SHIB Price Turns Bullish While DOGE Preparing For a Rally After the Consolidation-Here’s When They May Mark A New ATH

Bitcoin's Slump Impacts Memecoins

Despite Bitcoin's recent sluggishness, the memecoin craze has largely subsided. Dogecoin, the leading memecoin, has turned bearish due to Bitcoin's bearish signals. However, DOGE remains within a bullish range, while Shiba Inu may experience a pullback and stay within its range, despite a 12% rise in the last 48 hours.

Dogecoin's Consolidation Before a Potential Move

DOGE's price surged over 150% after breaking above $0.15, forming a bullish pattern. It currently trades within a rising parallel channel, with bulls maintaining the rally above average levels. This dominance may result in continued consolidation and an ascending trend.

DOGE's price action suggests a bull flag formation within the rising channel. Contracted and parallel Bollinger bands indicate reduced volatility. The MACD shows a drop in volume and pressure, but bulls support the rally, potentially priming the price for a significant rise to $0.55 if resistance is breached.

Shiba Inu's Decisive Phase

Shiba Inu operates within a rising wedge, generally considered bearish long-term. Market participants may anticipate a buying opportunity in the first fortnight, possibly continuing the trend until year-end. This could propel SHIB's price beyond its previous high and create a new ATH.

However, the SHIB price tests the support level of the wedge. Bearish technicals hint at a potential breach of the lower support. The MACD exhibits dwindling buying pressure and a bearish crossover. The RSI nears support at 57.87, with a drop below signaling a new bearish trend, potentially dragging levels below $0.00003. Despite this, the price may bounce back as a good buying opportunity, aiming to reclaim highs above $0.000035 by the end of 2024.