Following the Bitcoin Halving, the cryptocurrency market has seen a surge in volatility, suggesting heightened activity among buyers and sellers. Amidst this, memecoins present a mixed sentiment, reflecting uncertainty regarding future price movements.
Dogecoin, the frontrunner in this category, is experiencing a downward trend, while Shiba Inu, the second-largest memecoin, has recently shown signs of a bullish trend in the 1D time frame. This has left investors pondering over which memecoin to prioritize for their investments this week.
Mixed Outlook for DOGE Price Amidst Market Volatility
Despite heightened market volatility, Dogecoin (DOGE) is exhibiting an inverted cup and handle pattern in the 1D time frame, signaling a bearish trajectory ahead. Over the past day, DOGE has experienced a 3.12% decline, with a 2.52% decrease over the last 30 days, indicating subdued buying and selling pressures.
TradingView: DOGE/USDT
Technical indicators, notably the Moving Average Convergence Divergence (MACD), depict a consistent downtrend, suggesting a potential bullish convergence in the week ahead. However, the Exponential Moving Averages (EMA) 50/200-day signals bearish price action, reflecting mixed sentiments prevailing in the cryptocurrency space.
To maintain bullish momentum, DOGE must hold above the support level of $0.155, with a potential upward movement to test resistance at $0.182. Conversely, bearish market conditions could drive the price downward towards the support level of $0.128 in the near future.
SHIB Price Analysis: Bullish Momentum Amidst Increased Market Hype
The Shiba Inu (SHIB) memecoin initially displayed a neutral trend in the first two months, signaling a slow start for this segment within the crypto market. However, as excitement around memecoins grew, SHIB experienced a breakout from its resistance level, witnessing a notable 3X surge within a short span.
TradingView: SHIB/USDT
Following rejection at the resistance level of $0.00003950, bullish momentum waned, leading to a breakdown of support levels. Subsequently, SHIB has been trading within the range of $0.000023 and $0.000030. Encouragingly, the EMA 50-day has emerged as a support level, indicating bullish potential within the crypto market.
Technical indicators, particularly the Moving Average Convergence Divergence (MACD), reveal a rising green histogram, suggesting increased buying pressure. Additionally, the MACD averages have recorded a bullish convergence, further supporting a positive outlook for the memecoin in the near term.
Should bullish momentum persist, SHIB price is poised to test its resistance level of $0.000030 in the current week. Conversely, a bearish reversal could lead to a price retracement towards the support level of $0.00002375.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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