The cryptocurrency market is undergoing a quiet spell with notable memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) remaining stagnant over the past months. However, a new wave of digital tokens, like WIF, FLOKI, and BOME, is challenging the former leaders, introducing acute strength in the memecoin sector.
Concerning Dogecoin, the community is witnessing a tug of war between bears and bulls. Currently, Dogecoin is striving to uphold a bullish trend while grappling with a crucial support-turned-resistance level at $0.1274. Market analysts believe that if DOGE can conclude its monthly trade above this pivot, a surge above the $0.22 mark could ensue. Nonetheless, if the cryptocurrency fails to sustain this level, there’s a chance it might retreat close to $0.1 before potentially rebounding above $0.2. This prediction hinges heavily on the active participation of the Dogecoin community and their continued support.
Shiba Inu paints a slightly different picture. Analysts forecast a bearish reversal for SHIB with a possibility of a 40% drop in price, as volume declines and buying pressure waivers. The Shiba Inu community might see the token either pare down towards local support levels or enter a phase of consolidation constrained within a tight range. The Directional Movement Index (DMI) appears to support this bearish outlook, indicating waning strength in the token’s current price movement. For SHIB to break past the $0.000035 level, the ShibaArmy, as its community is known, will need to rally against these market sentiments. This support is essential to reverse the bearish narrative that pushed the token’s price to dip below $0.00001 and to attract liquidity to the market.
It is evident that while the established memecoins are experiencing a stagnant phase, newer tokens are swiftly gaining momentum, reshaping market dominance. The tides can swiftly change in the cryptocurrency market, and it will be noteworthy to see if DOGE and SHIB can reinvigorate their communities and harness enough support to fend off the pressure from emerging memecoins. As the second half of 2024 approaches, all eyes will be on these digital assets, monitoring whether the original frontrunners can reclaim their lead or if the likes of PEPE and WIF will maintain their newfound prominence.
