As Crypto Market Surge, DOGE And SHIB Tokens To Lead The Meme Rally?

Following the recent price pump, the market leader, Bitcoin price, has regained momentum and successfully surpassed the $63,000 market. After this, the memecoin category experienced increased price action, resulting in a bullish reversal.

However, the top two memecoins have recorded a bearish action over the past day, resulting in them leveling all their gains from the recent pump. Moreover, these memecoins are on the verge of testing their respective crucial support levels.

With the rising bullish sentiment in the cryptocurrency market, will Dogecoin and Shiba Inu memecoins record a strong bullish bounce back and lead the upcoming memecoin rally?

Let’s go as, in this article, we have covered the in-depth market sentiment and price analysis of Dogecoin (DOGE) and Shiba Inu (SHIB) and their respective possible targets for July.

DOGE Price Displays Consolidated Price Action:

The leader of memecoins, the Dogecoin price has erased all its gains by recording a correction of approximately 3% within the past 24 hours. Furthermore, the memecoin has added less than 1% within the past day but has lost 22.70% in valuation over the past 30 days.

The technical indicator, RSI, continues to trade below the mid-point, highlighting a weak bullish sentiment for the memecoin in the crypto space. Moreover, the average shows a neutral trend, suggesting uncertainty in future price action for the Dogecoin crypto.

If the market pushes the DOGE price above the resistance level of $0.12730, the bulls will regain momentum and prepare to test its resistance trendline of the triangle pattern. Further, if the bulls hold the price at that level, the Dogecoin price will head toward its upper high of $0.15575.

Conversely, if the bears overpowered the bulls, the DOGE token will break down its support trendline and test its $0.1010 market. If the bears continue to dominate the market at that point, this memecoin will plunge toward its yearly low of $0.0740 during the upcoming weeks.

SHIB Price On The Verge Of Testing Its Crucial Support Level:

Despite increased price action in the crypto space, Shiba Inu price has recorded a drop of 1.32% in valuation with a trading volume of $175.63 Million, a change of -2.03% within the past day. Moreover, the memecoin has displayed a neutral trading week and has lost 31.01% over the past month.

The SMA indicator constantly acts as a resistance to the price chart in the 1D time frame, suggesting a weak price action for the second biggest memecoin, SHIB price, in the market.

On the other hand, the MACD displays a rising green histogram with its averages successfully recording a bullish convergence. This highlights a mixed sentiment for the Shiba Inu token in the crypto space.

If the bulls fail to regain momentum, the SHIB price will break down its crucial support level and plunge toward its low of $0.0000175. However, if the bulls regain momentum, the Shiba Inu crypto will prepare to test its resistance level of $0.00002350.