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Shiba Inu and Dogecoin Prices To See Sharp Rally in June?

Published

9 months ago

June 1, 2024

Coin2049 Newsletter

As the cryptocurrency market kicks off June, all eyes are on meme coins Shiba Inu and Dogecoin, which have captivated the attention of both investors and enthusiasts. Known for their volatile price movements and vibrant communities, these digital assets often experience significant rallies and dips. With the start of a new month, speculation is rife about whether Shiba Inu and Dogecoin will see a sharp rally in June.

Various factors, including market sentiment, recent developments, and broader economic trends, could play crucial roles in shaping their prices. In this article, we explore the potential catalysts and market dynamics that might drive Shiba Inu and Dogecoin to new heights in the coming weeks. Investors have recently turned their attention to coins in the meme coin domain. The factors driving this move hinge on the ability of digital assets to achieve between 10x and 100x returns within a short period.

Shiba Inu (SHIB) Analysis

The price of Shiba Inu (SHIB) is $0.00002531 today with a 24-hour trading volume of $273,904,355.90. This represents a 1.03% price increase in the last 24 hours and a 2.17% price increase in the past 7 days. With a circulating supply of 590 trillion SHIB, Shiba Inu is valued at a market cap of $14,910,662,307. SHIB price is currently in an ascending triangle and almost at the end. The Open Interest of Shiba Inu (SHIB) has nosedived 3.58% with a valuation of $59.4 Million.

Ascending triangles show investors’ interest and accumulation as the highs remain relatively flat with lows rising higher. If the market structure holds, Shiba Inu may break out on the upside and rally 32% to around $0.000036. Nevertheless, investors remain confident in Shiba Inu, as Coingecko stats show 72% of users are bullish against 28% who are bearish. On its way up, the SHIB price may encounter several key resistance points around $0.000029, $0.000036, and $0.000041.

Conversely, a heavy support structure has formed around the current price level ($0.000025) that may hold up the price. Shiba Inu’s price fundamentals are strong as the meme coin rides in favor of its huge community. Coinbase Futures recently announced support for SHIB perpetual futures, with trading beginning on May 30, 2024. Despite the meme origins of the cryptocurrency, Shiba Inu has established itself as a resilient crypto project in the face of market volatility.

Also Read: Pepe Coin Price Dips As Whale Continues Dumping PEPE, What’s Next?

Dogecoin (DOGE) Analysis

The price of Dogecoin (DOGE) is $0.1598 today with a 24-hour trading volume of $542,675,879.61. This represents a 2.52% price increase in the last 24 hours and a -4.31% price decline in the past 7 days. With a circulating supply of 140 billion DOGE, Dogecoin is valued at a market cap of $23,101,130,581. Dogecoin price reached a daily timeframe peak of $0.16 on June 1. The Open Interest of Dogecoin (DOGE) has surged 0.28% with a valuation of $791.2 Million.

But drawing insights from the miners’ $208 million haul in May 2024, DOGE price could be on the verge of a 30% rebound above the $0.20 milestone in the days ahead. Further affirming this bullish stance, IntoTheBlock’s GIOM data shows that Dogecoin’s next major resistance cluster lies at the $0.18 level.

As seen in the chart above, 761,310 holders had acquired 13.5 billion DOGE at an average price of $0.179. If the majority of those holders opt to take early profits, Dogecoin price could struggle to break out of that resistance cluster. DOGE bulls had nullified the selling pressure with price exchanging hands at $0.1609, a 0.93% surge from the intra-day low. If the bearish momentum persists and the intra-day low of $0.1549 does not hold, the next support levels to watch would be around $0.152 and $0.150.

However, if the bulls recoup market control and breach the intra-day high of $0.1616, the next resistance levels to monitor would be at $0.163 and $0.165. On the DOGEUSD price chart, the Relative Strength Index (RSI) rating of 56.83 suggests that the market is neutral. However, a bearish divergence may be building up since the RSI is moving below its signal line. If the RSI falls into the oversold region, the adverse trend may be expected to continue.

The tightening Bollinger bands, with the upper, middle, and lower bands touching at $0.17543, $0.159, and $0.144, respectively, suggest decreasing volatility, which precedes bearish pressure. However, with the price action developing above the signal line, bullish momentum may be building up for a breakout. Moreover, according to the inverse head and shoulder, a breakout may set DOGE in a bull rally targeting $0.22.

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