Can the meme coins keep up with the rise of Bitcoin (BTC)?
At the beginning of the week, most of the coins followed the rise of first cryptocurrency – Bitcoin (BTC).
Top coins by CoinMarketCap
DOGE/USD
DOGE was unable to rise the way other coins did and dropped, going down by 0.13 percent over the past 24 hours.
DOGE/USD chart by TradingView
Despite the slight fall, DOGE made a false breakout of yesterday's low at $0.06129. At the moment, the price is trying to break the local resistance level at $0.06412.
If buyers can hold the gained initiative, the rise may lead to a test of the $0.066 zone before the end of the week. DOGE is trading at $0.06345 at press time.
SHIB/USD
Unlike DOGE, the SHIB price has risen by 0.78% since yesterday.
SHIB/USD chart by TradingView
From the technical point of view, SHIB is trading similarly to DOGE as the price now is closer to the resistance level than to the support one. In this case, there is a high probability to see the breakout of the $0.00001268 mark if the candle closes near $0.00001240.
SHIB is trading at $0.00001240 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.
