Are Meme Coins Back? DOGE and SHIB Prep A Breakout Rally

The post Are Meme Coins Back? DOGE and SHIB Prep A Breakout Rally appeared first on Coinpedia Fintech News

A week after the tumultuous price movement in Bitcoin and altcoins, hope for a bullish revival surfaces. With Bitcoin hanging near $59K, meme coins experience a shift in underlying sentiments as DOGE and SHIB prepare for a bull cycle. Will this upcycle lead to a 2x breakout run in August?

Upcycle For a Breakout in DOGE Price 

Trading under the high bearish influence, Dogecoin forms a falling wedge pattern. Following the crash last week, concluding the 30% negative cycle of 10 straight bearish candles, DOGE hits the support trendline.

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With a lower price rejection and a 12.46% jump on Thursday, DOGE prepares for a bull cycle. Currently, the meme coin trades at $0.10460 with an intraday pullback of 3.07%. Further, the bullish trend in action accounts for a price jump of 29.74% from the low formed at $0.08049 on Black Monday. 

As per the Pivot standard, the bull cycle is ready to face overhead resistance at $0.12 and the overhead trendline. Further, the bullish crossover in the MACD and signal lines bolsters the possibility of a breakout run. Optimistically, the uptrend in the meme coin can result in a price jump of $0.20.

Will SHIB Meme Coin Hit $0.000030?

Similar to Dogecoin, the second biggest meme coin forms a falling wedge pattern under increased bearish influence. With the bull cycle struggling to gain momentum, the SHIB token price consolidates below $0.000015. 

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The underlying shift in sentiment is visible in SHIB, with a bullish crossover in the MACD and signal lines. Further, the ongoing recovery run from the low of $0.00001078 accounts for a 27.90% rise. A potential breakout run in the Shiba Inu meme coin could break above the overhead trendline. 

As per the Pivot Point Standard, the bullish trend in the meme coin is likely to reach the $0.000023 or $0.000030 mark in the coming days.