Top 3 Memecoins To Invest In As We Approach 2023

Top 3 Memecoins To Invest In As We Approach 2023: the memecoins have a special fan following in the crypto space and numerous investors who believe in its growth potential. Though these cryptocurrencies started as a joke, the increasing utility of those tokens has attracted more investors in the market. Thus, here are three top memecoin you can invest in before entering 2023

Dogecoin(DOGE)

Source- Tradingview

In the current downtrend, Dogecoin price has fallen 89.51%, down from its all-time high of $0.7376, and trades at $0.077. However, the technical chart shows the price action has nearly turned sideways, suggesting the bearish momentum is getting exhausted.

Furthermore, the $0.056 level has acted as strong bottom support and has maintained this lateral walk for the past six months. Moreover, the RSI slope is rising despite a consolidation phase in doge, reflecting the underlying bullishness is growing.

By the press time, the Dogecoin price is trying to sustain above the $0.073 local support. Moreover, the low price rejection attached to this week’s candle indicates the buyers try to rebound from this support. 

With sustained buying, the price rise may rise to $0.0157 by the mid-2023

Shiba Inu Coin(SHIB)

Source- Tradingview

From the all-time high of $0.00008845, the Shiba Inu coin plunged 90.62% down to current reach the current price of $0.00000828. Thus, similar to dogecoin, the SHIB has been in a sideways rally for the past seven months indicating the buyers are defending the lower levels.

By press time, the SHIB coin is retesting the June bottom support of $0.000008. Moreover, the coin shows the formation of a falling wedge pattern in the weekly time frame chart. In theory, this is a bullish continuation pattern that encourages a strong bull run on the breakout of its resistance trendline. 

If the market sentiment favors, this bullish breakout may lead the SHIB price to $0.000001 by the first quarter of 2023.

Dogelon(ELON)

Source- Tradingview

A sharp downfall in Dogelon from the all-time high of $0.00003263 has slumped its market value 99.10% down to reach $0.0000002912. However, a seven months consolidation in ELON indicates the prices are trying to bottom at $0.00000023 support.

Furthermore, the weekly chart shows the formation of a symmetrical triangle pattern. This continuation pattern could release the trapped bullish momentum and trigger a direction price rally. Currently, the price has been wobbling between the converging trendlines waiting for a breakout.

Concerning the bullish divergence in the RSI indicator, which reflect strength in the ongoing price trend, the ELON price is likely to break the overhead trendline. This bullish breakout may increase prices by 92% to reach $0.000000566 by mid-2023.