Meme Coins Dogecoin, Shiba Inu Face Resistance Despite 20% Price Jumps

Dogecoin and Shiba Inu, two of the most popular meme coins, are currently facing significant resistance levels, which has sparked debate about their potential for a breakout. The recent positive news, including the cancellation of plans to raise tariffs and signs of slowing inflation, has boosted the meme coin market. This has led to increased buying interest in Dogecoin and Shiba Inu, with both coins experiencing price jumps.

Dogecoin is currently struggling to break above the $0.17 resistance level. While buyers are pushing the price higher, there are signs that sellers could soon step in and push DOGE below the 23.6% Fibonacci level. The Relative Strength Index (RSI) is at 58, indicating strong buying momentum. If buyers continue to push, DOGE could climb toward the $0.2 resistance level, potentially boosting market confidence and leading to a rally toward $0.25. However, if DOGE fails to hold above the rising support line, it could start to drop, potentially falling to around $0.13 and triggering more selling.

Shiba Inu is also facing resistance, struggling to break past the immediate resistance at $0.000013. Sellers are keeping the price stuck in a tight range, preventing any big upward moves. The RSI is at 56, slightly above the midpoint, suggesting that buyers might gain the upper hand soon. If buyers manage to break above the $0.000013 resistance, SHIB could head toward the next target at $0.0000157. However, if selling pressure increases and the price drops below the 20-day EMA support, SHIB could fall further, possibly down to around $0.0000102.

The recent price jump in DOGE and SHIB has led to a rise in open interest, indicating that more traders are entering the market. However, the increased price swings and a growing number of short trades near key resistance levels for Dogecoin and Shiba Inu could lead to uncertainty and mixed signals on their price charts. The overall sentiment in the crypto market remains cautious, with risk assets being affected by macroeconomic instability. Despite this, there are signs of recovery, as evidenced by whale accumulation in Dogecoin and the bullish patterns forming in Shiba Inu.

If the bulls can maintain their momentum and push through the current resistance levels, both Dogecoin and Shiba Inu could set out on a new path toward long-term recovery. However, the path forward is uncertain, and the outcome will depend on the ability of the bulls to overcome the current resistance levels and sustain their momentum. A clear breakout above key resistance levels could signal a more substantial uptrend for both coins, but a failure to do so could lead to a short-term dip before any further gains.