Memecoins
Are Top 2 Memecoins Set to Surge 50% as Market Turns Bullish?
With a strong bullish recovery in the cross-border financial system, the Bitcoin Price jumped more than 11% over the past week and managed to reclaim the $65,000 mark with a market cap of $1.251 trillion.
With this, top memecoins such as Dogecoin and Shiba Inu have seen a significant surge in their respective portfolios, highlighting an increased bullish sentiment. Planning to invest in these memecoins? Scroll down to find out the market sentiments and price analysis.
Dogecoin Price Sees Increased Price Volatility:
THE DOGE Price has recorded positive price action for the 5th consecutive day by adding 21.19% to its portfolio during this period. Moreover, the memecoin leader has surged 13.04% over the last seven days and has a YTD return of 36.19%.
TradingView: DOGE/USDT
The 50/200-day EMA has registered a death cross in the 1D time frame. However, it is about to register a golden cross with its MACD showing an uptrend. This highlights a strong possibility of a bullish reversal for the Dogecoin Price this week.
If the market pushes Dogecoin price above its resistance level of $0.12730, the bulls will regain their momentum and prepare to test its higher level of $0.155. However, if the bears regain their momentum, the Dogecoin memecoin will plunge towards its low of $0.101 in the coming time.
Shiba Inu (SHIB) Price Evolution:
The second largest memecoin by market capitalization, Shiba Inu Price recorded a similar price action by adding 9.01% to its portfolio over the past day with a trading volume of $706.003 million. Moreover, by recording 5/7 positive days, it has jumped 18.92% over the past week.
TradingView: SHIB/USDT
Technical indicators, SMA and MACD, have recorded a similar price trend to that of Dogecoin (DOGE). This highlights increased price volatility for the SHIB Coin Price in the crypto space.
Let’s assume that the bulls continue to dominate the market, in which case, the Shiba Inu price will head towards its upper resistance level of $0.00002350. Conversely, if the bears regain power, the Shiba memecoin will retest its low of $0.00001175 this month.