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With Bitcoin price stabilizing below the $69,000 mark, the memecoin category has displayed a mixed price sentiment with a sharp rise in their trading volumes.
Will the crypto market experience a significant increase in buying pressure this week? Or will the market witness a major crash? In this article, we have covered the market sentiments and possible price analysis of the top 2 memecoins by market capitalization.
Dogecoin (DOGE)
The Dogecoin price has added 5.58% in valuation in the past 24 hours with a trading volume of $2.289 billion. Further, it has jumped 7.71% over the past week and 43.87% during the past 30 days. Notably, it has rewarded its long-term investors with a YTD return of +75.82%.
TradingView: DOGE/USDT
The Moving Average Convergence Divergence (MACD) has displayed an increase in the red histogram with its averages showing a bearish convergence in the DOGE price chart. With its EMA 50/200-day recording a positive trend, this memecoin hints at a mixed-price action.
Suppose, a bullish reversal occurs, this could result in the DOGE memecoin retesting its upper resistance level of $0.18225 this month. On the flip side, if the bears outrun the bulls, the Dogecoin price may plunge toward its lower support of $0.127.
Curious to understand the long-term possibilities of the largest memecoin by market cap? Read, our Dogecoin (DOGE) Price Prediction!
Shiba Inu (SHIB)
Despite recording a jump of ~2% in the past 24 hours, the SHIB price has dropped 0.18% over the past week and 3.68% during the past 30 days. With a market capitalization of $10.036 billion, it has secured the 12th position in the global crypto list.
TradingView: SHIB/USDT
The EMA 50/200-day has displayed a neutral trend in the 1D time frame. Moreover, its average trendline is heading toward its halfway mark with its average hinting at a high possibility of a bullish convergence.
Maintaining its value above the support level of $0.0000170 could set the stage for this memecoin to head toward its upper resistance level of $0.00002350 during the upcoming time. Conversely, a bearish action could result in it retesting its low of $0.00001175.
Also, read Shiba Inu (SHIB) Price Prediction!
FAQs
The future of this meme project depends on various factors which include both internal and external events.
At the time of writing, the value of 1 SHIB memecoin was $0.00001704.
Memecoins are generally considered a high-risk-high-reward investment.