Altcoins
Top 2 Memecoins to Surge 50% as Market Turns Bullish?
With a strong bullish recovery in the cross-border financial system, Bitcoin Price has risen more than 11% in the past week and has successfully reclaimed the $65,000 mark with a market capitalization of $1.251 trillion.
With this, major memecoins such as Dogecoin and Shiba Inu have seen significant increases in their respective portfolios, showing a growing bullish sentiment. Thinking of investing in these memecoins? Scroll down to find out the market sentiment and price analysis.
Dogecoin prices see increased price volatility:
THE DOGE Price has recorded a positive price action for the fifth consecutive day adding 21.19% to its portfolio during this period. Furthermore, the memecoin leader has jumped 13.04% in the last seven days and has a YTD return of 36.19%.
TradingView: DOGE/USDT
The 50/200-day EMA has recorded a Death Cross in the 1D time frame. However, it is on the verge of experiencing a Golden Cross with its MACD showing an uptrend. This highlights a high possibility of a bullish reversal for the Dogecoin Price this week.
If the market pushes the price of Doge coin above its resistance level of $0.12730, the bulls will regain momentum and prepare to test its upper level of $0.155. However, if the bears regain momentum, Dogecoin memecoin will fall towards its low of $0.101 in the near future.
Shiba Inu (SHIB) Price Action:
The second largest memecoin by market cap, Shiba Inu Price recorded a similar price action adding 9.01% to its portfolio in the last day with a trading volume of $706.003 million. Also recording 5/7 positive days, it is up 18.92% in the last week.
TradingView: SHIB/USDT
The technical indicators, SMA and MACD have been recording a similar price action as Dogecoin (DOGE). This highlights higher price volatility for the SHIB Coin Price in the cryptographic space.
Suppose the bulls continue to dominate the market, in which case the Shiba Inu price will head towards its upper resistance level of $0.00002350. On the contrary, if the bears regain power, the Shiba memecoin will retest its low of $0.00001175 this month.