The meme coin market is bouncing back after Trump stopped plans to raise tariffs and new inflation data showed signs of slowing down. This positive news helped Bitcoin move closer to $85,000, which triggered buying interest in popular meme coins like Dogecoin and Shiba Inu. Still, both DOGE and SHIB are having trouble breaking past key price levels, which means there could be a short-term dip before any further gains.
Dogecoin and Shiba Inu Face Boost in OI
The recent price jump in DOGE and SHIB has led to a rise in open interest, which means more traders are entering the market. According to Coinglass, Dogecoin’s open interest went up by about 3.2%, hitting around $1.57 billion. Meanwhile, SHIB’s open interest saw a smaller increase of 0.05%, reaching over $120 million.
However, the increased price swings and a growing number of short trades near key resistance levels for Dogecoin and Shiba Inu could lead to uncertainty and mixed signals on their price charts.
Dogecoin Price Analysis
Dogecoin is having trouble breaking clearly above the $0.17 resistance level. Right now, buyers are mostly in control and pushing the price higher, but there are signs that sellers could step in soon and push DOGE below the 23.6% Fibonacci level. At the moment, Dogecoin is trading at $0.165, up over 2% in the past 24 hours.
The Relative Strength Index (RSI) is sitting at 58, which suggests there’s still strong buying momentum. If buyers continue to push, DOGE could climb toward the $0.2 resistance level. Breaking past that might boost market confidence and even lead to a rally toward $0.25.
On the flip side, if DOGE can’t hold above the rising support line, it could start to drop, potentially falling to around $0.13. If it breaks below that, it could trigger more selling and strengthen the bearish trend.
Shiba Inu Price Analysis
Right now, Shiba Inu is struggling to break past the immediate resistance at $0.000013. Because of this, sellers are keeping the price stuck in a tight range, preventing any big upward moves. At the moment, SHIB is trading at $0.0000122, up just over 0.5% in the past 24 hours.
Even with some bearish pressure, buyers are still trying to push the price higher, showing there’s solid interest from the bulls. However, sellers are strongly defending against any breakout. The Relative Strength Index (RSI) is at 56, slightly above the midpoint, which suggests buyers might gain the upper hand soon.
If buyers manage to break above the $0.000013 resistance, SHIB could head toward the next target at $0.0000157. On the other hand, if selling pressure increases and the price drops below the 20-day EMA support, SHIB could fall further, possibly down to around $0.0000102.
