- Dogecoin soars over 6% daily, marking a 24% increase in the past month, while Shiba Inu also climbs with a 3% gain recently and 15% monthly.
- Technical analysis suggests bullish trends for both DOGE and SHIB, with potential resistance levels in sight for the coming days.
Memecoins in the Spotlight Amidst a Static Bitcoin
While Bitcoin continues to weave its way horizontally, carving a path of indecision in the market, altcoins and memecoins have charged ahead, basking in bullish trends. Dogecoin, the flag bearer of memecoins, has registered an impressive 6% uptick in value, cumulatively bolstering its worth by over 24% in the last 30 days. The Shiba Inu coin, not far behind, echoes this ascent with a gain of around 3% in the last 24 hours and a commendable 15% over the past month.
Dogecoin: A Technical Gaze
Initially confined within the narrow margins of $0.05733 and $0.0600, Dogecoin’s value experienced a vigorous breakout, surging toward a high of $0.07525 before facing rejection. The subsequent correction was short-lived as DOGE reclaimed its vigor, pushing past resistance levels, only to hover near the significant threshold of $0.07648.
The technical analysis, based on the Moving Average Convergence Divergence (MACD), reveals a sustained green histogram, a beacon of the ongoing robust price movement. Should the bullish momentum thrust the price above the pivotal $0.07648, Dogecoin could very well polish its paws for a leap toward the $0.07803 mark, eyeing the significant $0.0800 milestone.
On the flip side, a bearish turn could see DOGE‘s momentum wane, potentially dipping to a support level of $0.07250, and if not upheld, cascading further to $0.06931.
Shiba Inu: Charting Its Course
Shiba Inu, mirroring its canine counterpart, emerged from a sideways saunter to an assertive stride, clocking in a 12% increase before hitting a ceiling at $0.00000813. The RSI (Relative Strength Index) augurs a positive trajectory, with a trend above the median suggesting a favorable buying pressure.
Should the bulls reinforce their presence, SHIB might press on to challenge the resistance at $0.00000851. Conversely, a shift in the tide could see it retreat to $0.00000813, with a potential fall to $0.00000758 should the bears press their advantage.
The Path Ahead for Dogecoin and Shiba Inu
In the tapestry of crypto trends, Dogecoin and Shiba Inu have stitched a pattern of growth. As the market casts its eyes on these memecoins, the community awaits to see if they can uphold their newfound strength or if the market’s ebb and flow will usher in a change of course.