Are meme coins ready for local rise?

Denys Serhiichuk U.Today

The week is about to close bearish for the cryptocurrency market as all the top 10 coins are in the red zone.

Top coins by CoinMarketCap

DOGE/USD

DOGE has followed the drop of other coins, going down by 11% over the last week.

DOGE/USD chart by TradingView

On the weekly chart, DOGE has almost absorbed the last bullish candle, which means that bears are about to seize the initiative.

If the candle closes below the $0.07 mark, it may cause a sharp drop to the next level at $0.06. Such a scenario is relevant until the end of the upcoming week.

DOGE is trading at $0.06887 at press time.

SHIB/USD

SHIB has lost more value than DOGE as its price has dropped by 14.84% over the week.

SHIB/USD chart by TradingView

Despite the sharp fall, SHIB has bounced off the mirror level at $0.00001297. If nothing crucial changes by the end of the day, one can expect a local correction to the $0.000014 zone soon.

SHIB is trading at $0.00001318 at press time.

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Author

Denys Serhiichuk

U.Today

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

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