$SHIB and $DOGE look as though they may see bullish price action in the next few days. With rival meme coins’ Stochastics flashing oversold, and indicating bullish divergences, the rival meme tokens may both be setting up for upward moventum.
Any investor who has rival meme coins, Dogecoin ($DOGE) and Shiba Inu ($SHIB) in their portfolios are probably wondering why they even bothered. The tokens’ price moves, in the past few weeks, have thoroughly favored Short positions, with the coins shedding chunks of their value.
Longer term technicals on both coins currently seem as though they could go either way, so we went to an Intraday time frame to ascertain whether, or not, we might soon be in for a bullish reprieve. With the Bitcoin market looking as though it may be attempting a bullish face, both Elon Musk’s pet canine themed digital asset, $DOGE, and Defi focused $SHIB appear to be absorbing some of $BTC’s bullish radiation.
$DOGE
$DOGE’s price action (at time of writing) suggests that the cryptocurrency may be working on a price climb – at least, that’s according to the 4 hour timeframe. The asset is currently trading at $0.31, up from a low of $0.29 in the previous 4hour period.
The stochastic indicates a bullish divergence, while the Ichimoku cloud and Tenkan line have begun to run flat. Suggesting the token may revisit previous highs. A break above the $0.35 resistance level will suggest a possible revisit of the $0.42 price level, a key resistance level last visited five days ago.
Note that the Chikou span looks to be turning around without having crossed below the cloud. So the chance for bullish price action is still quite high. $0.50 and $0.55 are the next possible price levels, should the asset break above $0.42-$0.48.
$SHIB
After a 60% value dump in the past six days, Shiba Inu looks bullish at time of writing. Up just 2% from a close of $0.00000682 in the last trading period – a period in which the period reached a low of $0.00000630 – the coin is currently trading at $0.00000719.
Is a bullish turn around in play? Barring further turbulence from the Bitcoin front, the asset’s Stochastic, which is in the oversold condition, is flashing bullish divergence, which is usually telling of I.pe ding upward momentum.
The Chikou span turning upwards suggests that might actually be the case, though it is too soon to tell. Should bullish action climb to break cleanly above $0.00000744, then one can be certain of a turn around. Depends on what Bitcoin does in the next few weeks, as most coins move as the king does.
