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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
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