Hope Surfaces for a Bullish Revival as DOGE and SHIB Prepare for a Bull Cycle
- PHPzOriginal
- 2024-08-13 15:41:11279browse
A week after the tumultuous price movement in Bitcoin and altcoins, hope for a bullish revival surfaces. With Bitcoin hanging near $59K, meme coins
Bitcoin has been trading sideways for the past few days, showing signs of indecision after the recent sell-off. However, altcoins have been performing well, especially meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB). Both coins have been rallying strongly since last week and are now up more than 20%.
DOGE Price up for a 2x Breakout Rally
DOGE has been forming a falling wedge pattern on the lower time frame, indicating a possible trend reversal. After forming 30 bearish candles in a row, finally, last Thursday showed a bullish candle with a price jump of 12.46%. Now DOGE is preparing for a bull cycle after the recent crash.
DOGE/USD 4hr Price Chart - Tradingview
Currently, the meme coin is trading at $0.10460, showing an intraday pullback of 3.07%. But the bullish trend is still in action, showing a price rally of 29.74% from the lowest price formed on “Black Monday” at $0.08049.
As per the Pivot standard, the bull cycle is ready to face overhead resistance at $0.12 and the overhead trendline. Further, the bullish crossover in the MACD and signal lines is bolstering the possibility of a breakout run. Optimistically, the uptrend in the meme coin can result in a price jump of $0.20.
Shiba Inu (SHIB) Price Rally to Hit $0.000030
Similar to Dogecoin, the second biggest meme coin is also forming a falling wedge pattern with a high bearish influence. As the bull cycle is struggling to gain momentum, the SHIB token price is consolidating below $0.000015.
SHIB/USD 4hr Price Chart - Tradingview
The underlying shift in sentiment is visible in SHIB, with a bullish crossover in the MACD and signal lines. Further, the ongoing recovery run from the low of $0.00001078 is showing a 27.90% rise. A potential breakout run in the Shiba Inu meme coin could break above the overhead trendline.
As per the Pivot Point Standard, the bullish trend in the meme coin is likely to reach the $0.000023 or $0.000030 mark in the coming days.
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