As Meme Coins Surge, Will DOGE and SHIB Boost 2X?

The post As Meme Coins Surge, Will DOGE and SHIB Boost 2X? appeared first on Coinpedia Fintech News

As the bullish trend in the altcoins market gains momentum, the meme coins are making a comeback. Amidst the recovery, the bull run in the top meme coins like the DOGE and SHIB is presenting long side opportunities. 

As the community-driven coins are quick to pick pace, the upside potential is lucrative for the sideline traders. Will the bull run in the DOGE and SHIB prices lead to a 2x surge this month? 

As DOGE Clings At $0.12, Will This Meme Coin Skyrocket?

Following the bearish reversal from the $0.22 mark, the DOGE price action creates a resistance trendline and a lower-high trend. With the downfall testing the $0.125 high demand zone, the reversal chances may soon take a bounce back. 

TradingView

Currently, the DOGE price trades at $0.1252 with an intraday gain of 2.71%. Further, the price action reveals a break under the 61.80% Fibonacci level, warning of a crash under the $0.10 psychological mark. 

However, the intraday gain and a lower price rejection offer a potential bullish reversal opportunity. Despite the bearish backdrop, the meme coin offers an upside potential of 20% to reach $0.1486.

Will SHIB Price Revert Negative Cycle For 30% Upside?

Following the bull run in early March, the SHIB price trend fails to sustain the uptrend momentum. The lack of zeal leads to a falling channel in the daily chart and drops the Shiba Inu price by 48% in the last 100 days. 

TradingView

Currently, the SHIB price action reveals a lower low formation with the $0.000020 psychological mark breakdown. Further, the meme coin trades at $0.0000188 with an intraday gain of 4.37%, creating a bullish candle above $0.000018.

A potential retest of $0.000020 could increase the chances of an uptrend if it surfaces above the psychological mark. In such a case, an early reversal in the negative cycle can retest the overhead resistance trendline near $0.00002470.