This week has been brutal for meme coins, with Mother Iggy (MOTHER) plummeting double-digits. Telegram-native meme coin DOGS also sank, and it was not any different with Base-built Brett (BRETT).
As these cryptocurrencies, known for their explosive rallies, grapple with sharp corrections, investors may be questioning their future. This analysis looks at the factors driving the steep declines and what might be next for these tokens in the near term.
Mother Iggy (MOTHER)
MOTHER is the meme coin launched by Australian rapper Iggy Azalea. Some months back, MOTHER was doing incredible numbers as several celebrities got involved into crypto.
However, out of the many deployed tokens, this is one of the few that still have substantial market interest. At the beginning of the week, MOTHER’s price was $0.12. As of this writing, the value has decreased by 32.58% and is now $0.089.
On the daily chart, the meme coin is showing signs of recovering some of its gains. However, the Money Flow Index (MFI) reading suggests that it might be a fakeout. For context, a fakeout is a false breakout when the price moves out of a chart pattern but then moves right back inside it.
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Should this be the case amid a lack of buying pressure, MOTHER’s price could extend its losses and hit $0.064. But if the slight uptick turns out to be a significant breakout, the prediction might be invalidated. In that case, the meme coin might jump to $0.13.
Dogs (DOGS)
DOGS, the token associated with the Telegram messaging app and The Open Network (TON), is another meme coin affected by the wider market decline. This week, DOGS’ price has fallen by 21%.
A look at the meme coin’s 4-hour chart reveals that it might soon recover. Two indicators supporting this bias are the Chaikin Money Flow (CFM) and the Money Flow Index (MFI).
Both the MFI and CMF show the level of buying and selling pressure in the market. When the rating decreases, selling pressure is dominant. However, for DOGS, the MFI and CMF readings have increased, suggesting that traders are buying the dip.
If this continues, DOGS’ price could jump higher than $0.067, moving toward $0.084. On the other hand, this forecast might be invalidated if buying pressure reduces and the meme coin fails to break out of the descending triangle.
Brett (BRETT)
Last on this list is BRETT, the high-ranking meme coin built on Coinbase L2 Base. Currently, BRETT’s price is $0.081, down 59% from its all-time high. This week, BRETT’s price decreased by 18.30%, hitting $0.078.
According to the 4-hour chart, BRETT’s decline was further accelerated by the formation of a head-and-shoulders pattern. This pattern is bullish-to-bearish and ensures the continuation of a downtrend.
Even though the token has seen a slight upswing, the Awesome Oscillator (AO) and Relative Strength Index (RSI) show that it is not yet out of the woods. The RSI and AO both measure momentum, and failure to rise above the signal line could lead the price further down to $0.070.
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Meanwhile, if the technical indicator continues to climb, this prediction might be invalidated. In that scenario, BRETT’s price could move to $0.091.
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