The cryptocurrency industry has displayed a spike in market volatility following the Bitcoin Halving, indicating increased buying and selling pressure in the crypto market. However, the memecoin category continues displaying a mixed sentiment, indicating uncertainty in future price action.
The category leader, Dogecoin, displays a negative trend. At the same time, the second largest memecoin, Shiba Inu successfully recorded a bullish convergence in the 1D time frame, raising concerns among investors about their short-term investment in these tokens. Which memecoin to stack this week?
Dogecoin Displays A Bearish Price Action:
Despite increased volatility in the market, the DOGE price has formed an inverted cup and handle pattern in the 1D time frame, indicating a bearish outlook in the coming days. Moreover, it has lost 3.12% within the past day and 2.52 over 30 days, highlighting weak buying and selling pressure.
The technical indicator, MACD, shows a constant decline in the chart with its averages displaying a high possibility of a bullish convergence this week. However, the EMA 50/200-day hints at bearish price action, highlighting a mixed sentiment in the crypto space.
If the market holds the Dogecoin price above the support level of $0.155, the bulls will regain momentum and prepare to test its resistance level of $0.182. Conversely, bearish price action may pull the price toward its lower support level of $0.128 in the coming time.
Did you Know : Meme Coins DOGE, PEPE, FLOKI Ready For Extended Bull Run?
Shiba Inu Price Records A Bullish Convergence!
The Shiba Inu memecoin displayed a neutral trend for the first two months, indicating a weak start for this category in the crypto market. However, as the hype for memecoin increased, the SHIB price broke out of its resistance level and recorded a 3X surge within the next few days.
After facing rejection at the resistance level of $0.00003950, the bulls lost momentum and broke down the support level. Since then, the Shiba Inu price has been trading between $0.000023 and $0.000030. Positively, the EMA 50-day acts as a support, indicating a bullpower in the crypto industry.
The MACD displays a rising green histogram in the chart, highlighting increased buying pressure in the crypto industry. Furthermore, the averages successfully recorded a bullish convergence, suggesting a bullish outlook for the memecoin in the coming time.
Read More : BONK And PEPE Break Resistance: Is The Memecoin Market On The Move?
If the bulls continue to gain momentum, the SHIB price will prepare to test its resistance level of $0.000030 this week. However, a bearish reversal may result in the price testing its support level of $0.00002375.