Price Analysis

SHIB & DOGE Price Consolidate: Will The MemeCoins Regain Bullish Momentum in 2023? 

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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As the markets are steeping into a fresh yearly trade, the bearish clouds are expected to perish. Meanwhile, the possibilities of a decent upswing emerge as the top 2 memecoins appear to be preparing for a giant move ahead. Shiba INU’s Shiabrium is all set to explode in 2023 while Dogecoin is expected to be pushed as Elon Musk continues to remain Twitter CEO. 

Shiba INU’s lead developer took on Twitter recently to update the progress of Shibarium. As per the update, the layer 2 protocol is on the final stage of its creation. The SHIB price which is consolidating around $0.000008 but sliding slowly towards the bottom. 

Trading view

The SHIB price is continuing to trend within a falling wedge which is considered as bullish largely. With an extended bearish pressure, the price is believed to drop towards the lower support of the channel in the coming days which may trigger a rebound to flip towards the north and regain the levels above $0.00001 during Q1 2023. 

Moving ahead, Dogecoin price continues to trade below $0.07 and is constantly facing rejection above these levels. The price is testing the crucial support levels and trying to hold right above these levels. A significant bearish pressure may compel the price to break below the last point of defense at $0.056 which cannot be completely discarded. 

Trading view

The dropped volume and slashed volatility are pointing towards the bearish outlook for the crypto. Therefore, with the beginning of the fresh yearly trade, the prices are believed to drop heavily, dragging the price towards 2022 lows. Here if the bulls re-enter strongly, a significant upswign may lead a notable rebound reclaiming the levels at $0.07 initially and later at beyond $0.088.

The memecoins are believe to regain bullish momentum in 2023, due to which a notable rally may uplift the Shiba INU (SHIB) & Dogecoin (DOGE) prices, once the bulls are triggered after meeting the lows. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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