Ever since the crypto markets gained strength and triggered a healthy upswing, the memecoins have ranged within no time. Of all the tokens, WIF, FLOKI, and BOME prices have been displaying acute strength, while PEPE and BONK follow the trend. On the other hand, Dogecoin (DOGE) & Shiba Inu (SHIB) seem to be waiting for a significant influx of buying volume, as both tokens have been lacking the required volatility. Here’s what to expect from the DOGE & SHIB prices during the year’s second half.
Dogecoin has been trading under extremely bearish influence for over a couple of days, which had flipped during the start of the year. However, the bulls continue to influence the token, as the trend remains slightly hopeful until the quarterly close. The Bulls are trying hard to keep up above the crucial support-turned-resistance level at $0.1274. If the levels remain bullish for the next few hours, the DOGE price is believed to maintain a bullish trend for the rest of 2024.
The weekly chart suggests the token underwent a parabolic recovery and reclaimed the levels above $0.2. Although the price is experiencing a minor pullback, the bulls continue to hold some dominance, due to which the price is believed to reclaim the lost levels. The RSI has triggered a healthy rebound but it is yet to be validated.
Therefore, the DOGE price is believed to trigger a rise above $0.22 if the levels close the monthly trade above $0.1274 or else it may drop close to $0.1, followed by a bullish rebound above $0.2.
The Shiba Inu price displays a huge possibility of a bearish reversal as the token continues to withstand constant upward pressure. The token is replicating a previous trend and if it happens, SHIB price is feared to drop by over 40% and further continue to consolidate within a narrow range. The volume also has slashed hard, which suggests the token is undergoing extreme compression, resulting in huge price action soon.
The chart indicates the SHIB price is either preparing for a decent pullback towards the local support or rising and consolidating within a narrow range. The DMI supports the bearish narrative as -Di & +Di levels have been approaching to materialise bearish crossover. With this, the price witnessed a huge setback and slashed below $0.00001, attracting huge liquidity to the platform.
This could be when the Shiba Inu (SHIB) price may rise and reclaim the current levels but to surpass $0.000035, the ShibaArmy is required to jump into action quickly, which may squash the bearish narrative.
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