Top Memecoins Display Mixed Sentiment! DOGE Or SHIB, Which To Buy?

The cryptocurrency industry has seen a sharp increase in market volatility following the Bitcoin halving, indicating increased buying and selling pressure in the cryptocurrency market. However, the meme coin category still shows mixed sentiments, indicating uncertainty in future price trends.

Dogecoin, the category leader, shows a negative trend. At the same time, the second largest meme coin, Shiba Inu, managed to record a bullish convergence on the 1D timeframe, raising investors’ concerns about short-term investments in these tokens. Which meme coin will you stack this week?

Dogecoin exhibits bearish price action:

Despite the increased volatility in the market, DOGE price has formed an inverted cup-and-handle pattern on the 1D time frame, indicating a bearish outlook for the coming days. Moreover, it has fallen 3.12% in the past day and 2.52% in the past 30 days, highlighting weak buying and selling pressure.

TradingView: DOGE/USDT

The technical indicator MACD shows a continuous decline on the chart, and its average indicates a likely bullish convergence this week. However, the 50/200 day EMA suggests bearish price action and highlights mixed sentiment in the cryptocurrency industry.

If the market sustains Dogecoin price above the support level of $0.155, the bulls will regain momentum and prepare to test the resistance level of $0.182. On the contrary, bearish price action could pull the price towards the lower support level at $0.128 going forward.

Did you know: meme coins DOGE, PEPE and FLOKI are ready for an extended bull run?

Shiba Inu prices record a bullish convergence!

Shiba Inu meme coin has shown a neutral trend for the first two months, indicating a weak start for this category in the cryptocurrency market. However, as the hype around the meme coin grew, SHIB price broke through resistance and soared 3x within a few days.

TradingView: SHIB/USDT

After facing rejection at the $0.00003950 resistance level, the bulls lost momentum and broke through the support level. Since then, the Shiba Inu price has traded between $0.000023 and $0.000030. On a positive note, the 50-day EMA acts as support and indicates bullishness for the cryptocurrency industry.

The MACD displays a rising green histogram on the chart, highlighting the increasing buying pressure in the cryptocurrency industry. Additionally, the averages managed to record a bullish convergence, suggesting a bullish outlook for Memecoin going forward.

read more : BONK and PEPE break through resistance: Is the meme coin market on the move?

If the bulls continue to gain momentum, SHIB price will be ready to test the $0.000030 resistance level this week. However, a bearish reversal could result in the price testing the support level at $0.00002375.

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