After a magnificent run, the crypto markets are consolidating as the Bitcoin price drops below $100,000. While the possibility of a reversal remains pretty high, which could re-instigate the bull run. As Bitcoin gains momentum, the memecoin space also follows the trend, specifically Dogecoin & Shiba Inu. SHIB price usually follows the DOGE price rally, which is quite evident as both are facing upward pressure while PEPE gains momentum.
However, the current trade setup suggests the SHIB price is set to lay down a fine upswing while DOGE & PEPE may remain within the consolidated range for a few more days.
Dogecoin (DOGE) Price Analysis
The weekly trade is turning bearish for the DOGE price rally as the buying pressure is failing to mount. The trading volume witnessed a drop of over 12% in the past couple of days, which has extended bearish possibility for the token. However, the technicals suggest the current accumulation may end soon, which may result in a 50% breakout close to its ATH. The daily chart of DOGE suggests the token may continue to remain sluggish for the next few days.
The Bollinger bands are going parallel after displaying a huge expansion, substantiating the sideways trend. Meanwhile, the RSI is trying to enter the overbought zone despite a rejection, displaying the growing strength of the bulls. The price has faced a notable rise in the selling volume during the past trading day and now that the pressure has eased, the price is believed to range and reach the peak of the symmetric triangle. This could materialize a 50% upswing to mark levels above $0.6.
Pepe (PEPE) Price Rally
PEPE price is facing strong resistance, failing to surpass it for nearly a month since the November breakout. The daily candles display huge wicks on either side, suggesting the price is facing enough bullish and bearish pressure every day. With this tug-of-war situation, the bulls are expected to gain strength and elevate the levels beyond the consolidation very soon.
As seen in the above chart, the PEPE price is trading along the resistance zone between $0.000022 and $0.000023. Interestingly, the DMI levels go parallel, suggesting no deviation in the price while the MACD levels remain bearish and prepare for a bullish crossover being within a positive range. Therefore, the PEPE price is believed to hover below the zone for a few more days and initiate a strong breakout to reach $0.00003.
Shiba Inu (SHIB) Price Analysis
Being a little diverse from the other memecoins, Shiba Inu price has maintained a strong ascending trend since the start of the quarter. The price is forming constant higher highs and lows, suggesting the bulls have held a strong grip over the rally and hence the price reaching the higher target above $0.00004 could be pre-programmed.
The SHIB price underwent a parabolic recovery after facing a rejection from the yearly highs at around $0.000045. The RSI has maintained a firm ascending trend, which suggests the price could hover around the resistance zone between $0.00003191 and $0.00003288 until the end of the current fortnight. The market sentiments are expected to become largely bullish, which could push the price beyond the consolidation and reach $0.00004.
