Will There Be A Meme Coin Rally This Weekend? SHIB And DOGE Prices Are On The Verge Of A Bullish Rally
Meme coins have been rallying upward with the potential to make a bullish breakout above resistance levels.
Shiba Inu and Dogecoin are witnessing significant on-chain activity, which may push them to astronomical heights this weekend.
In recent weeks, the crypto market has seen a surge in the popularity of meme coins as popular cryptocurrencies like Shiba Inu and Dogecoin are leading the meme coin rally this year. The price action of SHIB and DOGE has created a buzz amid the bullish market trend and has gained investors’ attention to accumulate enough buying pressure in the price chart.
Shiba Inu And Dogecoin Prices To Surge Above These Levels
As meme coins are less affected than significant crypto assets like Bitcoin and Ethereum from the ongoing macroeconomic factors, investors gain more confidence to invest in this asset category.
Shiba Inu Price Analysis
Shiba Inu is on the cusp of a game-changing moment as it heads toward its key resistance level. Though the recent interest rate hike by the Fed has brought some uncertainty in the crypto market, it hasn’t demotivated big players from grabbing massive amounts of SHIB tokens. If the token manages to break above this resistance, a wild ride in the North may be witnessed with intense volatility.
As of writing, the SHIB token trades at $0.00001234 with an uptrend of nearly 2% from yesterday’s performance. A well-known altcoin trader, Bizmark, noted that Shiba Inu had formed a triangle pattern in the price chart. He predicts that SHIB’s price may gear up for a bullish trend continuation if it breaks above the level of $0.0000128, which may push SHIB’s price to a short-term bullish goal of $0.00001386.
Dogecoin Price Analysis
After a solid bullish trading session, the DOGE price has been rejected from its critical resistance level and is currently hovering in a red region. Moreover, the accumulation rate from DOGE investors witnessed a downturn as the meme coin failed to spark any promising upward journey.
According to CoinMarketCap, Dogecoin’s price trades at $0.092 with a minor uptick. Looking at the daily price chart, Dogecoin hovers around a crucial price zone as it can build up two scenarios. First: if the DOGE price moves above the 23.6% Fib level and breaks its immediate resistance of $0.098, it can test its crucial price level at $0.111, above which it may confirm a clear uptrend.
Second: the DOGE market may see domination from bears if bulls fail to maintain its price above the EMA-100 trend line at $0.085. A breakout below $0.078 may plunge the meme coin by 16% and force it to trade below $0.065.