The meme coin market is experiencing a resurgence following positive news that Trump has halted plans to raise tariffs and new inflation data indicating a slowdown. This has led to Bitcoin inching closer to $85,000, sparking interest in popular meme coins like Dogecoin and Shiba Inu. However, both DOGE and SHIB are facing challenges in surpassing key price levels, hinting at a possible short-term dip before further gains can be made.
Dogecoin and Shiba Inu have seen an increase in open interest due to their recent price surges. Dogecoin’s open interest has risen by approximately 3.2%, reaching $1.57 billion, while SHIB’s open interest has seen a smaller uptick of 0.05%, totaling over $120 million. Despite this, the heightened price volatility and a rise in short trades near crucial resistance levels for Dogecoin and Shiba Inu may introduce uncertainty and conflicting signals on their price charts.
In terms of Dogecoin’s price analysis, the coin is struggling to break above the $0.17 resistance level. While buyers are currently driving the price upwards, there are indications that sellers could enter the market soon and push DOGE below the 23.6% Fibonacci level. At present, Dogecoin is trading at $0.165, marking a 2% increase over the past 24 hours. The Relative Strength Index (RSI) stands at 58, suggesting strong buying momentum. If buyers persist, DOGE could climb towards the $0.2 resistance level and potentially rally to $0.25. Conversely, a failure to hold above the rising support line could lead to a drop, with the price potentially falling to around $0.13.
Shiba Inu is currently grappling with breaking through the immediate resistance at $0.000013, resulting in sellers keeping the price range-bound and impeding substantial upward movements. SHIB is trading at $0.0000122, reflecting a marginal 0.5% increase in the past 24 hours. Despite bearish pressure, buyers are striving to push the price higher, indicating strong bullish interest. The RSI at 56, slightly above the midpoint, suggests that buyers may soon gain the upper hand. If buyers successfully breach the $0.000013 resistance, SHIB could target $0.0000157. Conversely, increased selling pressure leading to a drop below the 20-day EMA support could see SHIB declining to around $0.0000102.
Overall, while Dogecoin and Shiba Inu face challenges in breaking key resistance levels, continued market interest and positive momentum could pave the way for further gains in the meme coin market.