Dogecoin (DOGE) Rallies 20% This Week, AI-Themed Goatseus Maximus (GOAT) and Hippo-Inspired Moo Deng (MOODENG) See Double-Digit Declines

This week, most meme coins took a breather compared to October's eventful trends, with Dogecoin (DOGE) leading the pack. However, other meme coins didn't fare that well.

Meme coins largely took a backseat this week compared to October’s explosive trends, with Dogecoin (DOGE) leading the pack. However, other meme coins didn’t fare as well.

AI-themed Goatseus Maximus (GOAT) and hippo-inspired Moo Deng (MOODENG) both saw double-digit declines, diverging from Dogecoin’s uptrend. Here’s a closer look at what happened and what might be next for these coins.

Dogecoin (DOGE)

Dogecoin’s price was $0.13 on October 26. But this week, the meme coin gained 20% and now trades at $0.16. Several factors contributed to Dogecoin’s rally, including rising demand and large investor accumulation.

However, Elon Musk’s post on X (formerly Twitter) on Monday gave the upswing an extra boost. In the post, Musk, who has been showing support for DOGE for several years, shared an image of himself and a “muscular” Dogecoin.

As soon as that happened, Dogecoin’s price quickly rallied from $0.14 to $0.16 within a few hours. While the coin did eventually reach $0.17, the recent Bitcoin (BTC) retracement helped pull the price back.

From a technical perspective, Dogecoin has formed a bullish flag on the 4-hour chart. A bullish flag pattern suggests that an asset’s price may continue to rise in the near term. This pattern forms after a strong upward movement, followed by a slight consolidation, and signals the potential for further gains if the upward trend resumes.

As seen above, DOGE is on the verge of breaking out from the consolidation phase (bullish flag). Once validated, the meme coin’s price might climb to $0.18. In a highly bullish scenario, Dogecoin might climb to $0.20.

On the other hand, a breakdown below the flag could invalidate this thesis. In that scenario, DOGE could decline to $0.14.

Goatseus Maximus (GOAT)

Unlike Dogecoin, Goatseus Maximus saw a double-digit decline this week despite trending for several weeks. This drop could be linked to waning demand as the AI-themed meme coin narrative cools off.

Earlier, during the peak of this trend, GOAT’s price surged, nearing a $1 billion market cap. The price at that time also got close to $1.

But as of this writing, GOAT has fallen nearly 30% since Monday. A look at the 4-hour timeframe shows that the Moving Average Convergence Divergence (MACD), which measures momentum, has fallen to the negative region.

This fall indicates that momentum around GOAT is bearish. As such, the price might continue to fall. Should that remain the case, then the meme coin’s value might sink to $0.34.

A rebound, however, could occur if buying pressure increases again. In that scenario, the MACD reading might turn positive, and GOAT’s price might rise toward $0.90.

Moo Deng (MOODENG)

Moo Deng also faced a significant dip this week, with its price down by 20% over the last seven days.

This drop might stem from a shifting focus in the meme coin market as traders move liquidity away from MOODENG toward other trending coins. As a result, MOODENG’s price has fallen below its 20 and 50-period Exponential Moving Averages (EMA).

When prices remain below these EMAs, it typically signals a bearish trend, contrasting with the bullish sentiment seen when prices hold above these levels. Should this remain the same, then the meme coin’s price might continue to decline.

If that happens, MOODENG might drop from $0.18 to $0.16. On the flip side, if demand for the meme coin rises, then this thesis might not come to pass. Instead, the token could beat the $0.20 resistance and climb to $0.24.