As the Memecoin Market Rises, Will DOGE and SHIB Rise by Two Times?
With the strong bullish momentum in the altcoin market, memecoins are gaining renewed attention. Amid this recovery, the rally in top memecoins like DOGE and SHIB presents opportunities for long traders.
As DOGE holds $0.12, will this meme coin surge?
After breaking the critical support at $0.22, DOGE’s price action shows resistance and lower high trend lines. It is currently testing the high demand area at $0.125, which could provide an opportunity for a reversal, signaling a possible rally.
Currently, DOGE is priced at $0.1253, up 2.71% intraday. The price action shows a break below the 61.80% Fibonacci level, which suggests that the psychological barrier of $0.10 could be touched.
Despite the bearish market backdrop, the intraday gains and price declines provide opportunities for a potential bullish reversal. Nonetheless, as a meme coin, DOGE still has 20% upside potential with a target price of $0.1486.
Will SHIB price return to the negative cycle and rise by 30%?
SHIB has failed to maintain its upward momentum after the bull run in early March. The lack of market enthusiasm has led to the formation of a descending channel on the daily chart, which has caused Shiba Inu to fall 48% in the past 100 days.
Currently, SHIB's price action shows that a low has been formed after breaking through the psychological barrier of $0.000020. It is currently trading at $0.0000188, up 4.37% intraday and forming a bullish candle above $0.000018.
If SHIB tests and breaks through $0.000020 again, it may increase the possibility of an upward trend. In this case, an early reversal of the negative cycle and a retest of the overhead resistance trendline near $0.00002470 is likely.
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