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Can the meme coins bounce back faster than most of the other cryptocurrencies?

Can the meme coins bounce back faster than most of the other cryptocurrencies?
Denys SerhiichukDenys SerhiichukU.Today

Bulls are slightly recovering their positions, according to the CoinMarketCap ranking.

Chart

Top coins by CoinMarketCap

DOGE/USD

DOGE could not follow the bounceback of most of the other coins with a decline of 1.34% over the last 24 hours.

Doge

DOGE/USD chart by TradingView

DOGE keeps trading sideways after the false breakout of the formed support level at $0.07 on the daily chart. The volume has declined, which means that the meme coin needs more time to accumulate power for a further sharp move.

In this case, sideways trading between $0.0850 and $0.0950 is the more likely scenario for the next few days.

DOGE is trading at $0.0879 at press time.

SHIB/USD

Unlike DOGE, the rate of SHIB has increased by 1.09%.

SHIB

SHIB/USD chart by TradingView

Despite the growth, SHIB is trading close to the support level at $0.0000110, which means that buyers still lack power to start the short-term growth. If sellers' pressure continues and the daily candle closes near $0.000011, there is a possibility of expecting the decline to the $0.000010 mark soon.

SHIB is trading at $0.00001224 at press time.

Read full original article on U.Today

Author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

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