Key Takeaways
Dogecoin and Shiba Inu have risen by more than 6% over the past 24 hours.
DOGE was able to break through resistance and may target $0.095.
SHIB has yet to overcome a crucial hurdle in its trend.
Share this article
Meme coins Dogecoin and Shiba Inu have been lagging behind the rest of the cryptocurrency market, but the technicals suggest that they could soon break out.
Dogecoin, Shiba Inu Look Set to Rally
Dogecoin and Shiba Inu appear to be gearing up for bullish breakouts as the cryptocurrency market gains momentum.
DOGE has surged more than 6% over the past 24 hours. The sudden spike in upward pressure helped it overcome a critical resistance area. Now, it appears that Dogecoin could have the strength to advance further.
From a technical perspective, DOGE broke out of a symmetrical triangle and overcame the $0.073 resistance level. These developments could play a significant role in its price action as the Y-axis of the technical formation projects a 34% target. If validated, Dogecoin could surge toward $0.095 or even $0.10.
However, Dogecoin must continue to hold above $0.068 to confirm the optimistic outlook. If it breaks below this level, it could face a selloff that results in a correction to $0.065 or $0.061.
DOGE/USD 12-hour chart (Source: TradingView)
Shiba Inu has also gained bullish momentum over the past 24 hours, rising by more than 4%. The upward price action pushed SHIB into a significant area of resistance. As market sentiment improves, it looks like the dog token is gaining the strength it needs to break out.
SHIB has formed a head-and-shoulders bottoming pattern on its daily chart. Still, it has yet to overcome the pattern’s neckline. Shiba Inu must print a daily candlestick close above $0.013 to enter a 44% uptrend toward $0.019.
SHIB/USD daily chart (Source: TradingView)
It is worth noting that if Shiba Inu fails to break through $0.013, it could face a correction and retrace toward $0.010.
Disclosure: At the time of writing, the author of this piece owned BTC and ETH.
For more key market trends, subscribe to our YouTube channel and get weekly updates from our lead bitcoin analyst Nathan Batchelor.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
