Dogecoin or Shiba Inu: Which Coin Will Benefit More from Bitcoin's Peak?

The memecoin market has shown price volatility with top projects like Dogecoin (DOGE) and Shiba Inu (SHIB) facing mixed signals. Although DOGE has risen 43% in the past month, its short term outlook remains uncertain. On the other hand, Shiba Inu continues to struggle on the weekly timeframe, raising concerns about the possibility of a downturn. With uncertain market sentiment and increased trading activity, both memecoins are currently at critical levels that could determine their next major price movements. Considering the current market sentiment, investors are curious about the short term market sentiment of Dogecoin and Shiba Inu. Furthermore, questions like "Which memecoin should I buy today?" are continuously increasing. Is DOGE Memecoin on the brink of a serious collapse? The Dogecoin price has risen by about 2% in 24 hours with a trading volume of $2.73 billion. Despite recording a decline of 3.45% in seven days, it has increased by 43% in the last 30 days. Moreover, with a market capitalization of $33.78 billion, its dominance has increased to 1.0056%.

The Relative Strength Index (RSI) records a neutral trend below the overbought range with its average trend line indicating a continuous rise. On the other hand, the 50/200-day EMA Cross is on track to undergo a Golden Cross, indicating mixed price action. The maintenance of the upward price action could push the price of Dogecoin to a highest target price of $0.286. However, if the bears prevail over the bulls, this could cause the price of the cryptocurrency DOGE to drop to a low of $0.20 in the near future. Shiba Inu Price Records Significant Rise and Fall Following in the footsteps of Dogecoin, the second-largest memecoin, the price of Shiba Inu has increased by 1.45% in 24 hours. Moreover, it has risen by about 18% in the last 30 days, resulting in achieving a market cap of $8.596 billion.

The SMA indicator has recorded a bearish convergence and acts as a resistance on the SHIB memecoin price chart. Additionally, the Moving Average Convergence Divergence (MACD) shows a continuous increase in the red chart with the moving averages indicating a negative crossover. This suggests that selling pressure on the memecoin in the market is increasing. The price of SHIB could break the immediate resistance level of $0.000015 and head towards the upper price target of $0.000020 if bullish sentiment persists. Conversely, a bearish move could pull the price of this memecoin back to the support area of $0.0000120.