Memecoins
Memecoin on the run! Will DOGE price and SHIB price go up 50% in May?
The memecoin category continues to exhibit volatile price sentiment following the cross-border market correction earlier in the week. Category leaders, Dogecoin and Shiba Inu tokens, are hovering near their support/resistance levels, indicating uncertainty in future price action.
Dogecoin (DOGE):
The leader of the memecoin category, Dogecoin price, continues to remain near its crucial support level of $0.128, despite an increase in bullish sentiment in the cryptocurrency sector. Furthermore, the Cross 50/200 day EMA registers a bearish curve, highlighting a bearish sentiment for this token in the cryptocurrency market.
TradingView: DOGE/USDT
The technical indicator, MACD, shows a steady red histogram on the 1D time frame, highlighting strong bearish sentiment in the cryptocurrency sector. Furthermore, the averages are showing a negative trend, indicating that the memecoin leader, Dogecoin, may continue to lose value this week.
If the bulls keep the price above the crucial $0.128 support level, the price DOGE price will prepare to test its upper high of $0.182 this month. On the contrary, if bears were to dominate the cryptocurrency market, it would collapse and prepare to test its lower $0.10 support level in the coming times.
Shiba Inu (SHIB):
Following in the footsteps of the category leader, the second largest memecoin by market cap, Shiba Inu Price continues to show a similar trend, recording a jump of around 4% in the last 24 hours. Furthermore, the SHIB token has a year-to-date (YTD) value of 121.38%.
TradingView: SHIB/USDT
however, the Price of SHIB coins it has lost 11% over the past seven days and 15.32% over the past 30 days, highlighting growing bearish sentiment for memecoin in the crypto space. On the other hand, its 50-day EMA acts as a resistance on the price chart, indicating a negative influence in the cryptocurrency sector.
The moving average convergence divergence (MACD) shows a steady flat line in its chart, indicating weak buying and selling pressure for the memecoin in the market. However, the averages show a neutral trend, suggesting uncertainty in future price action.
If the market pushes the price above the $0.00002375 resistance level, the bulls will regain momentum and prepare to test its upper resistance level of $0.0000308. Conversely, bearish price action could push the price towards its $0.0000170 support level in the coming weeks.