As Bitcoin price dropped towards the $58,000 mark, memecoins lost their momentum and saw a significant correction in their respective portfolios. Moreover, some mid-sized memecoins saw double-digit declines during this period.
In the current market environment, questions like “Is it a good time to invest in memecoins?” and “Is memecoin a good investment?” are constantly increasing.
Let’s take a look at the market sentiment, price analysis, and possible short-term price targets of memecoins Dogecoin (DOGE) and Shiba Inu (SHIB).
Dogecoin (DOGE) Price Evolution:
Despite a 1.61% correction recorded over the past day with a trading volume of $666.125 million, DOGE price has seen a 32% jump over the past week and has rewarded its long-term investors with a year-to-date (YTD) return of 19.64%.
The Moving Average Convergence Divergence (MACD) has registered a steady decline in the red histogram, highlighting an increase in memecoin price action in the cryptocurrency market. Moreover, the averages display a strong possibility of bullish convergence, suggesting a positive outlook in the times ahead.
If the market continues to move in a bullish mood, DOGE price will head towards its resistance level at $0.12730. Conversely, if the bears regain power, Dogecoin price will prepare to test its crucial support level at $0.0780.
Shiba Inu (SHIB) Price Evolution:
Amidst increased bearish sentiment in the crypto space, Shiba Inu price has dropped by around 3% in the last 24 hours. Moreover, this memecoin recorded a 24-hour high/low of $0.00001413 and $0.00001331. With a market cap of $8.26 billion, it secured the 13th position.
The 50/200-day EMA shows a negative trend in SHIB price action. On the other hand, the RSI indicator has shown a bullish reversal with the support of the average trendline in the 1D time frame. This suggests uncertainty about the future price action.
Let’s assume that the cryptocurrency market experiences a bullish reversal, in which case the SHIB price will climb towards its upper resistance level of $0.00002350 in the coming weeks. However, a bearish action could pull the Shiba Inu price towards its important support level of $0.00001175.
