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June 16, 2024
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Dogecoin’s Bottom Could be In While Shiba Inu Flashes Bearish Signals; Should you Sell these Memecoins?

The post Dogecoin’s Bottom Could be In While Shiba Inu Flashes Bearish Signals; Should you Sell these Memecoins? appeared first on Coinpedia Fintech News

Shiba Inu is among the top gainers among the top 100 tokens as per the market cap, with a notable jump of nearly 10%. The token surpassed the crucial $0.0001 in the early trading hours, which offered significant boosts to the bulls, who now appear to be poised to clinch the higher targets. Besides, the DOGE price is also preparing to undergo a strong upswing as it appears to have reached the bottom of the consolidation, which is expected to trigger a healthy rebound.

So, is it a good time to buy Dogecoin or sell Shiba Inu?

Ever since the SHIB price completed a rest after the breakout from the crucial levels at $0.00000919, it has been maintaining a steep upswing. The buying volume has soared by four times from $2 trillion to $8 trillion, which has set up a base for a fine upswing. However, the technicals appear to be taking a bearish reversal soon, which may drag the price slightly lower during the weekend.

The Shiba Inu price has been maintaining a healthy upswing ever since it triggered a bullish rebound in the first few days of June. The price has been following a parabolic recovery since then and is approaching the neckline of the curve. However, to do so, the price could undergo a minor pullback to test the lower support below $0.00001.

This may further trigger a healthy rebound, as the price may certainly sustain within the curve and head forward. On the other hand, the Dogecoin price is displaying acute strength by maintaining a steep upswing. Although the volume remains largely depleted, buying pressure has accumulated, which may help the price maintain an ascending trend. Besides, the RSI is incremental and has yet to reach its upper resistance.

As seen in the above chart, the DOGE price is approaching the upper resistance of the descending parallel channel. A breakout from this pattern may confirm a rise above the bearish influence. However, the chances of a bearish reversal appear to be less at the moment, and hence a notable surge could be imminent. 

Collectively, the memcoins have gained significant attention in recent times with their growing volume. Therefore, Dogecoin and Shiba Inu are undergoing major price changes, and the upcoming weekend could be crucial for both popular tokens. 

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