Memecoins On A Run! DOGE Price And SHIB Price To Jump 50% In May?
Release: 2024/05/03 17:54 Reading: 454
Memecoins on a Run! Will DOGE and SHIB Prices Jump 50% in May?
Originally published on Coinpedia Fintech News
The memecoin category continues to exhibit volatile price sentiments following the recent market correction. Dogecoin (DOGE) and Shiba Inu (SHIB), the top tokens in this category, hover near their support/resistance levels, hinting at uncertain future price movements.
Dogecoin (DOGE)
The leading memecoin, DOGE, remains close to its critical support level of $0.128, despite growing bullish sentiment in the crypto industry. The Cross EMA 50/200-day curve indicates a bearish outlook for DOGE.
src="/uploads/20240504/17147925196635a8478994e.png">
[TradingView: DOGE/USDT](https://www.tradingview.com/chart/DOGEUSDT/4z0528gF-DOGE-Price-Prediction-Will-It-Jump-50-in-May/)
The MACD technical indicator displays a persistent red histogram on the 1D time frame, highlighting a strong bearish sentiment. The averages also trend negatively, suggesting that DOGE may continue to lose value this week.
If the bulls can maintain the price above $0.128, DOGE could rally towards its upper high of $0.182 this month. However, if the bears prevail, it could plunge and test its lower support level of $0.10.
Shiba Inu (SHIB)
Similar to DOGE, SHIB, the second-largest memecoin by market cap, has also recorded a 4% gain in the past 24 hours. It boasts a Year-to-Date (YTD) value increase of 121.38%.
src="/uploads/20240504/17147925196635a8478994e.png">
[TradingView: SHIB/USDT](https://www.tradingview.com/chart/SHIBUSDT/4z0528gF-DOGE-Price-Prediction-Will-It-Jump-50-in-May/)
However, SHIB has lost 11% in the past seven days and 15.32% over the past 30 days, indicating rising bearish sentiment. Its EMA 50-day serves as a resistance, suggesting negative influence in the crypto space.
The MACD shows a flatline, indicating weak buying and selling pressure for SHIB. The averages display a neutral trend, implying uncertainty in future price action.
If the market pushes SHIB above $0.00002375, the bulls could regain momentum and target the upper resistance level of $0.0000308. Conversely, bearish action could pull it towards its support level of $0.0000170 in the coming weeks.
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