Shiba

Dogecoin

Rally

Shiba Inu

The volatility recorded in the broader crypto ecosystem impacted memecoins remarkably with the spotlight on Dogecoin (DOGE) and Shiba Inu (SHIB). With the bearish outlook, Shiba Inu slumped by 10.65% in the trailing 7-day period, dropping as low as $0.000022 in that time.
Dogecoin was not spared either as bears dragged it down by over 11% to a weekly low of $0.142. Amid this slump, crucial on-chain technical data shows an uptick for over a 100% rally cannot be ruled out.
<h2 id="strong-dogecoin-bulls-set-to-take-advantage-strong">Dogecoin Bulls Set To Take Advantage</h2>
Dogecoin is currently signaling showcasing a mildly oversold trend on the daily chart. The coin’s Relative Strength Index (RSI) comes in at 45, slightly up from the 34 recorded on May 1. This heightened selling pressure underscores a likely <a href="https://coingape.com/dogecoin-doge-price-eyes-golden-cross-a-mega-rally-ahead/" target="_blank" rel="noopener noreferrer nofollow">bullish trend change</a> is underway.
<figure id="attachment_196539" aria-describedby="caption-attachment-196539" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-196539" src="https://coingape.com/wp-content/uploads/2024/05/DOGEUSDT_2024-05-11_23-52-37.png" alt="DOGE/USDT 1D Chart. Source: TradingView" width="1804" height="754" srcset="https://coingape.com/wp-content/uploads/2024/05/DOGEUSDT_2024-05-11_23-52-37.png 1804w, https://coingape.com/wp-content/uploads/2024/05/DOGEUSDT_2024-05-11_23-52-37-300x125.png 300w, https://coingape.com/wp-content/uploads/2024/05/DOGEUSDT_2024-05-11_23-52-37-1224x512.png 1224w, https://coingape.com/wp-content/uploads/2024/05/DOGEUSDT_2024-05-11_23-52-37-768x321.png 768w, https://coingape.com/wp-content/uploads/2024/05/DOGEUSDT_2024-05-11_23-52-37-1536x642.png 1536w, https://coingape.com/wp-content/uploads/2024/05/DOGEUSDT_2024-05-11_23-52-37-150x63.png 150w" sizes="(max-width: 1804px) 100vw, 1804px">
 <figcaption id="caption-attachment-196539" class="wp-caption-text">
 DOGE/USDT 1D Chart. Source: <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/x/EvmPF1I3/" target="_blank">TradingView</a>
 </figcaption>
</figure>
The signals are there as Dogecoin is trading above its 200-Moving Average (MA) but below its 50-day MA. Known as a highly volatile asset class, it becomes immediately difficult to predict a solo bullish rally for DOGE. The broader market sentiment remains a crucial factor that can help sustain the mild uptick in the Open Interest (OI). At the moment, Coinalyze pegs the OI at $645.6 million, up by 0.87% at the time of writing.
For Dogecoin, the $0.16 resistance level remains a crucial level to watch. With at least 3 attempts to breach this level over the past 4 weeks, surpassing this point might push the price of DOGE to $0.2 in the near term. Besides the impact of Dogecoin whales, the coin has limited fundamentals to trigger the run, however, market trend and its historic precedence may help trigger at least a 100% rally in near term.
<h2 id="strong-shiba-inu-to-lead-by-example-strong">Shiba Inu To Lead By Example</h2>
Shiba Inu bulls have many things to prove both to themselves and the memecoin ecosystem. In recent weeks, Shiba Inu has outdid itself with more than 116% growth Year-to-Date (YTD). The recent downturn triggered a drop in its RSI which is now pegged at 42.
<figure id="attachment_196540" aria-describedby="caption-attachment-196540" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-196540" src="https://coingape.com/wp-content/uploads/2024/05/SHIBUSD_2024-05-12_00-04-32.png" alt="Shiba Inu 4H Chart. Source: TradingView" width="1804" height="753" srcset="https://coingape.com/wp-content/uploads/2024/05/SHIBUSD_2024-05-12_00-04-32.png 1804w, https://coingape.com/wp-content/uploads/2024/05/SHIBUSD_2024-05-12_00-04-32-300x125.png 300w, https://coingape.com/wp-content/uploads/2024/05/SHIBUSD_2024-05-12_00-04-32-1224x511.png 1224w, https://coingape.com/wp-content/uploads/2024/05/SHIBUSD_2024-05-12_00-04-32-768x321.png 768w, https://coingape.com/wp-content/uploads/2024/05/SHIBUSD_2024-05-12_00-04-32-1536x641.png 1536w, https://coingape.com/wp-content/uploads/2024/05/SHIBUSD_2024-05-12_00-04-32-150x63.png 150w" sizes="(max-width: 1804px) 100vw, 1804px">
 <figcaption id="caption-attachment-196540" class="wp-caption-text">
 Shiba Inu 4H Chart. Source: <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/x/urZ64Iig/" target="_blank">TradingView</a>
 </figcaption>
</figure>
An unprecedented trend change is also expected for Shiba Inu as confirmed by the Moving Average Convergence Divergence (MACD). Unlike Dogecoin, many fundamentals are driving Shiba Inu, including its growing <a href="https://coingape.com/shib-price-175-mln-shiba-inu-tokens-burnt-week-0-00003-looms/" target="_blank" rel="noopener noreferrer nofollow">burn rate</a>. Additionally, the token continues to gain a widespread adoption by mainstream payment outfits like Bitpay.
In all, Shiba Inu’s deep correlation with Bitcoin may serve as its biggest boom in pursuit of a 100% resurgence.
Read More: <a href="https://coingape.com/just-in-former-paypal-chief-predicts-bitcoin-lightning-as-future-norm-for-corporate-transactions/" target="_blank" rel="noopener noreferrer nofollow">Former PayPal Chief Predicts Bitcoin Lightning as Future Norm for Corporate Transactions</a>
The post <a href="https://coingape.com/dogecoin-and-shiba-inu-await-breakout-for-over-100-rally/" rel="noopener noreferrer nofollow">Dogecoin and Shiba Inu Await Breakout for Over 100% Rally</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Dogecoin and Shiba Inu Await Breakout for Over 100% Rally

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