The meme, the Dogecoin, and the Shiba Inu lag behind the rest of the cryptocurrency market, but indications are that their price may explode soon.
The price of Dogecoin and Shiba Inu is on the way to rise
The price of Dogecoin and Shiba Inu appears to be preparing for bullish breakouts as the cryptocurrency market is gaining momentum.
DOGE 12-hour price chart
The price of Dogecoin has increased by more than 6% in the past 24 hours.
The sudden rise helped overcome a critical resistance area, as DOGE price appears to have the strength to advance further.
From a technical perspective, DOGE price broke out of the symmetrical triangle and beat the $0.073 resistance level.
These developments could play an important role in price action as the vertical axis of the technical formation anticipates an increase of 34%. If validated, the price of Dogecoin could rise towards 0.095 or even 0.010 dollars.
However, Dogecoin price should continue to hold above $0.068 to confirm the optimistic outlook. If it breaks below this level, it may face a sell-off that leads to a correction to $0.065 or $0.061.
Chiba currency daily chart
The price of the shiba inu has also been gaining bullish momentum in the past 24 hours, rising more than 4%. Bullish price action has pushed SHIB into a significant resistance area. As market sentiment improves, the price appears to be gaining the strength it needs to break out.
SHIB price has formed a head and shoulders bottom pattern on the daily chart. However, it still had to beat the style’s neckline.
Sheba coin price has to achieve a daily closing candle above $0.013 to enter a 44% uptrend towards $0.019.
It is worth noting that if the Sheba coin price fails to break above $0.013, it may face a correction and retracement towards $0.010.
Source: CRYPTO BRIEFING