Memecoins are back in the spotlight as the crypto market sees a surge in momentum. Popular tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) are posting impressive gains, driven by viral social media buzz and growing community engagement. With trading volumes on the rise and investor interest reigniting, memecoins are once again proving their ability to capture attention and deliver rapid returns.
As major cryptos hold steady, these fun and fast-moving tokens are taking center stage, turning heads across the market and drawing in both seasoned traders and new participants looking to ride the hype wave. Does this suggest the beginning of a memecoin mania?
Dogecoin (DOGE) Price Analysis
Dogecoin price is currently experiencing a strong upward trend, gaining momentum with a recent breakout above the $0.162 resistance level. The top memecoin has surged over 6% in the past 24 hours, reaching an intraday high of $0.167. This rally is backed by increased trading volume and growing community engagement, positioning DOGE for further upside. Meanwhile, the technicals suggest a potential target around $0.171 and even $0.21 if bullish momentum continues.
As seen in the above chart, the DOGE bulls are trying hard to pierce through the resistance of the falling wedge. However, the bearish pressure does not seem to have faded yet, and as a result, the price is believed to face rejection. The Dogecoin price could retest the support at $0.15, and as the OBV and the Gaussian channel have displayed a bearish divergence, the token is believed to break below the range to mark the lows.
Shiba Inu (SHIB) Price Analysis
Shiba Inu (SHIB) is currently trading around $0.00001165, showing signs of consolidation after a recent bounce from key support at $0.00001060. While weekly performance remains slightly down, SHIB has gained modest upward momentum, forming a bullish falling wedge pattern on the charts. With increasing on-chain activity and growing community engagement, SHIB price could be poised for a recovery toward resistance levels at $0.000012 to $0.000014.
Ever since the rebound in May, the SHIB price seems to have gained some strength, and as a result, the bulls have been defending the crucial support zone. Unlike Dogecoin, the technicals suggest a breakout could be fast approaching. Moreover, it is trading between the conversion & baselines of Ichimoku, with the conversion line serving as a strong support. On the other hand, the CMF is rising, which suggests the bulls are gaining momentum and hence the SHIB price may continue to rise to reach the crucial resistance between $0.00001647 and $0.00001713 soon.
