Shiba Inu Coin, Dogecoin Steer Dog-Themed Coins Rallies: A Good Time To Buy Or Sell?

Dog-themed coins like Shiba Inu Coin (SHIB), Dogecoin (DOGE), and frog-themed Pepe have tripled their value this week as Bitcoin continued with its winning streak since February.

Shiba Inu, for instance, exploded in triple digits of 290% in the last week to trade at $0.00004084 on Tuesday. Its older sibling, Dogecoin was not left behind, achieving a 90% increase to $0.18 in the same period.

Similarly, Pepe Coin surged in value by 256% in seven days, reaching a new all-time high of $0.000008518 on Monday. These impressive runs among dog-themed coins including the likes of Bonk, Floki, and Dogwifhat are bringing the meme coin hype back, with investors moving swiftly to capitalize on future price increases.

Is Shiba Inu Coin Poised For New ATH In March?

Shiba Inu is among the biggest gainers in the market after ascending to $0.00004593 from $0.000084 — the lowest point in 2024. It is trading at $0.00004122 during US business hours on Tuesday, maintaining a 55% surge in 2 hours.

With technical indicators like the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) backing the uptrend, Shiba Inu will likely uphold the uptrend this week and possibly as March progresses.

Traders would be looking out for a daily close above $0.000042 to reinforce the bullish outlook and bet on the price climbing to $0.00006 in the short term. A weekly close above the established support at $0.00004 will also serve as confirmation for the medium-term to long-term bullish outlook, paving the way for new all-time highs.

Dogecoin Price Taps $0.2 Barrier, What’s Next

The largest dog-themed coin, Dogecoin has like Shiba Inu rewarded holders with impressive gains from its lowest 2024 price point of $0.075 to highs of $0.2.

This bullish move occurred in tandem with Bitcoin price explosive rally that almost reached all-time highs late on Monday.

Despite the massive blast to $0.2, DOGE had retreated to trade at $0.1856 possibly to allow for re-accumulation and power the next breakout.

The position of the price above all three key moving averages — the 20-week Exponential Moving Average (EMA), the 50-week EMA, and the 200-week EMA implies that buyers have the upper hand.

An incoming golden cross which will manifest with the 50-week EMA (in red) flipping above the 200-week EMA (in purple), adds credence to the bullish theory.

As Dogecoin price rebalances after a commendable rally, breaking above $0.2 resistance level could trigger FOMO among investors who see DOGE achieving a new all-time high milestone in the coming weeks.

In case of a correction from the current price, the green band on the chart will provide support and prevent losses from extending to the area at $0.1 and below.

Pepe Coin: What’s Next After New ATH

Pepe Coin is among the meme coins that have hit a new record high early in the bull market. The token exploded past its previous historical high of $0.000004467 on Monday and is currently in price discovery mode, trading at $0.000007759.

The MACD in the weekly range is strongly bullish and with no signs of a possible pullback in the short term. A break above the current all-time high of $0.0000087 would bring forth another FOMO rally with Pepe likely to ‘swallow’ another zero and start trading above $0.00001.

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Disclaimer

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.