With the Bitcoin price gaining momentum, the meme coins are preparing to return to the top performers list. Amidst the resurgence of buyers, the Dogecoin and Shiba Inu price charts display an opportunity to buy the dip after the recent correction.
However, the market’s buzz about the potential reversal spot in the meme coins is the million-dollar question right now. So, let’s have a closer look at the technical charts of the meme cryptocurrency and find out the best potential buying spot.
After an underperforming week, the biggest meme coin, the DOGE token, lost 20% of its market value. This sharp correction led to a huge bearish engulfing candle and undermined the 24% rise last week.
In the daily chart, the downfall comes within a rising channel pattern as the supply wave kicks in at the overhead trendline. Further, the downfall cracks within the $0.18 support zone and warns of a continued downfall.
Also Read : PEPE Price Eyes A Breakout Rally With Bitcoin’s Resurgence
However, the rising channel comes with dominant bullish elements like the rising 50-day EMA along with a support trendline. Hence, the meme coin has significant chances of a bullish reversal.
As per the daily chart, the DOGE price could be worth a buy below $0.17 with a reversal chance to hit $0.30 by the end of this month.
On a similar road to Dogecoin, the second biggest meme coin, Shiba Inu records a sharp fall of 12.52% this week. This correction negates the 9.51% increment last week and the coin fails to sustain above the psychological mark of $0.000030.
However, the meme cryptocurrency enters a contracting volatility phase, leading to a triangle pattern in the daily chart. Considering the prevailing uptrend in the picture, the meme coin price action displays a bullish flag.
Further, the SHIB price rests at the baseline which increases the likelihood of a bullish reversal. Consdeirng the uptrend manages to survive the supply wave and breach the overhead trendline, the meme coin is ready for a surge.
As per the price chart, the meme coin could hit the $0.00005401 mark by the end of this month.
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