Dogecoin and Shiba Inu have performed well with on-chain indicator-supported momentum. The next SHIB and DOGE price levels are:
As Bitcoin (BTC) aims to retest its all-time high (ATH) this week, the meme coin sector led by Dogecoin (DOGE) and Shiba Inu (SHIB) has seen notable gains. These gains are supported by encouraging on-chain indicators that indicate strong bullish momentum. As a result, DOGE and SHIB have made significant gains over the past month and have outperformed many top altcoins as the meme coin market has captured the attention of investors.
Memecoin takes center stage
Over the past 24 hours, the cryptocurrency market has seen significant market volatility, with total position liquidation exceeding $700 million and the price of Bitcoin exceeding $69,000.
Notably, the price surge resulted in both buyers and sellers being liquidated equally, pushing the price of BTC to new all-time highs. According to data from Coinglass, Dogecoin and Shiba Inu alone are leading the current rally among altcoins, accounting for over $70 million in liquidations, with increases of 100%-500% on average. In addition, according to statistics from IntoTheBlock, the profit ratio of Dogecoin addresses has reached a three-year high, currently reaching 85%.
Meanwhile, the market influence of Shiba Inu was highlighted when Shitoshi Kusama, the leader of Shiba Inu, announced through social media that SHIB’s trading volume exceeded that of major cryptocurrencies, XRP and Solana. This positions SHIB and DOGE as the top meme coins in the current cryptocurrency bull market.
Dogecoin (DOGE) Price Analysis
Dogecoin has recently experienced a significant upward trend, surging above $0.2. However, as the market recently underwent a correction, DOGE price lost its highs and fell below the EMA20 trendline.
However, the recent rejection was met with strong resistance from the bulls as the price bounced off the low of $0.153. To maintain the bullish momentum, buyers will need to push the price above the $0.17-$0.2 resistance zone. The recent decline has caused the Relative Strength Index (RSI) to plummet to the midline, suggesting a surge in the bears’ advantage.
Initial support levels are identified at $0.13 and $0.1. A drop below this level could signal the end of the current uptrend.
Shiba Inu (SHIB) price analysis
The Shiba Inu took reverse gear, rejecting the $0.000045 level. SHIB price fell towards the EMA20 trend line, but then rebounded due to a surge in buying.
Currently, the SHIB/USDT trading pair is in fierce competition around $0.000035. If the bulls establish this level as support and push the price above $0.00005, there could be a surge towards the significant $0.000088 resistance level. Breaking this barrier could set the stage for a rise to all-time highs.
On the other hand, if sellers pull the price below the 20-day EMA, it could be a sign that the bullish momentum is waning.