Shiba

Dogecoin

bullish

Shiba Inu

The post <a href="https://coinpedia.org/price-analysis/heres-whats-next-for-the-top-2-meme-coins-as-crypto-market-stumbles/" rel="noopener noreferrer nofollow">Here’s What’s Next For The Top 2 Meme Coins&nbsp; As Crypto Market Stumbles!</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With the price of <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> plunging toward its $58,000 mark, the memecoins have lost momentum and recorded significant correction in their respective portfolios. Further, some mid-cap memecoins have experienced a double-digit drop during this period.
Amid current market situations, questions like “Is this the right time to invest in memecoins?” and “Is memecoin a good investment?” are on a constant rise.
Let’s take a look at the market sentiment, price analysis, and the possible short-term price targets of the Dogecoin (DOGE) and Shiba Inu (SHIB) memecoins.
<h2 class="wp-block-heading" id="h-dogecoin-doge-price-action">Dogecoin (DOGE) Price Action:</h2>
Despite recording a correction of 1.61% within the past day with a trading volume of $666.125 Million, the <a href="https://coinpedia.org/price-prediction/dogecoin-price-analysis/" target="_blank" rel="noopener noreferrer nofollow">DOGE price</a> has recorded a jump of 32% within the past week and has rewarded its long-term investors with a Year-to-Date (YTD) return of 19.64%.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdYfEAp3EQIpxctXVR_m2JcWYsoyf-r_5FNhc36k4XHZ3ZW5Pq47C_z3_WJYt_0hM-TvWo2ZDGHyP7azC52xv7fvJ1FFZRx4LxBuW1g31KF3dOiRWbD8ZzSEcCKY2_k3IJUyqOOd--2OhyflKlb5nFTfCw?key=wp0L-6xXCr1a9RY9PtTDIw" alt="Dogecoin Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: DOGE/USDT
 </figcaption>
</figure>
The Moving Average Convergence Divergence (MACD) has recorded a constant decline in the red histogram, highlighting increased price action for the memecoin in the crypto market. Moreover, the averages display a high possibility of a bullish convergence, suggesting a positive outlook in the coming time.
If the market continues trading under a bullish sentiment, the DOGE price will head toward its resistance level of $0.12730. Conversely, if the bears regain power, the <a href="https://markets.coinpedia.org/dogecoin/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin price</a> will prepare to test its crucial support level of $0.0780.
<h2 class="wp-block-heading" id="h-shiba-inu-shib-price-action">Shiba Inu (SHIB) Price Action:</h2>
Amid increased bearish sentiment in the crypto space, the <a href="https://coinpedia.org/price-prediction/shiba-inu-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu price</a> has dropped approximately 3% within the past 24 hours. Furthermore, this memecoin has recorded a 24-hour High/Low of $0.00001413 and $0.00001331. With a market cap of $8.26 Billion, it has secured 13th position.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXe0Arh14PFypO3u9Id2Cgptut1NK3PAtMHAXNRkZIWHJhvJ7RBql6PR_fp2IGGmaoaL_mF0c-q8x32pbNDZv8MuvAUGzKajGYOlC6ADq1Kh6_eiLAWDFiKLi97SQ4Gb9WibLApCBALwBi6kbGTLkBKM0xDP?key=wp0L-6xXCr1a9RY9PtTDIw" alt="Shiba Inu Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: SHIB/USDT
 </figcaption>
</figure>
The EMA 50/200-day shows a negative trend in the <a href="https://markets.coinpedia.org/shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">SHIB price</a> action. On the other hand, the RSI indicator has displayed a bullish reversal with the support of the average trendline in the 1D time frame. This suggests uncertainty in future price action.
Suppose, the crypto market experiences a bullish reversal, in that case, the SHIB price will surge toward its upper resistance level of $0.00002350 during the upcoming weeks. However, bearish action could pull the Shiba Inu price toward its important support level of $0.00001175.

Here’s What’s Next For The Top 2 Meme Coins As Crypto Market Stumbles!

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