Can the meme coins bounce back faster than most of the other cryptocurrencies?
Bulls are slightly recovering their positions, according to the CoinMarketCap ranking.
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/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/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.
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Author
Denys Serhiichuk
U.Today
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.
