Dogecoin And Shiba Inu Break Above Monthly Resistance Levels! Is Meme Coin Rally Starting?

The recent surge in Bitcoin has revived a risk-taking appetite in the market, luring investors to channel funds into meme coins like Dogecoin (DOGE) and Shiba Inu. Initially created as a funny experiment a decade ago, Dogecoin is now capturing serious investor attention. Additionally, Shiba Inu broke above the monthly resistance line, signaling the beginning of a fresh meme coin rally.  

Dogecoin & Shiba Inu’s Open Interest Hit 4-Month High

DOGE, the leading meme coin, has seen an impressive uptick of more than 16% in the last 24 hours, breaking the $0.10 mark for the first time since April. With a 27% increase over the past week, this rise appears to be in sync with Bitcoin’s jump from $38,000 to $44,000. Additionally, Shiba Inu has achieved a notable milestone by climbing to the eagerly awaited price of $0.00001, effectively eliminating one zero from its value. This represents an over 8% increase within a day and a significant 21% rise over the past week.

According to data from Coinglass, both Dogecoin and Shiba Inu are experiencing a four-month high in open interest. Presently, futures positions valued at nearly $26 million are invested in SHIB, while Dogecoin’s open interest has surged to $630 million, indicating a trend of increased risk-taking in the market.

Dogecoin (DOGE) Price Analysis

Dogecoin has been experiencing a robust surge over the past few hours. The price was pushed above the crucial $0.1 mark by bullish traders, indicating a strong market demand at these levels. As of writing, DOGE price trades at $0.1028, surging over 15% from yesterday’s rate.

The upward trajectory of both moving averages and the RSI nearing the overbought territory suggest that the easier path for Dogecoin’s price is upwards. The DOGE price is now set to possibly reach the high of $0.14 if it successfully holds momentum above $0.11. However, sellers are likely to put up significant resistance at $0.11.

On the downside, the 20-day EMA, currently at $0.092, is a crucial level to monitor. Should there be a break and a firm close below this level, it could indicate that the bulls are starting to take profits. This scenario might lead the price down towards the $0.07 level.

Shiba Inu (SHIB) Price Analysis

Shiba Inu is currently on an upward trajectory. It experienced a boost as buyers stepped in at lower prices, driving it to a recent peak of $0.00001, a level that warrants close observation. However, the price is now facing a minor correction.

The positive incline in the moving averages, following the RSI positioned in bullish territory, suggests that the momentum is with the buyers. Should they manage to hold the price beyond $0.00001175, the SHIB price might indicate a continuation of the uptrend, hitting $0.000018.

Conversely, if the price fails to break through $0.00001175, it would suggest that sellers are still active even at these levels. A break below will send the price toward $0.0000075.