Memecoins
Memecoins on the run! Will DOGE price and SHIB price jump 50% in May?
The memecoin category continues to display volatile price sentiments following the cross-border market correction earlier this week. Category leaders Dogecoin and Shiba Inu tokens are hovering near their support/resistance levels, indicating uncertainty over future price action.
Dogecoin (DOGE):
The leader of the memecoins category, Dogecoin Price, continues to approach its crucial support level of $0.128 despite an increase in bullish sentiment within the crypto industry. Additionally, the 50/200-day Cross EMA records a bearish curve, highlighting a bearish sentiment for this token in the crypto market.
Trading view: DOGE/USDT
The MACD technical indicator displays a consistent red histogram on the 1D timeframe, highlighting strong bearish sentiment in the crypto industry. Additionally, the averages show a negative trend, indicating that memecoin leader Dogecoin may continue to lose value this week.
If the bulls sustain its price above the crucial $0.128 support level, the DOGE Price will prepare to test its high of $0.182 this month. Conversely, if the bears dominate the crypto market, it will plunge and prepare to test its lower support level of $0.10 in the coming times.
Shiba Inu (SHIB):
Following in the footsteps of the category leader, the second largest memecoin by market capitalization, Shiba Inu Price continues to show a similar trend recording a jump of around 4% in the last 24 hours. Additionally, the SHIB token has a year-to-date (YTD) value of 121.38%.
TradingView: SHIB/USDT
However, the SHIB Coin Prices has lost 11% over the past seven days and 15.32% over the past 30 days, highlighting growing bearish sentiment for memecoin in the crypto space. On the other hand, its 50-day EMA acts as resistance to the price chart, indicating a negative influence in the crypto space.
The Moving Average Convergence Divergence (MACD) shows a consistent flat line in its chart, indicating low buying and selling pressure for memecoin in the market. However, the averages show a neutral trend, suggesting uncertainty about future price action.
If the market pushes the price above the resistance level of $0.00002375, the bulls will regain momentum and prepare to test its higher resistance level of $0.0000308. Conversely, bearish price action could pull the price towards its $0.0000170 support level over the coming weeks.