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Top Meme Coins Set for Major Breakout: PENGU, BONK, FLOKI, DOGE
Meme coins have been a staple in the cryptocurrency market, and it appears that some of these tokens are setting up for major breakouts. In this analysis, we will be focusing on four meme coins – PENGU, BONK, FLOKI, and DOGE.
PENGU/USDT
The PENGU coin is forming a bull flag after an impressive +170% rally. This consolidation phase above key support at $0.0318-$0.034 can be seen as further confirmation of the trend. With the RSI cooling off from overbought territory (currently 63.34), there is room for another leg up in the current uptrend.
The MACD, though not a warning yet, is also flattening out and potentially forming a bearish cross-over if $0.0405 fails to hold as support. If this level breaks, price action can then drift off towards $0.0255, which aligns with previous wedge breakout levels. However, as long as the 0.0318-$0.034 zone holds, the trend remains in favor of buyers and they are likely to take control if prices clear $0.039 once again.
BONK/USDT
After a significant gain earlier in July following a 500 billion token burn worth $16.7–$18.6 million, BONK is now testing the bottom of a 4-hour wedge. Although BBTrend has flipped positive with rising green bars (+3.39), signaling potential accumulation or short covering, this does not necessarily mean price will follow through.
In fact, the MACD remains weak and lacks any sort of bullish divergence yet confirmed. A bounce from the wedge’s lower trendline ($0.0000283) could fuel a move back to the upper boundary ($0.0000340), targeting $0.000036–$0.000038+. However, if BONK fails to hold above $0.0000275 and breaks below it, the price risks breaking down towards $0.0000250.
FLOKI/USDT
As we analyze FLOKI’s price action within a large symmetrical triangle that has taken shape since its explosive increase in early 2024, this indicates long-term price compression between a slow-rising horizontal support line and a descending resistance trendline. The current price action is retracing towards the middle of the triangle.
This coiling phenomenon often results in a major breakout event after it has completed. A breakout above $0.000145 targets $0.00025–$0.00030 during Q3-Q4.
DOGE/USDT
Dogecoin (DOGE) is displaying an impressive double bottom pattern that could suggest the beginning of a longer-term reversal. After bouncing off the $0.17-0.18 support twice, DOGE has reached the neckline at $0.257. Breaking through this level would likely result in strong momentum as key EMAs flatten and tighten.
Volume continues to come in on the upswings, implying buying interest. This setup stays valid provided price remains above $0.20. In the event of a clean break of the neckline with volume confirmation, it could be the catalyst for DOGE to rally towards the upper end of this pattern at $0.30+.
Source: coinpedia.org
