Top 2 Memecoins To Record 50% Surge As Market Turns Bullish?
Release: 2024/07/16 19:35 Reading: 523
Top 2 Memecoins to Experience a 50% Surge in Bullish Market
With a robust upward recovery in the cross-border financial system, Bitcoin has escalated over 11% in the past week, successfully reclaiming the $65,000 mark with a market cap of $1.251 Trillion.
This surge has spurred significant growth in popular memecoins like Dogecoin and Shiba Inu, signaling a bullish sentiment in the market. Consider investing in these memecoins? Read on for market insights and price analysis.
Dogecoin Price Exhibits Increased Volatility:
The DOGE price has maintained a positive trend for five consecutive days, adding 21.19% to its portfolio. In the past week, it has risen by 13.04% and boasts a YTD return of 36.19%.
TradingView: DOGE/USDT
The 50/200-day EMA indicates a Death Cross on the 1D timeframe. However, a Golden Cross is imminent, with the MACD signaling an upward trend. This suggests a high probability of a bullish reversal for Dogecoin this week.
If market support pushes DOGE above $0.12730, bulls will regain momentum, aiming for the upper level of $0.155. However, if bears gain control, Dogecoin may fall towards its low of $0.101.
Shiba Inu Price Action:
The second-largest memecoin by market cap, Shiba Inu, has mirrored Dogecoin's price movement, adding 9.01% to its portfolio within a day with a trading volume of $706.003 Million. Recording five out of seven positive days, it has gained 18.92% over the past week.
TradingView: SHIB/USDT
Technical indicators SMA and MACD display a similar trend to Dogecoin, indicating elevated price volatility for SHIB.
Should bulls maintain dominance, SHIB will target an upper resistance level of $0.00002350. Alternatively, if bears retake control, Shiba may retest its low of $0.00001175 this month.
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