The cryptocurrency market has witnessed a resurgence in the meme coin category, despite a cool-off in the price action of top crypto tokens. Leading meme tokens such as Dogecoin (DOGE) and Shiba Inu (SHIB) have successfully regained momentum.
Additionally, this month has seen significant gains in the value of each of these meme currencies’ portfolios, indicating a rise in investor optimism.
As volatility rises in the crypto market and the hype surrounding meme coins intensifies, the question arises: is the cryptocurrency market on the verge of experiencing a Meme Mania in the upcoming weeks? In this article, we delve into the price analysis of Dogecoin and Shiba Inu and explore the possible targets for each token in June.
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Dogecoin On The Verge Of Its Triangle Pattern Breakout
Dogecoin, the leader of meme coins, added approximately 3.5% to its portfolio within the past day. Despite recording a neutral trend over the past week, the star meme coin has gained an impressive 20.1% this month.
Furthermore, DOGE boasts a Year-to-Date (YTD) return of 86.34%, suggesting a positive outlook for the meme coin during the upcoming bull rally.
Currently, the DOGE price has formed a symmetric triangle pattern on the 1-day timeframe and is on the path to breaking it this week, although the outcome remains uncertain.
If Dogecoin succeeds in breaking out of the triangle pattern, bulls will be ready to target the upper resistance level of $0.205 in the near future. However, in the event of a breakdown, the DOGE price could retest its crucial support level of $0.128.
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Shiba Inu Price Hints at a Bullish Breakout
Shiba Inu, the second-largest meme coin by market cap, has successfully retested its important support level of $0.00002375. This has resulted in SHIB recording a surge of 8.95% over the past week.
Moreover, the Shiba Inu coin price has added 19.89% with a 120% surge in its trading volume over the past day. Impressively, the meme coin has gained 174.26% this year, suggesting an increase in investor interest.
With a rising bullish influence on the SHIB token, its price is on the verge of testing its resistance trendline this week. The SMA displays a bullish crossover in the price chart, suggesting a positive outlook for the meme coin during the upcoming weeks.
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If the bulls manage to breach the resistance trendline, the SHIB price will prepare to test its upper resistance level of $0.00003950 in the coming time. Conversely, if a trend reversal occurs, the price may plunge toward its support level of $0.00002375.
The meme coin category has successfully regained momentum, with Dogecoin and Shiba Inu leading the charge. The strong bullish price action and value addition to their portfolios hint at a potential Meme Mania in the upcoming weeks.