The cryptocurrency markets have been on a rollercoaster ride lately, with Bitcoin’s price dropping below $100,000 after a strong run. Despite this dip, there is still a possibility of a reversal that could kickstart another bull run. Alongside Bitcoin, meme coins like Dogecoin and Shiba Inu are also following the trend. SHIB price typically mirrors the DOGE price rally, and both coins are currently experiencing upward pressure, with PEPE also gaining momentum.
Dogecoin (DOGE) Price Analysis
The weekly trade for DOGE is turning bearish as buying pressure wanes and trading volume decreases by over 12%. However, technical analysis suggests that the current accumulation phase may soon come to an end, potentially leading to a 50% breakout close to its all-time high. The daily chart indicates that DOGE may continue to trade sideways for the next few days. The Bollinger bands are parallel after a significant expansion, indicating a sideways trend. The RSI is attempting to enter the overbought zone, showing increasing bullish strength. Despite a recent increase in selling volume, the price is expected to range and potentially break out of the symmetric triangle, reaching levels above $0.6.
Pepe (PEPE) Price Rally
PEPE price has been facing strong resistance for almost a month since a breakout in November. Daily candles show large wicks on both sides, indicating substantial bullish and bearish pressure. With this ongoing tug-of-war, bulls are expected to gain momentum and push the price beyond the consolidation soon. The DMI levels are parallel, suggesting price stability, while the MACD levels are bearish but preparing for a bullish crossover within a positive range. This indicates that PEPE price may hover below the resistance zone for a few more days before breaking out to reach $0.00003.
Shiba Inu (SHIB) Price Analysis
Unlike other meme coins, Shiba Inu price has been on a strong uptrend since the beginning of the quarter, forming higher highs and higher lows. This suggests that bulls are in control, with the price potentially reaching above $0.00004. After a parabolic recovery from yearly highs, the RSI shows a firm ascending trend. The price is expected to consolidate around the resistance zone between $0.00003191 and $0.00003288 before potentially breaking out and reaching $0.00004 as market sentiments turn bullish.
Overall, the cryptocurrency market is in a state of consolidation, with potential for both bullish and bearish movements in the coming days. Traders and investors should keep a close eye on key levels and indicators to capitalize on potential opportunities.