Dogecoin (DOGE) Or Shiba Inu (SHIB): Which Will Gain More Profits This June?
The post Dogecoin (DOGE) Or Shiba Inu (SHIB): Which Will Gain More Profits This June? appeared first on Coinpedia Fintech News
Despite a cool-off in the price action of top crypto tokens, the memecoin category has successfully regained momentum by recording a strong bullish price action since the week started. Moreover, top meme tokens have added significant value to their respective portfolio this month, indicating increased bullish sentiment.
With the rising volatility in the crypto market and increased hype for memecoins, is the cryptocurrency market on the verge of experiencing a Meme Mania during the upcoming weeks?
Dive in as, in this article, we have covered the price analysis of Dogecoin and Shiba Inu memecoins and the possible targets for the month of June for each.
Dogecoin On The Verge Of Breaking Its Triangle Pattern!
The leader of memecoins, Dogecoin Price, has added approximately 3.5% to its portfolio within the past day. Despite recording a neutral trend over the past week, the star memecoin has added 20.1% this month, highlighting an increase in the bullish sentiment within the crypto space.
Furthermore, the DOGE coin price has a Year-to-Date (YTD) return of 86.34%, suggesting a positive outlook for the memecoin during the upcoming bull rally.
Moreover, the DOGE coin price has formed a symmetric triangle pattern in the 1D time frame and is on the path of breaking it this week, the outcome of which is uncertain.
The Moving Average Convergence Divergence (MACD) shows a constant decline in its price chart with its averages displaying a high possibility of a bearish convergence. Furthermore, the SMA records a negative crossover, indicating a weak price action for the memecoin in the crypto space.
If the Doge memecoin records a breakout of the triangle pattern, the bulls will prepare to test its upper resistance level of $0.205 in the coming time. However, in case of a breakdown, the Doge memecoin could retest its crucial support level of $0.128.
Shiba Inu Price Hints A Bullish Breakout:
The SHIB price has successfully retested its important support level of $0.00002375. This resulted in the second largest memecoin by market cap recording a surge of 8.95% over the past week.
Furthermore, the Shiba Inu coin price has added 19.89% with a 120% surge in its trading volume over the past day. Positively, the memecoin has added 174.26% this year, suggesting an increase in investor’s interest in it.
With a rising bullish influence in the SHIB token, its price is on the verge of testing its resistance trendline this week. The Simple Moving Average (SMA) displays a bullish crossover in the price chart, suggesting a positive outlook for the memecoin during the upcoming weeks.
The technical indicator, RSI, has successfully retested its mid-point in the 1D time frame, resulting in it recording a significant uptrend toward the overbought range.
If the bulls breach the resistance trendline, the SHIB memecoin will prepare to test its upper resistance level of $0.00003950 in the coming time. Conversely, if a trend reversal occurs, the price will plunge toward its support level of $0.00002375.
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