Altcoins
Will Shiba Inu and Dogecoin prices see a strong rally in June?
As the cryptocurrency The market kicks off in June, all eyes are on meme coins Shiba Inu and Dogecoin, which have captivated the attention of investors and enthusiasts. Known for their volatile price movements and vibrant communities, these digital assets often experience significant ups and downs. With the start of a new month, speculation is rife as to whether Shiba Inu and Dogecoin will see a strong recovery in June.
Various factors, including market sentiment, recent developments and broader economic trends, could play a crucial role in their price movements. In this article, we explore the potential catalysts and market dynamics that could drive Shiba Inu and Dogecoin to new highs in the coming weeks. Investors have recently turned their attention to coins of the piece of money domain. The factors driving this development depend on the ability of digital assets to generate returns between 10 and 100 in a short period.
Shiba Inu Analysis (SHIB)
The price of Shiba Inu (SHIB) is $0.00002531 today with a 24-hour trading volume of $273,904,355.90. This represents a price increase of 1.03% over the last 24 hours and a price increase of 2.17% over the last 7 days. With a circulating supply of 590 trillion SHIB, Shiba Inu is valued at a market cap of $14,910,662,307. SHIB price is currently in an ascending triangle and almost at the end. THE Open Interest
of Shiba Inu (SHIB) plunged 3.58% with a valuation of $59.4 million.
Ascending triangles show investor interest and accumulation, as the highs remain relatively stable and the lows increase. If the market structure holds, Shiba Inu could break out higher and rebound 32% to around $0.000036. Nonetheless, investors remain confident in Shiba Inu, as Coingecko statistics show that 72% of users are optimistic compared to 28% who are bearish. Moving higher, SHIB price could encounter several key resistance points around $0.000029, $0.000036, and $0.000041.
Conversely, a heavy support structure has formed around the current price level ($0.000025), which could keep the price high. Shiba Inu price fundamentals are strong as the meme coin favors its huge community. Coinbase Futures recently announced support for SHIB perpetual futures, which will begin trading on May 30, 2024. Despite the cryptocurrency’s meme origins, Shiba Inu has established itself as a resilient crypto project in the face of market volatility.
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Dogecoin (DOGE) Analysis
The price of Dogecoin (DOGE)
is $0.1598 today with a 24-hour trading volume of $542,675,879.61. This represents a price increase of 2.52% over the last 24 hours and a price decrease of -4.31% over the last 7 days. With a circulating supply of 140 billion DOGE, Dogecoin is valued at a market cap of $23,101,130,581. Dogecoin price reached a daily high of $0.16 on June 1. Open Interest of Dogecoin (DOGE) jumped 0.28% with a valuation of $791.2 million.
But based on the $208 million miners raised in May 2024, DOGE price could be poised to rebound 30% above the $0.20 mark in the coming days. Further confirming this bullish stance, GIOM data from IntoTheBlock shows that Dogecoin’s next major resistance group lies at the $0.18 level.
As shown in the chart above, 761,310 holders acquired 13.5 billion DOGE at an average price of $0.179. If the majority of these holders choose to take early profits, Dogecoin price may struggle to break out of this resistance group. DOGE bulls had negated the selling pressure with the price trading at $0.1609, up 0.93% from the intra-day low. If the bearish momentum persists and the intraday low of $0.1549 does not hold, the next support levels to watch will be around $0.152 and $0.150.
However, if the bulls regain control of the market and break the intraday high of $0.1616, the next resistance levels to watch out for would be $0.163 and $0.165. On the DOGEUSD price chart, the Relative Strength Index (RSI) the rating of 56.83 suggests that the market is neutral. However, a bearish divergence could develop as the RSI moves below its signal line. If the RSI falls into the oversold region, the unfavorable trend can be expected to continue.
The tightening of the Bollinger bands, with the upper, middle and lower bands touching $0.17543, $0.159 and $0.144 respectively, suggests a decrease in volatility, which precedes the bearish pressure. However, with price action developing above the signal line, bullish momentum could develop towards a breakout. Additionally, depending on the head and shoulders inverse, a breakout could place DOGE in a bullish rally targeting $0.22.
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