- Dogecoin and Shiba Inu are witnessing a notable increase in buying interest, rebounding from previous lows and aiming for higher resistance levels.
- This resurgence is partly driven by Dogecoin’s possible integration into payment systems and Shiba Inu’s coin-burning strategy to reduce supply.
The Meme Coin Market’s Bullish Trend
In the recent bullish wave of the cryptocurrency market, led by Bitcoin’s ascent toward the $40,000 mark, the meme coin sector, particularly Dogecoin and Shiba Inu, has seen a resurgence in investor interest. This rejuvenation has propelled these coins from their previous lows, setting their sights on conquering higher resistance levels. This trend is also underpinned by the increasing propensity of investors to hold these assets, spurred by developments such as Dogecoin’s anticipated integration with various payment systems.
Mixed Sentiments and Strategic Developments
The meme coin sector is currently experiencing mixed sentiments. For Shiba Inu, there’s a growing number of addresses incurring losses, with about 68% or approximately 902,000 addresses now below their investment value. Conversely, profitable Dogecoin addresses have dipped below the 50% mark, accounting for around 2.7 million addresses. Despite these fluctuations, Dogecoin’s volatility has increased to 76%, hinting at potentially significant price movements on the horizon.
Shiba Inu is also in the spotlight for its imminent Shibarium launch, which will introduce an aggressive coin-burning strategy. This strategy aims to decrease the circulating supply of Shiba Inu tokens by transferring them to inaccessible wallets, thus creating scarcity and potential value increase.
The open interest for both Dogecoin and Shiba Inu is maintaining a steady level, indicating normal trading activity. Dogecoin’s open interest is hovering around $400 million, while Shiba Inu’s is at about $16 million.
Individual Price Analysis: Dogecoin and Shiba Inu
Dogecoin, currently trading below the 20-day Exponential Moving Average (EMA) of $0.08, has recently averted a further drop to $0.07, thanks to the bulls’ defense of the $0.075 level, leading to a rebound. The DOGE price, currently at $0.079, shows a 2% increase. The stable 20-day EMA trend and the Relative Strength Index (RSI) near the midline suggest a balanced trajectory. A breakout above the descending resistance line could lead to a rally towards $0.095. However, facing resistance near $0.085 might empower the bears, potentially driving the price down to $0.07.
For Shiba Inu, after testing the accumulation zone at $0.0000084, the price has risen towards immediate Fibonacci channels. Yet, it faces rejections near the EMA20 trend line. The SHIB price is at $0.0000089, marking a 1.6% increase in the last 24 hours. A breakthrough above the 20-day EMA and sustained trading above the $0.0000095 resistance line could drive the price beyond $0.00001. Conversely, a reversal from the EMA20 might indicate bearish activity, risking a drop to the $0.0000083 support level.
This resurgence in Dogecoin and Shiba Inu showcases the dynamic nature of the meme coin sector, reflecting broader market trends and investor sentiment in the volatile cryptocurrency landscape.