The cryptocurrency industry has displayed a spike in market volatility following the Bitcoin Halving, indicating increased buying and selling pressure in the crypto market. However, the memecoin category continues displaying a mixed sentiment, indicating uncertainty in future price action.
The category leader, Dogecoin, displays a negative trend. At the same time, the second largest memecoin, Shiba Inu successfully recorded a bullish convergence in the 1D time frame, raising concerns among investors about their short-term investment in these tokens. Which memecoin to stack this week?
Despite increased volatility in the market, the DOGE price has formed an inverted cup and handle pattern in the 1D time frame, indicating a bearish outlook in the coming days. Moreover, it has lost 3.12% within the past day and 2.52 over 30 days, highlighting weak buying and selling pressure.
The technical indicator, MACD, shows a constant decline in the chart with its averages displaying a high possibility of a bullish convergence this week. However, the EMA 50/200-day hints at bearish price action, highlighting a mixed sentiment in the crypto space.
If the market holds the Dogecoin price above the support level of $0.155, the bulls will regain momentum and prepare to test its resistance level of $0.182. Conversely, bearish price action may pull the price toward its lower support level of $0.128 in the coming time.
Did you Know : Meme Coins DOGE, PEPE, FLOKI Ready For Extended Bull Run?
The Shiba Inu memecoin displayed a neutral trend for the first two months, indicating a weak start for this category in the crypto market. However, as the hype for memecoin increased, the SHIB price broke out of its resistance level and recorded a 3X surge within the next few days.
After facing rejection at the resistance level of $0.00003950, the bulls lost momentum and broke down the support level. Since then, the Shiba Inu price has been trading between $0.000023 and $0.000030. Positively, the EMA 50-day acts as a support, indicating a bullpower in the crypto industry.
The MACD displays a rising green histogram in the chart, highlighting increased buying pressure in the crypto industry. Furthermore, the averages successfully recorded a bullish convergence, suggesting a bullish outlook for the memecoin in the coming time.
Read More : BONK And PEPE Break Resistance: Is The Memecoin Market On The Move?
If the bulls continue to gain momentum, the SHIB price will prepare to test its resistance level of $0.000030 this week. However, a bearish reversal may result in the price testing its support level of $0.00002375.
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