With the crypto space gaining momentum, the other altcoins are also utilizing all their strength to certify with a fresh upswing. Besides, a minor drop in bullish pressure has been witnessed as the Bitcoin price again heads close to $42,000. If the token breaches below the levels, then the top altcoins may also shake up, following the star crypto, which may flutter bearish flags over the crypto space. Having said so, the prices of Dogecoin (DOGE) & Shiba Inu (SHIB), which have again surpassed a pivotal range, are feared to drop back and continue to consolidate for more time than expected.
Dogecoin (DOGE) Price Analysis
The markets began the 2024 trade within a consolidated range with crucial support, which helped the Dogecoin price halt the ongoing descending trend. Although the bulls displayed acute strength and soared above $0.09. Unfortunately, the trend appeared to be short-lived as the price returned to its initial levels. Now that the volume and volatility have increased to some extent, will the DOGE price reclaim the lost levels and soar above $0.1?
The DOGE price is trading along the lower support of the decisive symmetrical triangle and testing the 100-day MA, which can be considered an important level. If the daily closes above these levels at $0.08225, it may head towards the next target at $0.08649, which may enter the pivotal resistance zone between $0.087 and $0.088. These levels coincide with the upper resistance of the triangle and hence a breakout may be imminent, which could lift the price close to $0.1.
Shiba Inu (SHIB) Price Analysis
Much like the DOGE price action, the Shiba Inu price is also trading within a decisive symmetrical triangle. However, the apex of the convention is very close, which may increase the volatility in the next few hours. With the monthly close on the horizon, the Shiba Inu price is believed to trigger a healthy rebound and reclaim the upper target very soon.
The DMI suggests the upcoming trend of the rally is neutral, with the levels going parallel with each other. Besides, ADX is also trading flat, which suggests a drop in the strength of the rally, which may compel the price to consolidate within a narrow range. However, the MACD is closer to flipping from the bearish influence as a bullish crossover is fast approaching. Therefore, after a minor accumulation, a breakout towards $0.00001 appears imminent.
Source: https://coinpedia.org/price-analysis/dogecoin-or-shiba-inu-which-memecoin-will-drop-a-zero-from-its-value-first/