Bonk Coin Skyrockets 500%: Can Dogecoin (DOGE) and Shiba Inu (SHIB) Survive the Meme Showdown?

Bonk (BONK), a Solana-based meme coin, has recently taken center stage, seeing a tremendous 500% increase over the past month following the listing on Binance. Bonk has even outperformed PEPE, making it to the top 3 meme coins by market cap. However, Dogecoin (DOGE) and Shiba Inu (SHIB) are still holding the fort at the peak. Will they dodge the PEPE fate or face a meme showdown? This article delves into the technical indicators to answer this question. 

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Dogecoin (DOGE) Price Analysis

The on-chain metrics for Dogecoin (DOGE) are unveiling heightened activity, signaling potential for future upward movements. According to data from IntoTheBlock, the In-the-Money indicator stands at 64%, indicating a prevailing number of investors in profit. Drawing insights from historical price trends and statistical indicators, the coin appears to be at a healthy level, possibly positioning itself for a recovery. The soon-to-happen launch of the DOGE-1 satellite adds an exciting element, hinting at a potential surge for Dogecoin.

While DOGE has been experiencing a downward trajectory since December 17, recent indicators suggest a reversal. The coin is trading within the range of $0.0870 to $0.0890, rebounding from its recent low of $0.0860.

However, the analysis of oscillators reflects some market indecision. Both the RSI and Stochastic oscillators stand at 47 and 33, respectively, indicating that DOGE has yet to determine whether it is in an overbought or oversold condition.

In the short term, the trend for Dogecoin appears bearish, given that the current price is below the 10-day SMA at $0.0953 and the 10-day EMA at $0.0935. Despite this, a more optimistic outlook emerges from the longer-term analysis, suggesting bullish potential. The 100-day SMA is positioned at $0.0774, and the 100-day EMA stands at $0.0721. Traders should carefully monitor these levels for potential shifts in market sentiment.

Dogecoin (DOGE) Price Prediction

Despite less favorable short-term indicators, DOGE has the potential to exhibit resilience, thanks to significant interest from holders. If the coin can establish a foothold above $0.0790 and withstand bearish pressure, traders may anticipate a test of resistance at $0.0923. A more ambitious target on the upside, achievable in the longer term, is set at $0.1009.

However, if buyers fail to sustain growth and the correction persists, the $0.0704 level is identified as the nearest downside target. In an unlikely worst-case scenario, a slide to $0.0571 could occur. These levels should be closely monitored for potential reversal signs, presenting an opportunity to buy at a lower price.

Shiba Inu (SHIB) Price Analysis 

Surprisingly, Shiba Inu (SHIB) has witnessed a remarkable surge in large transactions, totaling an impressive $110.53 million, as reported by on-chain metrics from IntoTheBlock. This unprecedented activity signifies an astonishing 275% increase. Notably, this surge occurred amidst a significant price drop for the Shiba Inu token, with a decline of over 11%, plummeting from $0.00001195 to $0.0000099 in the past day. On-chain statistics reveal that the most substantial players not only weathered the storm but actively accumulated more SHIB during this period.

As of the current writing, SHIB is trading within the range of $0.0000085060 and $0.000009435. The RSI indicator, standing at 54, suggests a slight inclination towards bullish momentum. This bullish sentiment is reinforced by the MACD indicator at $0.0000004830.

The short-term trend appears bearish, with the 10-SMA at $0.0000100745 and the 10-day EMA at $0.0000100552. However, the longer-term prediction is bullish, as the 100-day SMA is at $0.0000080440 and the 100-day EMA is at $0.0000085350. 

Shiba Inu (SHIB) Price Prediction

There is a strong indication of a sustained bullish run for Shiba Inu in the long term. The pivotal point at $0.0000085060 stands as a crucial threshold. Should the coin successfully maintain its position above this level, it could potentially ascend further to $0.0000094355. The longer-term upside target is set at $0.0000105711.

In the event of a bearish scenario, the $0.0000073704 level is identified as immediate support. A breach below this level may exert downward pressure, leading the price towards $0.0000064409. Traders should be on the lookout for signs of a change in market momentum at these levels.

Conclusion

The recent surge of Bonk (BONK) in the crypto market has drawn attention to other meme coins, with Dogecoin (DOGE) and Shiba Inu (SHIB) in the lead. Dogecoin shows potential for recovery despite short-term bearish indicators, and Shiba Inu exhibits strong on-chain activity, indicating bullish potential in the long term. It is important to remember that the crypto market can change quickly, and there are risks involved, so traders should monitor key levels for potential shifts in sentiment.

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