Markets
As Cryptocurrency Market Surges, Will DOGE and SHIB Tokens Lead the Meme Rally?
Following the recent price increase, the market leader, Bitcoin Pricegained momentum and successfully broke above the $63,000 market. After that, the memecoin category saw a price increase, which led to a bullish reversal.
However, both major memecoins have seen bearish action over the past day, leading them to equalize all their gains from the recent surge. Moreover, these memecoins are about to test their respective crucial support levels.
With the growing bullish sentiment in the cryptocurrency market, will memecoins Dogecoin and Shiba Inu stage a strong bullish rally and lead the next memecoin rally?
Let’s get to it, in this article, we have covered the in-depth analysis of the market sentiment and prices of Dogecoin (DOGE) and Shiba Inu (SHIB) and their respective possible targets for July.
DOGE price shows consolidated price action:
The leader of memecoins, the Dogecoin Price erased all of its gains by correcting by about 3% in the last 24 hours. Additionally, the memecoin added less than 1% in the last day, but lost 22.70% in value in the last 30 days.
TradingView: DOGE/USDT
The technical indicator, RSI, continues to trade below the midpoint, highlighting a weak bullish sentiment for the memecoin in the crypto space. Moreover, the average shows a neutral trend, suggesting uncertainty about the future price action of the Dogecoin crypto.
If the market pushes the DOGE Price Above the $0.12730 resistance level, the bulls will regain their momentum and prepare to test its resistance trendline of the triangle pattern. Moreover, if the bulls sustain the price at this level, the Dogecoin price will head towards its $0.15575 high.
Conversely, if the bears dominate the bulls, the DOGE token will break its support trendline and test its market at $0.1010. If the bears continue to dominate the market at this point, this memecoin will plunge towards its yearly low of $0.0740 in the coming weeks.
SHIB price is about to test its crucial support level:
Despite the price increase in the crypto space, Shiba Inu Price saw a 1.32% drop in valuation with a trading volume of $175.63 million, a change of -2.03% over the past day. Additionally, the memecoin had a flat trading week and lost 31.01% over the past month.
TradingView: SHIB/USDT
The SMA indicator is consistently acting as resistance on the price chart in the 1D time frame, suggesting weak price action for the second largest memecoin, SHIB Priceon the market.
On the other hand, the MACD displays an ascending green histogram with its averages successfully registering a bullish convergence. This highlights a mixed sentiment for the Shiba Inu token in the crypto space.
If the bulls fail to regain their momentum, SHIB price will break its crucial support level and plunge towards its low of $0.0000175. However, if the bulls regain their momentum, the Shiba Inu cryptocurrency will prepare to test its resistance level of $0.00002350.