Dogecoin (DOGE), Shiba Inu (SHIB), and Pudgy Penguins (PENGU) Hold Key Support: Ready to Rally?

With Bitcoin (BTC) in the midst of a key breakout, the altcoins are also beginning to run. Memecoins are usually at the forefront of crypto breakouts and $DOGE, $SHIB, and $PENGU, having held key support, are starting to apply the afterburners.

$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.