Do meme coins have enough power to start rising?
This week has turned out to be bullish for the cryptocurrency market.
Top coins by CoinMarketCap
DOGE/USD
Despite the market growth, the rate of DOGE has declined by 5.58% over the last 7 days.
DOGE/USD chart by TradingView
On the daily chart, DOGE is located in the middle of a wide range with neither bullish nor bearish signals. The meme coin has made a false breakout out of the $0.065 mark, which means that bears tend to be more potent than bulls.
If the situation does not change, one can see a return to the $0.060 zone soon. DOGE is trading at $0.063 at press time.
SHIB/USD
SHIB has followed the decline of DOGE, going down by 2.25% since the beginning of the week.
SHIB/USD chart by TradingView
From the technical point of view, SHIB is also trading similar to DOGE as bulls have not seized the initiative yet in the long-term. The sellers' pressure may continue until buyers can fix the price above the $0.000011 zone.
SHIB is trading at $0.00001083 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.
