Despite the market leader, Bitcoin, showing a sideways trend for almost a week, the market has witnessed massive price action in altcoins. On the other hand, Memecoins have recorded a strong bullish uptrend lately as these coins have displayed a significant move in their respective price.
The leader of Memecoins, Dogecoin, has emerged as one of the top performers of the day as it has gained over 6% in value and has cumulatively gained over 24% in the past month. Shiba Inu coin, following the trend, recorded a gain of around 3% in the past day and a total of approximately 15% compared to the previous month.
Dogecoin Price Analysis:
The DOGE price was seen trading in a narrow space of $0.05733 and $0.0600 for a brief period, following which the price gained momentum and broke out of the upper level. The price continued to gain momentum but was rejected at $0.07525.
After that, the Doge coin lost momentum and underwent correction. After trading in a consolidated range between $0.0660 and $0.06931, the coin regained momentum and broke out of the level, indicating a strong bullish influence.
Further, the price was again rejected at its key resistance level of $0.07648, following which the price has been hovering close to it.
The Moving Average Convergence Divergence (MACD) indicator has shown a constant green histogram, indicating a strong ongoing price action for the coin. Further, the averages show a rise in the chart, suggesting the price to continue gaining value before experiencing a possible correction.
If the bulls push the price above its resistance level of $0.07648, it will regain momentum and prepare to test the upper resistance level of $0.07803 soon. Maintaining the price at this level may set the stage for an attempt to reach its significant milestone of $0.0800 this month.
Conversely, if the bears overpowered the bulls, the price will lose momentum and fall to test its support level at $0.07250 soon. Moreover, if the bears continue to dominate the market, the price will further plunge and drop to its lower support level of $0.06931 in the coming week.
Shiba Inu Price Analysis:
The SHIB price traded sideways for over two weeks, following which the memecoin gathered bullish influence and broke out of it. The price then followed the footsteps of the category leader and surged over 12%, after that, the price was rejected at $0.00000813.
The coin then traded in a consolidated range between $0.00000758 and $0.00000813 for over a week, after which the price successfully broke out of it.
Recently, the price attempted to break out of its key resistance level at $0.00000850, but the price was rejected, after which it experienced a minor correction in its value.
The Relative strength index (RSI) displays a positive trend as the average has been trading above the mid-point for a brief period, indicating a strong buying over-selling pressure in the market. Further, the average shows a possibility of a bullish convergence, which could result in the price breaking out of its overbought range in the coming time.
If the bulls maintain their hold over the market, the price will continue to gain momentum and prepare to test its resistance level of $0.00000851 soon. Further, if the market stays strong at that level by holding the price, it will continue to rise and test its upper resistance level of $0.00000900 in the coming days.
Conversely, if the market experiences a trend reversal, the SHIB price will start trading negatively and test its support level of $0.00000813. Moreover, if the bears continue to overpower the bulls, the coin will experience a price plunge and fall to test its lower support level of $0.00000758 by the end of this month.
