The memecoins category continues to display volatile price sentiments following the cross-border market correction during the week’s start. Category leaders, Dogecoin and Shiba Inu tokens hover close to their support/resistance levels, indicating uncertainty in future price action.
Dogecoin (DOGE):
The leader of the memecoins category, Dogecoin price, continues to hover close to its crucial support level of $0.128 despite an increase in the bullish sentiment within the crypto industry. Moreover, the Cross EMA 50/200-day records a bearish curve, highlighting a bearish sentiment for this token in the crypto market.
The technical indicator, MACD, displays a constant red histogram in the 1D time frame, highlighting a strong bearish sentiment in the crypto industry. Moreover, the averages show a negative trend, indicating the memecoin leader, Dogecoin, may continue losing value this week.
If the bulls hold its price above the crucial support level of $0.128, the DOGE price will prepare to test its upper high of $0.182 this month. Conversely, if the bears dominate the crypto market, it will plunge and prepare to test its lower support level of $0.10 in the coming time.
Shiba Inu (SHIB):
Following in the footsteps of the category leader, the second largest memecoin by market cap, Shiba Inu price continues to display a similar trend by recording a jump of approximately 4% within the past 24 hours. Furthermore, the SHIB token has a Year-to-Date (YTD) of 121.38% in value.
However, the SHIB coin price has lost 11% within the past seven days and 15.32% over the past 30 days, highlighting a rising bearish sentiment for the memecoin in the crypto space. On the other hand, its EMA 50-day acts as a resistance to the price chart, indicating a negative influence in the crypto space.
The Moving Average Convergence Divergence (MACD) shows a constant flatline in its chart, indicating weak buying and selling pressure for the memecoin in the market. However, the averages display a neutral trend, suggesting uncertainty in future price action.
If the market pushes the price above the resistance level of $0.00002375, the bulls will regain momentum and prepare to test its upper resistance level of $0.0000308. Conversely, bearish price action may pull the price toward its support level of $0.0000170 during the upcoming weeks.
Credit: Source link