Qadir AK
The meme coin mania appeared to have faded as the token had maintained a sluggish trend while the community also remained passive. During the past trading day, Dogecoin gained mainstream attention with a jump of more than 11%, primarily due to its biggest proponent, Elon Musk. However, as predicted, the rally failed to rise above the major resistance that caused the price to witness a minor pullback.
Nevertheless, the DOGE price has begun to climb the highs since the early trading hours with a more than 8% jump while the majority of the crypto is shedding gains. Besides, Shiba Inu is also gaining momentum and preparing for a bullish upswing. Meanwhile, the other meme-coins continue to follow the market trend, printing massive bearish candles.
Now that the DOGE price is exhibiting immense bullish momentum, the other meme coins are also expected to follow suit.
The DOGE price has displayed a huge possibility of breaking out from the ongoing consolidation as it is attempting to rise beyond the parallel channel for the past few hours. The token is testing the crucial resistance at 200-day MA and is believed to surpass despite a huge drop in the trading volume. Besides, the Average Directional Index or ADX which determines the strength of the rally is flashing huge bullish signals. Hence, the price is believed to maintain a healthy upswing, uplifting the other meme-coins.
Although Shiba Inu’s pace is lowered compared to that of Dogecoin, the token is manifesting acute strength. The rally is maintaining a steep ascending trend, forming consistent higher highs and lows for over a month. Hence, the meme-coins appear to be stronger compared to the other traditional tokens at the moment that have kept the crypto markets above the danger levels.
