Dogecoin and Shiba Inu Await Breakout for Over 100% Rally
Release: 2024/05/12 07:09 Reading: 310
- Original author：Coingape News Media
- Original source：https://coingape.com/?p=196538
The Impact of Ecosystem Volatility on Memecoins: Dogecoin and Shiba Inu Take a Hit
The recent volatility within the broader cryptocurrency ecosystem has significantly affected memecoins, with Dogecoin (DOGE) and Shiba Inu (SHIB) being particularly impacted.
Amidst the bearish sentiment, Shiba Inu has experienced a 10.65% decline over the past seven days, reaching a low of $0.000022 during that period. Dogecoin has also been affected, with bears driving it down by over 11% to a weekly low of $0.142.
Technical Indicators Suggest Potential for a Rally
Despite this downturn, crucial on-chain technical data indicates that an uptick of over 100% cannot be ruled out. Dogecoin is currently exhibiting a mildly oversold trend on the daily chart. Its Relative Strength Index (RSI) stands at 45, up from 34 on May 1st. This increased selling pressure suggests a potential bullish trend reversal.
DOGE/USDT 1D Chart. Source: TradingView
Additional signals are present, as Dogecoin trades above its 200-Moving Average (MA) but below its 50-day MA. However, predicting a solo bullish rally for DOGE remains challenging due to its high volatility.
The broader market sentiment will play a significant role in sustaining the recent uptick in Open Interest (OI). As of this writing, Coinalyze estimates the OI at $645.6 million, representing a 0.87% increase.
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