With the cryptocurrency market reclaiming the $3 Trillion milestone, the memecoin category has experienced a meteoric surge over the past few days. Moreover, top tokens have 2xed indicating increased bullish action.
Amid increasing price volatility, are you curious to find out the short-term happenings of the memecoin market? In this article, we have covered the market sentiment and potential price targets of Shiba Inu (SHIB) and Dogwifhat (WIF) crypto tokens.
With a jump of 8.56% in the past 24 hours and a trading volume of $3.43 billion, the SHIB price has maintained its bullish sentiment. Moreover, the second largest memecoin has surged 39.14% over the past week and has a YTD return of +152.36%.
The Relative Strength Index (RSI) continues hovering above the overbought range in the 1D time frame. Further, with its SMA indicator supporting the SHIB price chart, this meme coin hints at a bullish outlook.
If the bulls regain momentum, the Shiba Inu price will retest its upper resistance level of $0.0000380 this month. However, if the bears overpowered the bulls, this could result in the meme coin retesting its lower support level of $0.0000170.
Also, Read Shiba Inu price prediction to uncover the long-term mysteries!
The WIF price has reclaimed the $4 mark with an intraday surge of ~49%. Notably, this Solana-based memecoin has soared 80.41% over the past week and 1,661.23% this year.
The EMA 50/200-day has experienced a strong bullish rise in the WIF price chart. Moreover, the MACD indicator shows a constant rise in its green histogram with its averages recording a similar price trend. This suggests that the price may continue gaining value this week.
Maintaining the price above its support level of $4 could set the stage for the Dogwifhat price to retest its ATH of $4.850 during the upcoming time. In contrast, a bearish reversal could drag the price toward its support level of $3.
Also, read the Dogwifhat price prediction to understand the possibilities of this memecoin achieving the $10 mark.
With an ATH of $4.85, the Dogwifhat price requires a jump of ~13% to achieve a new all-time high.
If the bullish sentiment sustains, the Shiba Inu price may head toward its upper high of $0.0000380.
The meme coin market is extremely volatile at this point, making it a high-risk investment.
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