As the cryptocurrency market stabilizes, top tokens are back on track. However, over the past week, the memecoin community has experienced the highest gains as the memecoin market has jumped by 22.95%, from $46.01 billion to $56.59 billion.
Notably, among the top weekly gainers were Neiro Ethereum, Official Trump, Dogwifhat, Floki, & PEPE memecoins. On the other hand, memecoin leaders that are DGE & SHIB have each witnessed a jump of over 15% in their respective portfolios.
Are you one of many who actively follow the memecoin market and are considering stacking more in your portfolios? In this article, we will uncover the market analysis and short-term price predictions of Dogecoin and Shiba Inu cryptocurrencies.
DOGE Price Achieves A New Monthly High!
The Dogecoin price today has achieved a new monthly high by surpassing the $0.18 mark. Notably, the intraday trading volume has increased by 3.08% to $1.66 billion. Moreover, this meme coin has jumped 3.89%, making it the 4th consecutive day of a positive flow.
The Moving Average Convergence Divergence (MACD) records a constant rise in the daily time frame, with its EMA 12 & 26-day witnessing a positive rise. Moreover, the technical indicator RSI is constantly headed toward the overbought range, suggesting a positive outlook for the largest memecoin in the upcoming time.
Maintaining its value above the $0.18 mark could result in the Dogecoin price heading toward its upper price target of $0.20 next week. Conversely, rising bearish sentiment could pull the value of this meme coin toward its low of $0.165.
SHIB Memecoin Retests $0.000014 Mark Today!
With a market valuation of $8.31 billion, the Shiba Inu price has added over 15% to its valuation this week. Reportedly, this price action highlights a strong bullish reversal for the meme coin in the crypto space. With this, the market dominance of the second-largest memecoin project has increased to 0.27%.
The Relative Strength Index (RSI) has successfully retested its average trendline around the neutral point. This has resulted in it recording a sharp rise toward the overbought range in the Shiba Inu price chart. On the other hand, the MACD indicator witnessed a similar trend, suggesting that the memecoin may continue gaining momentum.
Suppose the market favors the bulls, in that case, the SHIB memecoin could breach its resistance level of $0.00015 and head toward its upper price target of $0.000020. On the contrary, if the bears outrun the bulls, the Shiba Inu price could plunge toward its important support level of $0.00001025.
Conclusion:
After recording a strong bearish price action for a brief period, the memecoin market is back on track, with top meme coins recording a double-digit surge in their respective valuations. Considering the present market sentiments, the memecoin segment could continue gaining momentum during the upcoming week.
Also Read: Shiba Inu Record Bullish Reversal! SHIB Eyes $0.000015 Next?
Note: The Crypto Times does not endorse Dogecoin ($DOGE) or Shiba Inu ($SHIB) in any manner, professional or personal. These 2 tokens were picked on the basis of market and social sentiments only. Make sure to “DYOR” before investing as the cryptocurrency market is highly volatile in nature.
