Top 3 Meme Cryptocurrencies To Watch in 2023: the meme cryptocurrencies witnessed significant recovery in the first months of 2023. Though the second month is expected to be quite volatile due to the upcoming FOMC meeting, some of the meme coins show strong bullish structures that may lead to significant rallies in the long term.

Dogecoin(DOGE)

Source- Tradingview

A falling parallel channel pattern governs the ongoing downfall in Dogecoin price. This pattern shows itself as prices continue to wobble between two downsloping trendlines. By the press time, the Dogecoin price trades at the $0.092 mark and continues to approach the overhead trendline.

A potential bullish breakout with weekly candle closing above the resistance trendline will signal an early sign of trend reversal. As per the technical setup, the pattern breakout should offer a possible target of $0.158, followed by $0.28 and $0.38.

Shiba Inu(SHIB)

Source- Tradingview

Amid the new year recovery in the crypto market, the Shiba Inu price bounced from the $0.00000775 support. Over the past seven months, the coin price rebounded twice from the same levels, indicating it buyers are actively accumulating at this support.

Thus, using the $0.00000755 level as base support, the weekly Shiba Inu coin chart shows the formation of a double bottom pattern. As of now, the coin price trades at the $0.0000119 mark, making its way to the pattern’s neckline resistance of $0.000018.

Thus, under the influence of this pattern, the coin price should surpass the $0.000018 barrier in the near future, and in an ideal bullish condition, it should chase the pattern-determined target of $0.0000285.

Also Read: Explained: What is Physical NFT? and How to Sell Physical Items as NFT

Floki(FLOKI)

Source- Tradingview 

With the recent recovery, the Floki coin price escaped the eight-months long consolidation below the $0.000017 mark. Moreover, the U-shaped recovery in the weekly time frame chart shows the formation of a rounding bottom pattern.

From the January 8th low of $0.00000704, the coin price rallies 256% higher to reach the current price of $0.0000025. However, with the current uncertainty in the crypto market, the Floki coin could witness a temporary pullback and revisit $0.00002 to $0.000017 support.

Thus, if the coin price shows sustainability above the aforementioned resistance, the buyers resume the bullish recovery and challenge the $0.00004 neckline resistance. Anyhow, in an ideal bullish scenario, a breakout above the $0.00004 barrier will trigger the bullish pattern and lead prices to the $0.00008 mark.