In recent weeks, the cryptocurrency market has seen a rise in the popularity of meme coins, as popular cryptocurrencies like Shiba Inu and Dogecoin are leading the meme coin rally this year. The SHIB and DOGE price action has created a stir amid the uptrend of the market and has gained investor attention to build up enough buying pressure on the price chart.
Shiba Inu and Dogecoin prices will rise above these levels
As meme coins are less affected than major crypto assets like Bitcoin and Ethereum by ongoing macroeconomic factors, investors gain more confidence to invest in this asset category.
Shiba Inu Price Analysis
Shiba Inu is on the cusp of a game-changing moment as he heads towards his key stamina level. Although the recent interest rate hike by the Federal Reserve has created some uncertainty in the cryptocurrency market, it has not discouraged big players from obtaining massive amounts of SHIB tokens. If the token manages to overcome this resistance, a wild ride in the North may be witnessed with intense volatility.
At time of writing, the SHIB token is trading at $0.00001234 with an almost 2% uptrend from yesterday’s performance. A well-known altcoin trader, Bizmark, noticed that the Shiba Inu had formed a triangle pattern on the price chart. He predicts that SHIB price may prepare for a continuation of the uptrend if it breaks above the $0.0000128 level, which may push SHIB price to a short-term bullish target of $0.00001386.
Dogecoin Price Analysis
After a solid bullish trading session, the DOGE price has been rejected from its critical resistance level and is currently in a red region. Furthermore, the DOGE investor accumulation rate witnessed a downturn as the meme coin failed to spark any promising upward journeys.
According to CoinMarketCap, the Dogecoin price is trading at $0.092 with a small rally. Looking at the daily price chart, Dogecoin is moving around a crucial price zone, as it can lead to two scenarios. First: If DOGE price moves above the 23.6% Fibonacci level and breaks its immediate resistance at $0.098, it can test its crucial price level at $0.111, above which it can confirm a clear uptrend.
Second: The DOGE market may see dominance from the bears if the bulls fail to hold its price above the EMA-100 trend line at $0.085. A break below $0.078 can sink the meme coin by 16% and force it to trade below $0.065.
This post Will there be a meme coin rally this weekend? SHIB and DOGE prices are on the verge of a bullish rally
was published first on https://coinpedia.org/price-analysis/will-there-be-a-meme-coin-rally-this-weekend-shib-and-doge-prices-are-on-the-verge-of-a-bullish-rally/