Recent market swings have caused meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) to go up and down. Both coins lost a lot of value, but there are signs that things may be about to get better, and some experts think there could be a 100% comeback soon.
The price of Shiba Inu fell a lot this week, 10.65%, to a low of $0.000022. But Dogecoin dropped more than 11% and now stands at $0.142. But both meme coins have shown signs of being strong as Bitcoin gets better. This gives people hope for a rising rise.
Dogecoin Eyes 100% Comeback
Based on the numbers, it looks like Dogecoin is about to break out, which could cause a 100% rise. Dogecoin is moving above its Moving Average (MA) for the last 200 days but below its MA for the last 50 days. The trend may be changing to a bullish one, though, since there has been more selling pressure lately. Open Interest (OI) is slightly going up, which shows that how people feel about the market is still a major part of this trend.
Key levels of resistance, especially at $0.16, will be closely watched for Dogecoin. If it breaks through these levels, the coin could quickly reach $0.2. Analysts say that past trends and market sentiment could play a major part in this rise, even though Dogecoin’s fundamentals may not be the only reason for it.
Meme coins aren’t so good for the Shiba Inu, though. The Relative Strength Index (RSI) has been going down lately because of changes in the market. However, the year-to-date (YTD) growth of over 116% is outstanding. Moving Average Convergence Divergence (MACD) indicators, on the other hand, show that Shiba Inus may be changing direction.
There are a few main reasons why Shiba Inu is growing faster than Dogecoin. These include a rising burn rate and the fact that Bitpay and other major payment sites accept it. Its strong link to Bitcoin could also help it reach its goal of a full comeback.
Dogecoin and Shiba Inu are both trying to find their way through the rough cryptocurrency markets. A major rise isn’t a sure thing for either investors or fans, but enthusiasm is high. Meme coins are still around, even though there are problems. This shows that the crypto world is always changing, which can be good for smart buyers.
