-down year for Dogecoin ($DOGE) holders, with the coin’s value soaring throughout June and July before crashing in the past ten days. ChatGPT has weighed in on Dogecoin’s current situation, analyzing its technicals and providing a forecast for the remainder of 2023 that will likely surprise investors. The $DOGE price has now dropped 25% from July’s high, with the selling pressure showing no signs of letting up. After posting five bearish closes in a row last week, $DOGE appears to be creating a bear flag on the daily price chart, which often precipitates another sharp drop. Additionally, $DOGE has broken through the 20-day, 50-day, and 200-day Exponential Moving Averages (EMA) in the past ten days, indicating a strong bearish trend. Another concerning factor is the decrease in trading volume – CoinMarketCap data shows that it has dropped 1.22% in the last 24 hours – which suggests investors are losing interest in $DOGE.
Two Other Meme Coins With Potential
ChatGPT believes there are two other meme coins that could pump in coming months: Wall Street Memes ($WSM) and Sonik Coin ($SONIK). While both coins have been relatively stable over recent months compared to Dogecoin’s wild fluctuations, their respective communities remain active and bullish about their long term prospects. It remains unclear whether either coin can replicate Dogecoin’s success this year but they certainly have potential according to ChatGPT’s analysis.