With Bitcoin (BTC) setting its sights on a retest of its all-time high (ATH) this week, the meme coin sector, led by Dogecoin (DOGE) and Shiba Inu (SHIB), has seen remarkable increases. These gains are supported by encouraging on-chain metrics indicating strong bullish momentum. Consequently, DOGE and SHIB have experienced significant gains over the past month, outperforming many of the top altcoins as the meme coin market captures investor interest.
In the past 24 hours, the cryptocurrency market experienced over $700 million in total position liquidations, with Bitcoin’s price climbing above the $69,000 mark, causing significant market volatility.
Notably, the spike in price resulted in equal liquidations among both buyers and sellers, pushing the BTC price to a new all-time high. Data from Coinglass indicates that Dogecoin and Shiba Inu alone accounted for over $70 million in liquidations, leading the charge in the current rally among altcoins, which have seen increases of 100%-500% on average. Furthermore, IntoTheBlock’s statistics show a three-year peak in the percentage of Dogecoin addresses in profit, now standing at 85%.
On the other hand, Shiba Inu’s market influence was highlighted when Shytoshi Kusama, the lead figure behind Shiba Inu, announced on social media that SHIB’s trading volume surpassed that of major cryptocurrencies XRP and Solana. This positions SHIB and DOGE as top meme coins in the current crypto bull run.
Dogecoin has experienced a significant uptrend recently as it surged above $0.2. However, as the market has recently faced a correction, DOGE price lost its peak value and declined below the EMA20 trend line.
However, the recent rejection faced strong resistance from bulls as the price rebounded from the low of $0.153. To hold the bullish momentum, buyers need to send the price above the $0.17-$0.2 resistance zone. As the recent decline has plunged the Relative Strength Index (RSI) toward the midline, it hints at a surge in bearish dominance.
The initial support levels are identified at $0.13 and $0.1. A breach below these levels could signal the end of the current uptrend.
Shiba Inu has taken a reverse gear as the price rejected the level of $0.000045. Though the SHIB price dropped toward the EMA20 trend line, it faced a rebound later due to a surge in buying pressure.
Currently, the SHIB/USDT trading pair is in the midst of a robust battle at around the $0.000035 mark. Should the bulls manage to establish this level as support and push the price beyond $0.00005, a surge toward the significant $0.000088 resistance level could be in sight. Breaching this barrier might set the stage for a climb to an all-time high.
On the other hand, if sellers manage to drive the price below the 20-day EMA, it could signal a weakening of the bullish momentum.
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