Dogecoin and SHIB Price Analysis: Is It Time to Buy Memecoins?

The Memecoin Market Rejuvenates: Dogecoin and Shiba Inu Price Analysis

Overnight, the cryptocurrency market has witnessed a significant surge, with its value climbing by 5.31% to reach $3.52 trillion. The memecoin sector has emerged as a standout performer, with key tokens breaking crucial resistance levels.

Will the memecoin segment reignite its momentum this week and ascend to new heights during the impending altcoin season? This article examines the potential short-term price trajectories of Dogecoin (DOGE) and Shiba Inu (SHIB).

Dogecoin on the Brink of Retesting Its Crucial Support

Dogecoin has regained momentum, witnessing a surge of approximately 7% within a day. Despite a 2.78% decline over the past week, the leading memecoin has accrued 5.67% in its portfolio year-to-date, indicating a strong long-term bullish sentiment.

The Relative Strength Index (RSI) has experienced a gradual decline on the daily time frame, while the 50/200-day Exponential Moving Average (EMA) suggests a bearish outlook.

Maintaining a price above $0.325 could pave the way for Dogecoin to approach its upper resistance level of $0.385 this week. Conversely, if bearish forces prevail, it may potentially drop to its low of $0.30.

Shiba Inu Exhibits Increased Price Volatility

Following a brief bearish spell, the SHIB coin has added 7.04% to its value, accompanied by a 10.94% change in its daily trading volume. Sustained bullish momentum could potentially propel the memecoin to reclaim its significant resistance of $0.000020.

The Moving Average Convergence Divergence (MACD) indicator depicts a continuous drop in the red histogram, signaling a potential bullish convergence. However, the Simple Moving Average (SMA) remains a barrier to the Shiba Inu price chart, highlighting rising uncertainty.

A renewed bull run could see Shiba Inu retest its resistance level of $0.00002350. Conversely, amplified bearish pressure may drive the price towards its critical support level of $0.0000170.