cryptocurrency industry, Bitcoin It showed an increase in market volatility following the halving, indicating increased buying and selling pressure in the crypto market. However, the meme coin market continues to exhibit mixed sentiment, indicating uncertainty in future price movement.
Category leader Dogecoin is trending negatively. It is also the second largest meme coin Shiba Inu, successfully recorded bullish convergence on the 1D timeframe. In this context, it has raised concerns among investors about their short-term investments in these tokens. So which meme coin might make more sense to buy this week?
Dogecoin Shows Bearish Price Movement
Despite the increased volatility in the market, DOGE price formed an inverted cup and handle formation on the 1D time frame, indicating a bearish outlook in the coming days. Additionally, it lost 3.12% in value over the past day and 2.52 in 30 days, indicating weak buying and selling pressure.
The technical indicator MACD is showing a steady decline on the chart with its averages likely to trend upward this week. However, the EMA 50/200 daily is indicating bearish price action, highlighting a mixed sentiment in the crypto space.
Market dogecoin If it holds the price above the $0.155 support level, the bulls will gain momentum and prepare to test the $0.182 resistance level. Conversely, downward price action could pull the price towards the lower support level at $0.128 in the coming period.
Shiba Inu Price Registers Bullish Convergence
Shiba Inu trended neutral for the first two months, indicating a weak start for this category in the crypto market. However, as excitement for the meme coin increased, SHIB price broke out of the resistance level and rose 3x over the next few days.
After facing rejection at the $0.00003950 resistance level, the bulls lost momentum and broke the support level below. Since then, Shiba Inu price has been trading between $0.000023 and $0.000030. On a positive note, the EMA 50-day is acting as support, indicating a bullish strength in the crypto industry.
The MACD displays a rising green histogram on the chart, highlighting the increasing buying pressure in the crypto industry. Moreover, the averages successfully recorded bullish convergence. This indicates a bullish outlook for meme coin in the coming period.
If the bulls continue to gain momentum, SHIB price will be poised to test the $0.000030 resistance level this week. However, a bearish reversal could cause the price to test the $0.00002375 support level.
