Shiba Inu, Dogecoin Price Prediction- Pullback Opportunity Shines On Memecoins
Shiba Inu, Dogecoin Price Prediction: the majority of major cryptocurrencies witnessed panic selling in February’s second week as US Sec accused crypto exchanged kraken for offering unregistered securities. However, this sudden downfall could offer discount opportunities with several crypto coins, which offer good returns as market sentiment eases. Thus, today, we will analyze the top two memecoin to see their near future target.
Market leaders
The Bitcoin price currency trades at $21684 with an intraday loss of 1.01%; meanwhile, the Ethereum price exchange hands at $1518, with an intraday loss of 1.6%.
Shiba Inu Coin
Source- Coinmarketcap
Amid the ongoing uncertainty in the crypto market, the Shiba Inu coin reverted from $0.000015 resistance on February 5th. As a result, the coin price tumbled 17.82% and reached a local support zone of $0.0000122.
However, this ongoing consolidation is part of a bigger bullish reversal pattern called cup and handle. As of now, the SHIB price has recently rebounded from the local support of $0.0000122, the base support of the handle portion.
source- Tradingview
Under the influence of this pattern, the Shiba Inu coin should rebound from the $0.0000122 support and rechallenge the $0.000015 neckline resistance. Thus, interested traders can buy near $0.0000122 base support or $0.000015 breakout.
In ideal bullish conditions, the post-breakout rally may push the SHIB price to $0.000022.
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Dogecoin
Source- Coinmarketcap
For over a month, the Dogecoin price rallied inside a parallel channel pattern. Though this pattern carries an uptrend, its most common outcome is the breakdown of the support trendline, which triggers a significant downfall.
Thus, amid the recent sell-off in the crypto market, the DOGE price gave a massive breakdown from the pattern support trendline and plunged to $0.08 local support. The trades waiting for an entry opportunity should wait for the price to show sustainability above $0.08 mark.
Source-Tradingview
On a potential price rally, a breakout above $0.0895 will give an additional example of the resumption of an uptrend. With sustained buying, the DOGE coin price should rally the $0.11 mark.
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