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

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As a crypto investor with experience in the market, I’ve seen firsthand how meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) can generate significant returns in a short period. The volatility of these assets is well-known, making them intriguing for both investors and enthusiasts. With the start of a new month, I’m keeping a close eye on Shiba Inu and Dogecoin, as market sentiment and recent developments could significantly impact their prices.

Starting the month of June, there’s palpable excitement in the cryptocurrency sphere as investors and enthusiasts keep a close eye on two notable players: Shiba Inu and Dogecoin. Renowned for their erratic price swings and passionate followings, these meme coins have the uncanny ability to elicit dramatic market reactions. As we usher in a new month, speculation runs rampant regarding potential sharp rallies that Shiba Inu and Dogecoin might experience in June.

Multiple elements, such as investor sentiment, current events, and economic conditions, may significantly impact the value of coins like Shiba Inu and Dogecoin. This article delves into the possible triggers and market forces that could propel these meme coins to new price peaks in the upcoming weeks. Lately, there has been a surge of interest from investors in this sector due to the potential for substantial gains – between 10-fold and 100-fold – within a brief timeframe.

Shiba Inu (SHIB) Analysis

Today, the cost of Shiba Inu (SHIB) is at $0.00002531, and its trading volume over the past 24 hours has amounted to $273,904,355.90. This price represents a 1.03% rise in the last day and a 2.17% surge in the previous week. With approximately 590 trillion SHIB coins in circulation, the market capitalization of Shiba Inu is estimated to be around $14,910,662,307. The trend for SHIB’s price is presently ascending within an triangle pattern and is close to completion. Open Interest for Shiba Inu has seen a decline of 3.58%, amounting to a valuation of roughly $59.4 Million.

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

Triangles forming upward in Shiba Inu’s price action indicate growing investor enthusiasm as the difference between highs and lows widens. This bullish trend could potentially lead to a 32% surge, bringing the coin to approximately $0.000036. Despite the optimistic outlook, investors express a strong belief in Shiba Inu’s potential, as revealed by Coingecko data showing that 72% of users hold bullish positions versus 28% holding bearish ones. Throughout its climb, the SHIB price may face challenges at resistance levels around $0.000029, $0.000036, and $0.000041.

In contrast, a robust foundation has taken shape around the present price point ($0.000025) for Shiba Inu, potentially keeping the price stable. The meme coin’s underlying factors are solid, with its large community continuing to back Shiba Inu favorably. Notably, Coinbase Futures introduced support for SHIB perpetual futures on May 30, 2024. Despite originating as a meme currency, Shiba Inu has proven itself as a tenacious crypto project capable of weathering market instability.

Dogecoin (DOGE) Analysis

Today, the cost of Dogecoin (DOGE) is $0.1598, and its trading volume over the last 24 hours amounted to $542.7 million. This equates to a 2.52% price rise in the past day but a 4.31% decrease during the previous week. Dogecoin boasts a circulating supply of 140 billion coins, leading to a market capitalization of $23.1 billion. The highest Dogecoin price recorded within the daily timeframe was $0.16 on June 1. Additionally, Open Interest for Dogecoin has risen by 0.28%, with a worth of $791.2 million.

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

Based on the miners earning a significant $208 million reward in May 2024, there’s a strong possibility that DOGE‘s price may surge by around 30% and surpass the $0.20 threshold in the coming days. Additionally, data from IntoTheBlock’s Global In/Out of Money (GIOM) indicates that Dogecoin faces notable resistance around the $0.18 mark.

Looking at the chart before me, I can see that approximately 761,310 investors have purchased a total of 13.5 billion DOGE coins at an average price of $0.179. Should a large number of these holders decide to cash out their profits prematurely, Dogecoin’s price may face difficulty surmounting the resistance cluster around that level. The bullish sentiment managed to counteract selling pressure momentarily, with the coin trading at $0.1609 – a 0.93% increase from its intraday low. However, if bearish trends continue and the support at $0.1549 fails to hold, potential future support levels lie around $0.152 and $0.150.

As a researcher studying the DOGEUSD market, I’ve observed that if bulls manage to regain control and surpass the intraday high of $0.1616, it would be crucial to keep an eye on the subsequent resistance levels at $0.163 and $0.165. The RSI rating of 56.83 indicates market neutrality on the price chart. However, I’ve noticed a potential bearish divergence emerging as the RSI starts moving below its signal line. If the RSI dips into the oversold region, it could suggest that the negative trend may intensify further.

As a crypto investor, I’ve noticed that the Bollinger bands for Dogecoin have become tighter recently, with the upper, middle, and lower bands touching at $0.17543, $0.159, and $0.144 respectively. This narrowing bandwidth suggests decreasing volatility, which historically has been a precursor to bearish pressure in the market. However, I’m also seeing price action developing above the signal line, indicating potential bullish momentum that could lead to a breakout. Furthermore, based on the inverse head and shoulders pattern that has formed on the chart, a successful breakout could potentially set Dogecoin on a bull rally, targeting $0.22 as the next price objective.

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2024-06-01 21:52