With the market leader, Bitcoin price, hovering close to its crucial support level at $60K, the memecoins continue to display a strong bearish price action over the past week.
Moreover, memecoin category leaders, Dogecoin and Shiba Inu have recorded a correction of 11.69% and 6.99% in their respective portfolios over the past seven days, indicating a negative outlook for these tokens during the upcoming time.
Will memecoins record a bullish rebound during the upcoming week amid increased price volatility in the crypto industry?
Dogecoin Records A Bearish Convergence:
Despite increased price volatility in the cryptocurrency industry, the Dogecoin price continues trading in a closed range between $0.128 and $0.155, highlighting a rising disinterest of investors. Moreover, the EMA 50-day acts as a resistance to the price chart, suggesting uncertainty in its price action.
Notably, the DOGE memecoin has recorded a correction of 0.10% over the past day with a trading volume of $889.89 Million during the same time, a jump of 49.56% over the past day.
The Moving Average Convergence Divergence (MACD) shows a constant decline in the histogram, highlighting increased selling-over-buying pressure in the crypto industry. Furthermore, the averages display a bearish convergence in the 1D time frame, suggesting a bearish outlook in the coming time.
If the market regains momentum, the bulls will prepare to test its resistance level of $0.155 by the upcoming weekend. Conversely, if the bears continue to dominate the market, the DOGE price will plunge toward its crucial support level of $0.128.
Shiba Inu Price On The Verge Of Testing Its Important Resistance Level:
The second largest memecoin by market cap, Shiba Inu price, continues to hover close to its important resistance/support level of $0.00002375 since the month’s start, highlighting weak buying and selling pressure for the memecoin in the crypto space.
The SHIB price has recorded a jump of 4.12% within the past day, indicating a rising interest of investors in it. Furthermore, the SMA displays a high possibility of a bullish convergence, hinting at a potential bullish price movement this week.
The MACD displays a constant flatline in its chart, suggesting a weak price action for the memecoin in the crypto industry. Moreover, the averages show a neutral trend in its price chart, suggesting uncertainty in future price action.
If the market pushes the SHIB token above the resistance level of $0.00002375, the bulls will regain momentum and prepare to test its upper resistance level of $0.000030 this month. Negatively, if the bulls fail to regain power, this memecoin will fall towards its support of $0.0000170.
