DOGE’s market value appreciated by 20% in the last seven days.
Long-term RSI for meme tokens DOGE and SHIB saw a positive turn.
Amid a larger bearish market, Dogecoin and Shiba’s short-term gains ignited some optimism in the market.
As a larger bearish spell engulfed the crypto market with top tokens oscillating in a rangebound momentum, meme tokens turned to the market’s rescue flashing short-term bullish signals.
Entering the third week of June, DOGE/USDT and SHIB/USDT pairs presented a high demand owing to gains in RSI. Both the tokens made price gains above their key support levels with a significant bullish engulfing candle on each of the tokens’ charts, initiating a relief rally.
For the top meme token, DOGE, a price push from bulls, helped the coin gain almost 20% over the week. On the other hand, the top Dogekiller – SHIB, noted close to 35% weekly gains but saw price action weakening at press time.
The recent recovery rally pushed DOGE’s price 50% higher as the coin reclaimed the immediate resistance of $0.07 and hit the next higher resistance at the $0.77 mark. While DOGE’s recovery was notable, SHIB charted higher gains of close to 60% over the last week.
However, on June 28, around press time, the two meme tokens saw weakening momentum on their short-term charts, which makes it crucial to assess whether DOGE and SHIB could continue their uptrend.
Despite the recent gains, DOGE price failed to surpass the overhead resistance at the 0.078 mark. There was a significant pump in trade volumes for the top meme token. However, the long-work rejection candle highlighted that bears cautiously defended the higher resistance levels with vigor.
In the early trading hours of Monday, Dogecoin broke higher, surpassing its 50-Day Moving Average for the first time since late April. DOGE/USDT pair traded close to $0.08, making it the best performing cryptocurrency in the top 50 cryptos by market cap.
Many market experts believe that the top meme coin has seemingly broken above a downtrend in play since mid-May. However, the larger market’s bearishness pulled down the price of the tenth-ranked crypto asset by market cap.
At press time, DOGE traded at $0.07262, noting a 2.03% drop in price over the last 24 hours. Notably, on a one-hour chart, Dogecoin has lost almost 8% price from the high of $0.078.
The top meme coins RSI presented that sellers were starting to gain dominance as buying pressure slumped. In the short term, a recovery above the $0.075 mark would be essential to DOGE’s recovery. Lowering social anticipation for the coin can further affect DOGE prices.
FXEmpire analyst Mohadesa Najumi highlighted that while ‘Dogecoin may have surged 55% recently, technical analysis shows that short-term sentiment on DOGE is neutral, with 16 indicators displaying bullish signals compared to 16 bearish signals at the time of writing.’
In another FXEmpire article, analyst Joel Frank presented that for DOGE, a clean break above the 50DMA sets the stage for further upside towards the critical $0.10 level.
Shiba Inu‘s price was trading around $0.00001115 at press time, up 34.95% in the last week. However, weakening buying pressure had pushed the coin’s price down by 5.77% over the previous 24 hours.
On a one-hour chart, SHIB was testing the $0.00001110 support resistance mark, staying above which would be crucial for the coin. In the near term, the $0.0000108 support could act as a line of defense that bulls need to guard.
That said, in the short-term, a recovery above the upper resistance at the $0.0000114 mark could play in favor of the bulls helping the meme token gain further market momentum.
SHIB bears protected the local resistance level at $0.00001297, and a u-turn from that mark led to considerable market losses for the top Dogekiller over the last day.
Nonetheless, trade volume for the coin remains high. If bulls can manage a daily candle close above the $0.000012 mark, a breakout might happen within the coming days.
This article was originally posted on FX Empire
Crypto Market Daily Highlights – BTC and the Broader Market See Red
Three dead in Amtrak train crash and derailment in Missouri
Iran applies to join BRICS group of emerging countries
Armenia, Azerbaijan trade new Karabakh accusations
JetBlue refuses to give up its quest for Spirit Airlines
Oil climbs as major producer UAE says it has no spare capacity
Time's almost up on ultra-low rates, so don't be caught off guard.
It’s good to be King.
The billionaire praised “zoomers” for taking into account how career decisions will affect their mental health.
Nvidia Corp. faces a very different environment versus two years ago when it last launched a new chip architecture, one where demand is falling and its stock price has been more than halved over the year.
Big Tech's big buybacks are hitting new highs. Here's what that means for investors.
What do you get when you combine beaten-down stock prices with an economic and technological niche poised to gain as it becomes ever more essential? You get stocks with a low cost of entry – plus high upside potential and approval from Wall Street’s analysts. The niche we’re talking about is AI, artificial intelligence, once a pipe dream of science fiction but today a computing technology that is growing ever more important. AI powers the rapidly expanding Internet of Things, is the technology b
A mega backdoor Roth is designed for 401(k) savers who want to enjoy Roth account tax benefits. Learn how a mega backdoor Roth rollover works.
Billions of federal dollars are flowing into transforming America's travel network, but who's getting it might be a major issue.
(Bloomberg) — From a start guarding trains full of metal from thieves on freezing winter nights, He Jinbi built a copper trading house so powerful that it handles one of every four tons imported into China.Most Read from BloombergBezos Loses Spot as World’s Second-Richest Person to AdaniTurkey Seeks to Be First NATO Member to Join China-Led SCOUkraine Latest: Biden Warns Putin; Nuclear Plant Gets Grid PowerWhat to Watch as Commodities Traders Prepare for PowellTycoon Running a Quarter of China’
Now investors look to the Federal Reserve, which has been aggressively fighting inflation with its primary tool: interest rate increases. When the Fed raised rates by 75 basis points in June, it was its largest rate hike in 28 years. The Fed raised rates another 75 basis points in July, and investors expect a similar increase during its meeting next week.
Somerville gene therapy firm bluebird bio Inc. has netted a second key win from the U.S. Food and Drug Administration.
I'm constantly losing money on stock and cryptocurrency investments. And I paid for the advice that has given me the information that I've used to do this. For example, I was told to buy SoFi and lost money the whole … Continue reading → The post Ask an Advisor: I'm Losing Money on Investments. How Can My Advisor Let This Happen? appeared first on SmartAsset Blog.
With stock prices sliding, dividend yields are rising, enabling investors to generate more income from new investments.
The tech-heavy Nasdaq Composite index is down about 27% in 2022. It's tough all over, but growth stocks are getting beaten down to prices that were unimaginable a year ago. Analysts on Wall Street who follow these three growth stocks believe they could do a whole lot of climbing in the not-so-distant future.
Using technical analysis of the charts of those stocks, and, when appropriate, recent actions and grades from TheStreet's Quant Ratings, we zero in on three names. While we will not be weighing in with fundamental analysis, we hope this piece will give investors interested in stocks on the way down a good starting point to do further homework on the names. Dollar Tree Inc. recently was downgraded to Hold with a C+ rating by TheStreet's Quant Ratings.
Corporate landlords still like the space. Take advantage.
Stocks have been under a lot of pressure this year, weighed down by rising interest rates to combat inflation. If there's a silver lining to the sell-off, dividend yields move inversely to stock prices. Because of that, many dividend yields are much higher right now.
Despite strong fundamentals, sellers have knocked Costco stock lower ahead of its quarterly earnings report.
Starbucks has been in Target locations for well over two decades. Since 2003, a Starbucks coffee shop has been put in almost all of the new builds of Target stores, (as long as there was enough room, that is). When an older Target store was remodeled, the popular coffee shop was usually worked into the remodel.
Denise Austin and her daughter, swimsuit model Katie Austin, walked the catwalk during the Sports Illustrated Swimsuit Runway Show in Miami Beach, Florida.
DOGE’s market value appreciated by 20% in the last seven days.