As Bitcoin turns sluggish, the memecoin mania has also faded to a large extent. The most dominant memecoin, Dogecoin, has now turned bearish as the BTC price is flashing bearish signals. Meanwhile, the DOGE price remains within the bullish range, while the Shiba Inu price may face a notable pullback and trade within the same range after experiencing a 12% rise in the next 48 hours.
Dogecoin Consolidating Ahead of a Major Move
After breaking above the consolidation below $0.15, the DOGE price soared by above 150% and entered a bullish pattern. The price is currently trading within a rising parallel channel but the bulls are holding the rally above the average levels. This suggests they continue to hold a large dominance and may keep up a consolidated ascending trend ahead.
The DOGE price suggests the price has formed a bull flag as the levels trade within a rising parallel channel. The Bollinger bands have contracted and are going parallel with each other suggesting a drop in the volatility. This can be reflected in the MACD, which suggests a drop in volume and pressure. The bulls are defending the support by backing the rally at regular intervals, which suggests the price could be primed for a massive rise and reach $0.55 if they manage to breach the resistance.
Shiba Inu in a Decessive Phase
Shiba Inu price is trading within a rising wedge, which is believed to be bearish in the long term. The market participants are believed to get a good buying opportunity before the end of the first fortnight, which may keep up the trend for the rest of the month until the year-end. This move is expected to push the SHIB price beyond the threshold, which could pave the way for a new ATH.
As seen in the above chart, the SHIB price is testing the support of the rising wedge, and as the technicals have gone bearish, the token is expected to breach the lower support. The MACD displays a drop in the buying pressure and the levels are about to undergo a bearish crossover. Additionally, the RSI is testing the immediate support at 57.87 and a drop beyond this level may initiate a fresh bearish trend, dragging the levels just below $0.00003. However, this could be a good buying opportunity as the price is primed for a rebound and reclaim highs above $0.000035 before 2024 ends.
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