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As the cryptocurrency market surges, will DOGE and SHIB tokens lead the meme rally?
Following the recent price increase, the market leader, Bitcoin Priceregained momentum and successfully surpassed the $63,000 mark. After this, the memecoin category experienced an increase in price action, resulting in a bullish reversal.
However, the two major memecoins have seen bearish action over the past day, resulting in them erasing all their gains from the recent pump. Furthermore, these memecoins are on the verge of testing their respective crucial support levels.
With the growing bullish sentiment in the cryptocurrency market, will Dogecoin and Shiba Inu memecoin post a strong bullish rebound and lead the upcoming memecoin rally?
Let’s get started, because in this article we have covered in depth the market sentiment and price analysis of Dogecoin (DOGE) and Shiba Inu (SHIB) and their possible targets for July.
DOGE Price shows consolidated price action:
The leader of memecoins, the Dogecoin Price erased all its gains by correcting around 3% in the last 24 hours. Furthermore, memecoin added less than 1% in the last day but lost 22.70% in valuation in the last 30 days.
TradingView: DOGE/USDT
The technical indicator, RSI, continues to trade below the midpoint, highlighting weak bullish sentiment for memecoin in the crypto space. Additionally, the mean is trending neutral, suggesting uncertainty in the future price action for the Dogecoin cryptocurrency.
If the market pushes the DOGE Price above the resistance level of $0.12730, the bulls will regain momentum and prepare to test its resistance trend line of the triangle pattern. Furthermore, if the bulls hold the price at that level, Dogecoin price will head towards its higher high of $0.15575.
Conversely, if the bears overpower the bulls, DOGE token will break its trend line support and test its $0.1010 market. If the bears continue to dominate the market at that point, this memecoin will crash towards its yearly low of $0.0740 in the coming weeks.
SHIB price is about to test its crucial support level:
Despite the rising price action in the cryptocurrency space, Shiba Inu Price has seen a 1.32% decline in valuation with a trading volume of $175.63 million, a -2.03% change over the past day. Additionally, memecoin has shown a neutral trading week and has lost 31.01% over the past month.
TradingView: SHIB/USDT
The SMA indicator is consistently acting as a resistance on the price chart in the 1D time frame, suggesting weak price action for the second largest memecoin, SHIB Pricein the market.
On the other hand, the MACD is showing a rising 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, SHIB price will break its crucial support level and plummet 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.