Will Shiba Inu and Dogecoin prices see a sharp rise in June?

As the cryptocurrency market kicks off in June, all eyes are on Shiba Inu and Dogecoin, meme coins that have captured the attention of investors and enthusiasts alike. Known for their volatile price swings and active communities, these digital assets often experience significant ups and downs. As a new month begins, speculation is rife as to whether Shiba Inu and Dogecoin will see a sharp rise in June.

A variety of factors can play a role in price formation, including market sentiment, recent developments, and broader economic trends. In this article, we explore potential catalysts and market dynamics that could propel Shiba Inu and Dogecoin to new heights in the coming weeks. Recently, investors have turned their attention to coins in the meme coin domain. What is driving this movement will be the ability of digital assets to achieve returns of between 10x and 100x within a short period of time.

Shiba Inu (SHIB) Analysis

Today’s Shiba Inu (SHIB) price is $0.00002531, and the 24-hour trading volume is $273,904,355.90. This represents a price increase of 1.03% in the last 24 hours and 2.17% in the last 7 days. With a circulating supply of 590 trillion SHIB, Shiba Inu has a market capitalization of $14,910,662,307. SHIB price is currently in an ascending triangle and is almost at the end. Shiba Inu open interest (SHIB) plunged 3.58% to a valuation of $59.4 million.

Ascending triangles show investor interest and accumulation as the highs remain relatively flat and the lows move higher. If market structure holds, Shiba Inu could see an uptick, rising 32% to around $0.000036. Nonetheless, investors remain confident about Shiba Inu, with 72% of users bullish while 28% are bearish, according to CoinGecko statistics. On the way up, SHIB price may face several key resistance points around $0.000029, $0.000036, and $0.000041.

Conversely, a strong support structure has formed around the current price level ($0.000025) which can support the price. Shiba Inu’s price fundamentals are strong as the meme coin moves in favor of its huge community. Coinbase Futures recently announced support for SHIB perpetual futures, with trading beginning May 30, 2024. Despite the memetic origins of cryptocurrency, Shiba Inu has established itself as a resilient cryptocurrency project in the face of market volatility.

Also read: Pepe coin price falls as whales continue to dump PEPE. What are the next steps?

Dogecoin (DOGE) Analysis

The current Dogecoin (DOGE) price is $0.1598, with a 24-hour trading volume of $542,675,879.61. This represents a price increase of 2.52% in the last 24 hours and a price decline of -4.31% in the last 7 days. With a circulating supply of 140 billion DOGE, Dogecoin has a market capitalization of $23,101,130,581. Dogecoin price reached a daily high of $0.16 on June 1. Dogecoin (DOGE) open interest surged 0.28% to a value of $791.2 million.

However, taking insight from the miner’s May 2024 mining of $208 million, DOGE price could be on the verge of a 30% rebound, surpassing $0.20 in the coming days. Further confirming this bullish stance, IntoTheBlock’s GIOM data shows that Dogecoin’s next major resistance cluster lies at the $0.18 level.

As you can see in the chart above, 761,310 holders acquired 13.5 billion DOGE at an average price of $0.179. If the majority of holders choose to take early profits, Dogecoin price may have a hard time breaking out of that resistance cluster. DOGE strength negated selling pressure with the price exchanging hands at $0.1609, up 0.93% from the intraday low. If the bearish momentum continues and the intraday low of $0.1549 is not held, the next support levels to watch will be around $0.152 and $0.150.

However, if the bulls regain control and break the intraday high of $0.1616, the next resistance levels to monitor would be $0.163 and $0.165. On the DOGEUSD price chart, the Relative Strength Index (RSI) rating is 56.83, indicating that the market is neutral. However, since RSI is moving below its signal line, a bearish divergence may be forming. Once the RSI falls into oversold territory, we can expect the unfavorable trend to continue.

The tightening of the Bollinger Bands, with the upper, middle, and lower bands touching $0.17543, $0.159, and $0.144 respectively, suggests that volatility is decreasing ahead of downward pressure. However, as the price develops above the signal line, bullish momentum may build for a breakout. Additionally, according to the inverse head and shoulders, DOGE could attempt a breakout on the rally targeting $0.22.

Also read: El Salvador’s President Nayib Bukele begins his second term in office to lead Bitcoin adoption.

✓ Share:

CoinGape is comprised of an experienced team of native content writers and editors who work around the clock to cover news globally and present news as facts, not opinions. CoinGape writers and reporters contributed to this article.

The content presented may include the personal opinions of the author and may vary depending on market conditions. Do your market research before investing in cryptocurrency. Neither the author nor the publication accepts any liability for your personal financial losses.