Dogecoin is Breaking Out While Shiba Inu Price Consolidates-Here’s What’s Next For the Top 2 Memecoins

The post Dogecoin is Breaking Out While Shiba Inu Price Consolidates-Here’s What’s Next For the Top 2 Memecoins appeared first on Coinpedia Fintech News

After the recent rise in the Bitcoin price to new highs, the token, along with the other altcoins, has begun to consolidate. Moreover, the bulls have been fighting with the bears since the last trading day, which may delay the next bullish action. However, the Dogecoin price has begun to rise, aiming to reach the pivotal resistance during the weekend, while Shiba Inu is facing significant bearish pressure that may lead the rally lower. 

After a 35% Rise, Dogecoin (DOGE) Price Eyes at a 25% Surge

Dogecoin price broke out of the range and triggered a huge rise to pierce above the pivotal resistance at $0.2 following the U.S. election results. It experienced a huge influx of buying volume that propelled the price above the bearish level. While the market participants assumed the bulls could remain calm a bit, they have begun to swell, aiming to surpass the crucial range during the weekend. 

The short-term traders support the bullish trajectory for the token as the technicals have flipped back to bullish after experiencing a minor bearish action. The stochastic RSI has reached the oversold zone and is preparing for a rebound. Besides, the MACD displayed some selling pressure but the levels are flipping back within the bullish range, suggesting a fresh upcoming could be fast approaching. With this, the DOGE price is believed to rise and reach the upper resistance, which is also a yearly high above $0.22 in the upcoming weekend. 

Bears Hinder Shiba Inu Progress Rally While Bulls Hold Some Dominance

Although the Shiba Inu price remains within bullish patterns, the bears are trying hard to gain dominance over the rally. After multiple failed attempts at breaching above the pivotal resistance since the September downfall, the bulls appear to have geared up to trigger a 10% rise in the next couple of days. This move could push the levels close to the deciding price zone and a rise may eventually set up a strong ascending trend. 

In the long-term, the SHIB price remains under bullish influence as the price is constantly forming higher highs and lows. Besides, the SHIB price rose above the average range of the rising parallel channel and tested the neckline of the double-bottom pattern and is at the edge of consolidation. Secondly, the bull market support bands are usually used to identify the trend and a crossover of 20W SMA & 21W EMA indicates the beginning of a bullish trajectory. Therefore, the SHIB price is believed to achieve a higher resistance and mark new yearly highs at $0.00002358.