Memecoins
Will DOGE and SHIB lead the rally or will PEPE or WIF maintain their dominance?
Ever since the crypto markets gained strength and sparked a healthy rally, memecoins have been moving in no time. Among all the tokens, WIF, FLOKI, and BOME prices are showing strong strength, while PEPE and BONK are following the trend. On the other hand, Dogecoin (DOGE) and Shiba Inu (SHIB) seem to be waiting for a large influx of buying volume as both tokens lack the required volatility. Here’s what to expect from DOGE & SHIB prices in the second half of the year.
Dogecoin (DOGE) Price Analysis
Dogecoin has been trading under extremely bearish influence for more than a few days, which had reversed earlier this year. However, the bulls continue to influence the token as the trend remains slightly bullish until the quarterly close. The Bulls are working to hold above the crucial support-turned-resistance level at $0.1274. If levels remain bullish in the coming hours, the DOGE Price expected to maintain an upward trend for the remainder of 2024.
The weekly chart suggests that the token underwent a parabolic recovery and reclaimed levels above $0.2. Although the price is seeing a slight pullback, the bulls continue to hold some dominance, allowing the price to reclaim lost levels. The RSI has triggered a healthy rebound, but it has not yet been validated.
Therefore, DOGE price is likely to trigger a rise above $0.22 if the levels close the monthly trade above $0.1274, otherwise it could drop near $0.1, followed by a bullish bounce above $0.2.
Shiba Inu (SHIB) Price Analysis
THE Shiba Inu Price shows a huge possibility of a bearish reversal as the token continues to resist constant upward pressure. The token is replicating a previous trend and if this happens, SHIB price is likely to drop by over 40% and continue to consolidate in a tight range. Volume has also declined sharply, suggesting that the token is undergoing an extreme squeeze, which will soon lead to a huge price move.
The chart indicates that SHIB price is preparing for either a decent pullback towards local support or a move higher and consolidate within a tight range. The DMI supports the bearish narrative as the -Di and +Di levels are coming closer to materialize a bearish crossover. With this, the price has seen a huge setback and dropped below $0.00001, attracting huge liquidity on the platform.
This could happen when the Shiba Inu (SHIB) price could rise and recover to current levels, but to break above $0.000035, the ShibaArmy would need to take action quickly, which could crush the bearish narrative.