The memecoin market has displayed increased price volatility with top projects such as Dogecoin (DOGE) and Shiba Inu (SHIB) facing mixed signals. While DOGE has gained 43% over the last month, its short-term outlook remains uncertain.
On the other hand, Shiba Inu continues struggling in the weekly time frame, raising concerns of a potential downturn. With uncertain market sentiments and increased trading activity, both memecoins are now at critical levels that could define their next major price moves.
Considering the present market sentiments, investors are curious about the short-term market sentiments of Dogecoin and Shiba Inu. Moreover, questions like “Which memecoin should I buy today?” are on a constant rise.
DOGE Memecoin on The Verge Of A Major Breakdown?
The Dogecoin price has jumped approximately 2% in 24 hours with a trading volume of $2.73 billion. Despite recording a drop of 3.45% in seven days, it has surged 43% over the last 30 days. Moreover, with a market cap of $33.78 billion, its dominance has increased to 1.0056%.
The Relative Strength Index (RSI) records a neutral trend below the overbought range with its average trendline displaying a constant rise. On the other hand, the Cross EMA 50/200-day is on the path of experiencing a Golden Cross, suggesting a mixed price action.
Maintaining its bullish action could push the Dogecoin price toward its upper target price of $0.286. However, if the bears outrun the bulls, this could result in the price of DOGE crypto plugging toward its low of $0.20 in the upcoming time.
Shiba Inu Price Records Increased Bearish Action!
Following in the footsteps of Dogecoin, the second largest memecoin, Shiba Inu price has added 1.45% in 24 hours. Furthermore, it has added approximately 18% over the past 30 days, resulting in it achieving a market capitalization of $8.596 billion.
The SMA indicator has recorded a bearish convergence and acts as a resistance to the SHIB memecoin price chart. Adding to this, the Moving Average Convergence Divergence (MACD) displays a constant increase in the red histogram with its averages showing negative crossover. This suggests an increase in the selling pressure for the meme coin in the market.
The SHIB price could breach its immediate resistance level of $0.000015 and head toward its upper price target of $0.000020 if the bullish sentiment sustains. Conversely, a bearish action could pull the price of this meme coin toward its support zone of $0.0000120.
Also Read: Worldcoin Raises $135M via Token Sale to Expand in US; WLD Price Spikes 13%
