Dogecoin (DOGE) And Shiba Inu (SHIB) Price Analysis: June 2021 Predictions
In the fast-paced world of cryptocurrency, meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) have been making headlines with their recent price movements. As the market continues to experience volatility and increased hype around memecoins, investors are left wondering which of these tokens will bring in more profits in the month of June.
Dogecoin (DOGE) Price Analysis: Breaking Down The Numbers
Dogecoin, known as the leader of memecoins, has seen a 3.5% increase in its price within the past day, with a notable 20.1% gain for the month. This positive momentum has led to a Year-to-Date return of 86.34%, indicating a bullish outlook for the popular meme token.
Technical analysis reveals that Dogecoin has formed a symmetric triangle pattern in the 1D time frame, hinting at a potential breakout in the near future. However, indicators like the Moving Average Convergence Divergence (MACD) and Simple Moving Average (SMA) suggest a possibility of a bearish trend if the triangle pattern is not broken successfully.
If Dogecoin manages to break out of the triangle pattern, it could test its upper resistance level of $0.205. On the other hand, a breakdown could see the token retesting its crucial support level of $0.128.
Shiba Inu (SHIB) Price Analysis: Bullish Momentum On The Horizon
Shiba Inu, the second largest memecoin by market cap, has shown signs of bullish momentum with an 8.95% increase in price over the past week. The token has also experienced a surge in trading volume, adding 19.89% to its value and 174.26% year-to-date.
Technical indicators for Shiba Inu point towards a positive outlook, with the Simple Moving Average (SMA) displaying a bullish crossover and the Relative Strength Index (RSI) showing an uptrend toward the overbought range. If the bulls manage to breach the resistance trendline, SHIB could target its upper resistance level of $0.00003950. However, a trend reversal could push the price back down to its support level of $0.00002375.
In conclusion, as the crypto market continues to evolve, both Dogecoin and Shiba Inu are poised for potential gains in the month of June. Investors should keep a close eye on key price levels and technical indicators to make informed decisions in this volatile market.