With a strong bullish recovery in the cross-border financial system, the Bitcoin price has surged over 11% over the past week and has successfully reclaimed the $65,000 mark with a market cap of $1.251 Trillion.
With this, top memecoins such as Dogecoin and Shiba Inu have recorded a significant rise in their respective portfolios, highlighting increased bullish sentiment. Planning on investing in these memecoins? Scroll down to uncover the market sentiments and price analysis.
The DOGE price has recorded a positive price action for the 5th consecutive day by adding 21.19% to its portfolio during this time. Furthermore, the memecoin leader has jumped 13.04% within the past seven days and has a YTD return of 36.19%.
The EMA 50/200-day has recorded a Death Cross in the 1D time frame. However, it is on the verge of experiencing a Golden Cross with its MACD showing a rising trend. This highlights a high possibility of a bullish reversal for the Dogecoin price this week.
If the market pushes the Doge coin price above its resistance level of $0.12730, the bulls will regain momentum and prepare to test its upper level of $0.155. However, if the bears regain momentum, the Dogecoin memecoin will plunge toward its low of $0.101 in the coming time.
The second largest memecoin by market capitalization, Shiba Inu price has recorded a similar price action by adding 9.01% to its portfolio within the past day with a trading volume of $706.003 Million. Moreover, by recording 5/7 positive days, it has surged by 18.92% over the past week.
The technical indicators, SMA and MACD have recorded a similar price trend as that of Dogecoin (DOGE). This highlights increased price volatility for the SHIB coin price in the crypto space.
Suppose, the bulls continue to dominate the market, in such case, the Shiba Inu price will head toward its upper resistance level of $0.00002350. Conversely, if the bears regain power, the Shiba memecoin will retest its low of $0.00001175 this month.
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