The memecoin market has shown increased price volatility with leading projects like Dogecoin (DOGE) and Shiba Inu (SHIB) facing mixed signals. Although DOGE has risen 43% in the past month, its short-term outlook remains uncertain.
On the other hand, Shiba Inu continues to struggle on the weekly timeframe, raising concerns about the potential recession. With uncertain market sentiment and increased trading activity, both memecoins are currently at a crucial level that could determine their next major price movement.
Considering the current market psychology, investors are curious about the short-term market sentiment of Dogecoin and Shiba Inu. Furthermore, questions like 'Which memecoin should I buy today?' are continuously increasing.
Is DOGE Memecoin on the Brink of a Major Collapse?
The price of Dogecoin has increased by about 2% in 24 hours with a trading volume of $2.73 billion. Although it recorded a decrease of 3.45% over seven days, it has increased by 43% in the past 30 days. Furthermore, with a market capitalization of $33.78 billion, its dominance has risen to 1.0056%.
The Relative Strength Index (RSI) records a neutral trend below the overbought range with its average trend line indicating a continued increase. On the other hand, the 50/200 day EMA Cross is on track to undergo a Golden Cross, indicating mixed price action.
Maintaining bullish action could push the price of Dogecoin up to the highest target price of $0.286. However, if the bears dominate the bulls, this could cause the price of the DOGE cryptocurrency to drop to a low of $0.20 in the near future.
Shiba Inu Price Records Significant Fluctuations
Following Dogecoin, the second-largest memecoin, the price of Shiba Inu has increased by 1.45% in 24 hours. Furthermore, it has risen about 18% over the past 30 days, resulting in a market capitalization of $8.596 billion.
The SMA indicator has recorded a bearish convergence and acts as a resistance to the SHIB memecoin price chart. Additionally, the Moving Average Convergence Divergence (MACD) shows a continued increase in the red chart with the averages indicating a negative crossover. This suggests that selling pressure on the memecoin in the market is rising.
The price of SHIB could break the immediate resistance level of $0.000015 and aim for the upper price target of $0.000020 if bullish sentiment remains. Conversely, a bearish action could pull the price of this meme coin back to the support zone of $0.0000120.
