Memecoins
Which one will get the most profits this June?
Despite a cooling in the price action of major crypto tokens, the memecoin category has successfully regained momentum recording strong bullish price action since the start of the week. Additionally, major meme tokens have added significant value to their respective portfolios this month, indicating growing bullish sentiment.
With increasing volatility in the cryptocurrency market and rising hype for memecoins, is the cryptocurrency market on the verge of experiencing a Meme Mania in the coming weeks?
Dive in because, in this article, we’ve covered price analysis of the Dogecoin and Shiba Inu memecoins and possible targets for the month of June for each.
Dogecoin is on the verge of breaking its triangle pattern!
The leader of memecoins, Dogecoin price, added about 3.5% to its portfolio over the past day. Despite trending neutral over the past week, the memecoin star has gained 20.1% this month, highlighting an increase in bullish sentiment within the cryptocurrency sector.
Furthermore, the DOGE coin price has a year-to-date (YTD) return of 86.34%, suggesting a positive outlook for the memecoin during the upcoming bull rally.
TradingView: DOGE/USDT
Furthermore, the DOGE coin price it has formed a symmetrical triangular pattern in the 1D time frame and is about to break it this week, the outcome of which is uncertain.
The Moving Average Convergence Divergence (MACD) shows a steady decline in its price chart with its averages showing a high possibility of bearish convergence. Furthermore, the SMA registers a negative crossover, indicating weak price action for memecoin in the cryptocurrency sector.
If the Doge memecoin sees a breakout of the triangle pattern, the bulls would prepare to test its upper resistance level of $0.205 in the coming time. However, in case of a breakdown, the Doge memecoin could retest its crucial support level of $0.128.
Shiba Inu price suggests a bullish breakout:
THE SHIB price it successfully retested its important support level of $0.00002375. This has led the second-largest memecoin by market capitalization to register an increase of 8.95% over the past week.
Furthermore, the Shiba Inu coin price increased by 19.89% with a 120% increase in trading volume over the past day. On the bright side, the memecoin has gained 174.26% this year, suggesting an increase in investor interest in it.
TradingView: SHIB/USDT
With a growing bullish influence in the SHIB token, its price is on the verge of testing its resistance trendline this week. The simple moving average (SMA) shows a bullish crossover on the price chart, suggesting a positive outlook for the memecoin in the coming weeks.
The technical indicator, RSI, successfully tested its midpoint in the 1D time frame, registering a significant bullish trend towards the overbought range.
If the bulls break above the resistance trend line, the Memecoin SHIB will prepare to test its upper resistance level of $0.00003950 in the coming time. On the contrary, if a trend reversal occurs, the price will fall towards the $0.00002375 support level.