Dogecoin and Shiba Inu maintain near-critical resistance levels due to cumulative gains.
Bitcoin’s value quickly rose above $48,000 after the SEC approved a spot ETF, defying expectations that it would stabilize near $50,000 and the expected surge remains a dream. In contrast, the altcoin sector has seen a notable trend, with major altcoins averaging between 12% and 20% growth. Moreover, the memecoin sector has overcome previous difficulties and is showing signs of recovery. As can be seen from the on-chain details, both Dogecoin and Shiba Inu have noticeably breached their resistance levels due to significant investor accumulation.
The meme market is facing extreme volatility.
After the SEC’s ruling on the application of on-site ETFs failed to impact BTC’s immediate price targets, there has been a noticeable increase in buying interest within the altcoin market. These developments have boosted the confidence of memecoin investors as the market remains strong.
Interestingly, Dogecoin’s MVRV ratio has recently risen above 1. This indicates that investors have been actively purchasing Dogecoin when the market value is lower than the realized value, creating upward price momentum.
At the same time, the price of SHIB is experiencing strong accumulation, as evidenced by falling MVRV and NVT ratios, which indicates a potential buying opportunity. As Shiba Inu’s trading volume exceeds its market cap, there is a possibility of a price breakout as it exits its current accumulation phase.
Dogecoin (DOGE) Price Analysis
Dogecoin’s attempt to recover the 200-day EMA to $0.09 has lost momentum, suggesting that sellers are controlling these high price levels. However, buyers remain active near the $0.081 level. At the time of writing, DOGE is trading at $0.085, down more than 0.8% from yesterday’s rate.
Sellers are expected to consolidate their advantage by pushing the price below the moving average. This range may attract the attention of some buyers, but DOGE price may be tested again at $0.07.
However, if the situation reverses and buyers push the price up from that level, it could mean selling pressure decreases. In such a scenario, DOGE could experience an upward trend and potentially reach a resistance area between $0.09-$0.1.
Shiba Inu (SHIB) price analysis
Shiba Inu has experienced a notable recovery from the $0.0000091 support level, but the upward trend is meeting resistance from weakness above $0.00001. However, buyers are confident above the moving averages. As of writing, the SHIB price is trading at $0.00001022, down more than 1.66% from yesterday’s exchange rate.
SHIB price may head back to the important $0.0000085 support. This level is very important as the buyer is expected to defend it vigorously. A breach below this point could increase selling pressure and push the price down to $0.0000074.
Conversely, if SHIB price bounces from the support level, bulls will attempt to break the 20-day EMA. A successful break above this level could trigger a surge towards the upward resistance at $0.000011.