Markets
As Crypto Market Surges, Will DOGE and SHIB Tokens Lead the Meme Rally?
Following the recent price increase, the market leader, Bitcoin Priceregained momentum and successfully broke above the $63,000 market. After that, the memecoin category experienced increased price action, resulting in a bullish reversal.
However, both major memecoins have seen bearish action over the past day, resulting in leveling out all their gains from the recent pump. Furthermore, these memecoins are about to test their respective crucial support levels.
With the rising bullish sentiment in the cryptocurrency market, will memecoins Dogecoin and Shiba Inu record a strong bullish recovery and lead the next memecoin rally?
Let’s get to it, as in this article we cover in-depth market sentiment and price analysis for Dogecoin (DOGE) and Shiba Inu (SHIB) and their respective possible targets for July.
DOGE price displays consolidated price action:
The leader of memecoins, the Dogecoin Price has erased all of its gains by recording a correction of approximately 3% in the last 24 hours. Furthermore, the memecoin has added less than 1% in the last day but has lost 22.70% in value over 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. Furthermore, the average shows a neutral trend, suggesting uncertainty in the future price action for the Dogecoin crypto.
If the market pushes the DOGE Price above the $0.12730 resistance level, the bulls will regain momentum and prepare to test their triangle pattern resistance trendline. Furthermore, if the bulls hold the price at this level, the Dogecoin price will head towards its higher high of $0.15575.
On the other hand, if the bears dominate the bulls, the DOGE token will break its support trendline and test its market high of $0.1010. If the bears continue to dominate the market at that point, this memecoin will plunge towards its yearly low of $0.0740 during the next few weeks.
SHIB Price About to Test Its Crucial Support Level:
Despite the increased price action in the crypto space, Shiba Inu Price recorded a 1.32% decline in valuation with a trading volume of $175.63 million, a change of -2.03% over the past day. Furthermore, the memecoin has seen a neutral trading week and has lost 31.01% over the past month.
TradingView: SHIB/USDT
The SMA indicator constantly acts as a resistance to the price chart on the 1D timeframe, suggesting weak price action for the second-largest memecoin, SHIB Pricein 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 momentum, the SHIB price will break its crucial support level and decline towards its low of $0.0000175. However, if the bulls regain momentum, the Shiba Inu cryptocurrency will prepare to test its resistance level of $0.00002350.