Will Shiba Inu and dogecoin Prices See a Sharp Rise in June?
As the cryptocurrency market begins June, all eyes are on shiba inu and Dogecoin, the meme coins that have captured the attention of investors and enthusiasts alike. Known for their volatile price movements and vibrant communities, these digital assets often experience significant rises and falls. With the start of the new month, speculation is running rampant as to whether Shiba Inu and Dogecoin will see a sharp rise in June.
Various factors such as market sentiment, recent developments and broader economic trends can play an important role in shaping prices. In this article, we explore the potential catalysts and market dynamics that will push Shiba Inu and Dogecoin to new highs in the coming weeks. Investors have recently turned their attention to coins in the meme coin space. The factors driving this move depend on the ability of digital assets to generate returns of 10x to 100x in a short period of time.
Shiba Inu (SHIB) Analysis
Shiba Inu (SHIB) price today is $0.00002531 with a 24-hour trading volume of $273,904,355.90. This represents a price increase of 1.03% in the last 24 hours and 2.17% in the last 7 days. With a circulating supply of 590 trillion SHIB, the market value of the Shiba Inu is $14,910,662,307. SHIB price is currently in an ascending triangle and is almost towards its end. Open Interest in Shiba Inu (SHIB) decreased by 3.58% with a valuation of $59.4 Million.
Ascending triangles show investor interest and accumulation; because the highs remain relatively stable and the lows rise. If the market structure holds, Shiba Inu could rally and rise 32% to $0.000036. However, investors continue to have confidence in the Shiba Inu, as Coingecko statistics show that 72% of users are bullish, while 28% are bearish. On the upside, SHIB price might face a few key resistance points near $0.000029, $0.000036, and $0.000041.
Conversely, a heavy support structure has formed around the current price level ($0.000025) that could hold the price. Shiba Inu price fundamentals are strong as breast money moves in favor of its huge community. Coinbase Futures recently announced support for SHIB perpetual futures, with trading set to begin on May 30, 2024. Despite the cryptocurrency’s meme origins, the Shiba Inu has proven itself as a resilient crypto project in the face of market volatility.
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Dogecoin (DOGE) Analysis
Dogecoin (DOGE) price today is $0.1598 with a 24-hour trading volume of $542,675,879.61. This represents a price increase of 2.52% in the last 24 hours and a price decrease of -4.31% in the last 7 days. With a circulating supply of 140 billion DOGE, Dogecoin’s market cap is $23,101,130,581. Dogecoin price reached a daily time frame high of $0.16 on June 1. Dogecoin’s Open Interest (DOGE) increased by 0.28% to a valuation of $791.2 Million.
However, judging from miners’ $208 million haul in May 2024, the DOGE price may be on the verge of a 30% recovery above the $0.20 milestone in the coming days. Further confirming this bullish stance, IntoTheBlock’s GIOM data shows that Dogecoin’s next major resistance cluster lies at $0.18.
As seen in the chart above, 761,310 people purchased 13.5 billion DOGE at an average price of $0.179. If the majority of these holders choose to take profits early, Dogecoin price may have difficulty breaking out of this resistance cluster. DOGE bulls bucked the selling pressure by price trading at $0.1609, up 0.93% from the intraday low. If the bearish momentum continues and the intraday low at $0.1549 is not maintained, the next support levels to watch will be around $0.152 and $0.150.
However, if the bulls take control of the market and surpass the intraday high at $0.1616, the next resistance levels to watch are $0.163 and $0.165. The Relative Strength Index (RSI) score of 56.83 on the DOGEUSD price chart indicates that the market is neutral. However, a bearish trend may be forming as the RSI moves below the signal line. If the RSI falls into the oversold zone, the negative trend can be expected to continue.
Tightening Bollinger bands, with the upper, middle, and lower bands touching $0.17543, $0.159, and $0.144 respectively, indicate reduced volatility that preceded the bearish pressure. However, as price action develops above the signal line, bullish momentum may be strengthening for a breakout. Also based on the reversal head and shoulders, a breakout could launch DOGE into a bull rally targeting $0.22.
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