The cryptocurrency market has experienced a strong bullish recovery overnight. Notably, the crypto space has added 5.31% in 24 hours, resulting in its valuation surging to $3.52 Trillion. Following this, the memecoin market has recorded the highest gains with top tokens surpassing their important resistance levels in the daily time frames.
Will the memecoin segment regain its lost momentum this week and head toward a new high in the upcoming altcoin season? In this article, we have covered the possible short-term price analysis of Dogecoin (DOGE) and Shiba Inu (SHIB) crypto tokens.
Doge Coin Price On The Verge of Retesting Its Important Support Zone!
The price of Dogecoin has successfully reclaimed momentum with a jump of ~7% in 24 hours. Despite recording a drop of 2.78% in seven days, the largest memecoin by market cap has added 5.67% to its portfolio this year. This highlights a strong long-term bullish sentiment.
The RSI indicator records a steady decline in the daily time frame with its average trendline experiencing a bearish curve. Further, the EMA 50/200-day displays a similar price action, suggesting a negative outlook for the Dogecoin price.
Maintaining the price above its support level of $0.325 could set the stage for this memecoin to head toward its upper resistance level of $0.385 this week. On the contrary, if the bears outrun the bulls, this could result in it plunging toward its low of $0.30.
Curious to find out if the DOGE Memecoin will reach $5 Read Dogecoin Price Prediction to understand the possible long-term price projections!
SHIB Memecoin Records Increased Price Volatility!
Despite recording a bearish action for a brief period, the SHIB coin price has added 7.04% to its valuation, with a change of -10.94% in its daily trading volume. Reportedly a sustained bullish action could result in the value of this meme crypto token reclaiming its important resistance of $0.000020.
The MACD indicator displays a constant decline in the red histogram with its averages recording a high possibility of a bullish convergence. However, its SMA indicator constantly acts as a resistance to the Shiba Inu price chart. This highlights rising uncertainty for the 02nd largest memecoin in the market.
Suppose, the bulls regain momentum, in that case, the Shiba Inu coin price will retest its resistance level of $0.00002350. Conversely, an intensified bearish action could pull the price toward its important support level of $0.0000170.
Are you one of many who are planning on investing in SHIB memecoin but are concerned about its long-term targets? Read Shiba Inu Price Prediction!
FAQs
The DOGE coin price will require a jump of 1,393.25% in its current valuation to achieve the $5 milestone.
With a market capitalization of $50.002 billion, the largest memecoin is exchanging hands at $0.33484.
At the time of writing, the value of one SHIB memecoin was $0.00001914.
