Meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) appear to be breaking key resistance levels as positive market sentiment brings back retail investors and whales. Rising interest rates are seen as Bitcoin and Ethereum rise over psychological levels of $25,000 and $2,000 respectively.

Dogecoin (DOGE) is up 15% in the last 24 hours, and its current price is trading at $0.087. DOGE prices are up 23% in a week and 36% in a month. The upward momentum could likely push prices above $0.1.

Meanwhile, the price of Shiba Inu (SHIB) is trading at $0.0000160, up 3% in one day. SHIB has gained over 30% in a week and 47% in a month. The bullish rally could likely push prices above $0.000018.

Dogecoin (DOGE) and Shiba Inu (SHIB) Near Key Resistance Levels

Experts believe that Dogecoin (DOGE) and Shiba Inu (SHIB) could hit pre-crisis prices if the resulting rally continues. Retail investor and whale interest in meme coins DOGE and SHIB came as the Crypto Fear & Greed Index jumped to 45, signaling positive crypto market sentiments.

The rally was also supported by massive trading volumes, pushing the prices of Dogecoin and Shiba Inu to 4-month highs of $0.088 and $0.0000177 respectively.

Crypto expert Lark Davis believes the main catalysts for both meme coins are the launch of Dogechain and the upcoming layer-2 solution Shibarium.

According to popular analyst Crypto Tony, the first target is “reach high” at $0.95. However, strong momentum will push Dogecoin (DOGE) price above $0.1, expect some resistance in between.

Dogecoin (DOGE) Price. Source: Crypto Tony

“The first goal is range high on DOGE. The shear will allow us to shoot through, but I expect at least some resistance.”

Currently, DOGE price is facing resistance at $0.088. If the price successfully surpasses the resistance level, a massive rally will push Dogecoin towards $0.1.

While Shiba Inu (SHIB) is undergoing a rally mainly due to the accumulation of whales. According to on-chain data by: HolinessShiba Inu whale trades jump to a 4-month high, with the SHIB price crossing $0.000017 for the first time since May 10.

Shiba Inu (SHIB) whale transaction. Source: Santiment

“Shiba Inu has been on the move this weekend and is up +34% in the last 24 hours while cryptocurrencies has been fairly flat. Not coincidentally, whales have been very active on SHIB. There have been 433 trades worth $100k+, most in 4 months.

Currently, SHIB price is facing resistance at $0.000018. If the price breaks above this resistance level, there will be a massive rally to push Shiba Inu towards the next key resistance level of $0.00002.

Support Bitcoin and Ethereum

The price of Bitcoin (BTC) has skyrocketed above the $25,000 level after lower-than-expected inflation data fueled hopes of Federal Reserve rate hikes.

In addition, the price of Ethereum (ETH) jumped above the $2000 level during the upcoming Ethereum merger in mid-September.

Both bullish Bitcoin and Ethereum price moves over the weekend sparked a bullish rally in Dogecoin and Shiba Inu prices.

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and is currently covering all the latest updates and developments in the crypto industry.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

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