As Crypto Market Surge, DOGE And SHIB Tokens To Lead The Meme Rally?

As Crypto Market Soars, Will DOGE and SHIB Tokens Lead the Memecoin Rally?

Following a recent price surge, Bitcoin has regained momentum, pushing past $63,000. This has sparked an uptick in the memecoin sector, leading to a bullish reversal.

However, the top two memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB), have recently experienced a sell-off, losing most of their recent gains. Both are now approaching key support levels.

With the growing bullish sentiment in the cryptocurrency market, it remains to be seen whether DOGE and SHIB can rebound and lead the next memecoin rally.

Dogecoin (DOGE) Market Analysis

DOGE has corrected by approximately 3% in the past 24 hours. Over the past 30 days, it has lost 22.70%.

Technical indicators suggest a neutral trend for DOGE, with the Relative Strength Index (RSI) hovering below the midpoint.

If buyers push DOGE above the resistance level of $0.12730, it could regain bullish momentum and test its triangle pattern resistance trendline. Success at this level could lead to a further rise towards $0.15575.

Conversely, if sellers break below the support trendline, DOGE could fall to $0.1010 and potentially $0.0740, its yearly low.

Shiba Inu (SHIB) Market Analysis

SHIB has declined by 1.32% in the past day, with a trading volume of $175.63 million. Over the past month, it has lost 31.01%.

The Simple Moving Average (SMA) acts as resistance for SHIB in the 1D timeframe. The Moving Average Convergence Divergence (MACD) indicator is mixed, with rising green bars but a neutral average.

If buying pressure fades, SHIB could break its crucial support level and fall to $0.0000175. If buyers recover, it could test its resistance level of $0.00002350.