One of biggest memetokens on market could be aiming at massive breakout if successful
The Shiba Inu was the biggest topic of the cryptocurrency market last week as Memecoin got its second wind and the market was massively trending, rising up to 30% of their value in a matter of a day. But for now, they are actively battling strong resistance levels that could act as trampolines in the future.
SHIB token is currently sitting at the 200-day moving average resistance and trying to break it for the last two days. Unfortunately, the token did not immediately burst through the technical resistance and reversed back below $0.000016.
Unfortunately, the 200-day SMA is correlated with the 50-week SMA on the longer time frame, making it even harder to break the $0.000016 range. But if it succeeds, SHIB is likely to run towards the next resistance on the chart, which is around 35% above the current price level.
Such a strong rally will most likely attract more investors that will incentivize the current movement of the token, making the potential return to investors even greater.
How is DOGE doing?
Fortunately, the industry’s first memecurrency in terms of technical movement on the chart is feeling slightly better than the Shiba Inu, as Dogecoin has a long way to go before it encounters serious resistance levels that could lead to a potential reversal in the market. Can be made.
The first resistance line for DOGE is the 200-day moving average, moving around the $0.1 price threshold. The dog-themed coin would need another 25% price increase to face serious issues. Unfortunately, the trading volume is hinting at a fading rally, which is why we might see a reversal back to the local support level.
