How long can the meme coin rise?
Bulls keep dominating on the cryptocurrency market; however, some coins have already faced the correction phase.
Top coins by CoinMarketCap
BTC/USD
Yesterday morning, the bears failed to break through the support of $60,000. The Bitcoin (BTC) price pierced this psychological level, marking the daily low at $59,500, and quickly recovered above $62,000.
BTC/USD chart by TradingView
At the same time, the BTC price could not stay above this level for long so, in the afternoon, the pair returned to the area of average prices and consolidated in a sideways direction.
It still relies on the support of the psychological level of 460,000 and the restoration of the pair to 100% fibo ($64,895).
Bitcoin is trading at $63,545 at press time.
DOGE/USD
The rate of DOGE is almost unchanged since yesterday.
DOGE/USD chart by Trading View
DOGE keeps trading in the channel between the zone of the most liquidity at $0.2405 and the resistance at $0.3495.
At the moment, neither bulls nor bears have seized the initiative, which is also confirmed by the low trading volume. In this case, the more likely scenario is continued sideways trading in the area around $0.28.
DOGE is trading at $0.2728 at press time.
SHIB/USD
SHIB is the biggest loser today as its rate has fallen by 3.23% over the last day.
SHIB/USD chart by TradingView
SHIB is trading similar to DOGE as it is also located in a wide range. The selling volume is low, which means that further growth is more likely than a fall. Respectively, the ongoing trend might continue so the coin could accumulate more energy for a sharp move.
SHIB is trading at $0.00006865 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.
