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As the crypto market braces for recovery, Dogecoin and Shiba Inu show signs of a potent rebound. Technical indicators and market dynamics suggest a potential surge exceeding 100%, attracting keen investor interest.
Dogecoin and Shiba Inu Eye Recovery Amid Volatile Market Conditions
In a recent report by CoinGape, the volatility in the broader crypto ecosystem significantly impacts memecoins, particularly Dogecoin (DOGE) and Shiba Inu (SHIB). With the pessimistic outlook, Shiba Inu fell 10.65% in the previous seven days, reaching as low as $0.000022.
Even though Dogecoin was not spared by the bears, experiencing a more than 11% drop to a weekly low of $0.142, the critical on-chain technical data hints at an exciting possibility more than 100% rally is not out of the question.
Dogecoin's daily chart shows a somewhat oversold trend. The coin's Relative Strength Index (RSI) is 45, slightly higher than the 34 reported on May 1. This increased selling pressure suggests that a bullish trend change is underway.
The signals are there: Dogecoin is trading above its 200-day Moving Average (MA) but below its 50-day MA. DOGE is a highly volatile asset class, making predicting a single bullish surge impossible. The broader market attitude is an essential component that can help maintain the moderate increase in Open Interest (OI). Coinalyze currently values the OI at $645.6 million, up 0.87% at the time of writing.
For Dogecoin, the $0.16 resistance level is crucial to monitor. With at least three attempts to breach this level in the last four weeks, surpassing this barrier could propel DOGE's price to $0.2 in the near term. This is a key development that investors and traders should be aware of.
Shiba Inu Sets Stage for Major Rally, Backed by Strong Fundamentals and Bitcoin Link
Shiba Inu bulls have much to prove to themselves and the memecoin ecosystem. Shiba Inu has recently outperformed itself, growing by more than 116% year to date (YTD). The latest fall reduced its RSI, which is now at 42.
The Moving Average Convergence Divergence (MACD) confirms that Shiba Inu will experience an unusual trend change. Unlike Dogecoin, Shiba Inu is driven by various fundamentals, including an increasing burn rate. Furthermore, conventional payment providers such as Bitpay are increasingly adopting the token.
Shiba Inu's strong link with Bitcoin may be its most significant boost in pursuit of a 100% revival.
Photo: Microsoft Bing
