Key Takeaways:
- Dogecoin prices jumped following Elon Musk's comments in support of the meme token.
- Moreover, Shiba Inu prices also registered highest single day gains in nearly 8 months.
NEW DELHI (CoinChapter.com) — Memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) prices rode the wider crypto market recovery to register relief rallies.
DOGE prices jumped nearly 43% between Jun 18’s low ($0.049) and Jun 21’s high ($0.07). However, it seems bears seem to be booking profits on relief rallies. However, Dogecoin prices reversed their rally on Wednesday.
Meanwhile, Tesla CEO and an avid Dogecoin, Elon Musk supporter, reiterated his love for the meme crypto. Musk was talking to the Bloomberg News editor-in-chief John Micklethwait at the Qatar Economic Forum in Doha.
Historically, DOGE prices have spiked every time the Tesla CEO has said anything positive about the meme crypto. Musk shared that he supports Dogecoin because people encouraged him to do it.
“I just know a lot of people who are not that wealthy who, you know, have encouraged me to buy and support Dogecoin. I’m responding to those people.“
Elon Musk said
Additionally, the Tesla CEO noted that while Tesla already accepts Dogecoin payments for merchandise, SpaceX is on track to include DOGE payments.
In other news, Shiba Inu’s SHIB token prices spiked by more than 50% between Jun 18’s low ($0.00000713) and Jun 21’s high ($0.00001197). However, like DOGE, SHIB prices also pulled back on Wednesday.
A likely reason behind SHIB’s rally might be the recent suggestion that Shibarium, Shiba Inu’s blockchain network, might use BONE governance token as gas fees. As a result, the Sibarium network would be able to manage smart contracts.
DOGE Price Chart
DOGE prices fell nearly 7.3% between intraday high ($0.66) and low ($0.061) levels on Wednesday. The memecoin’s 20-day exponential moving average (20-day EMA, red wave) rebuffed DOGE’s advance, indicating bearish pressure is strong near the EMA.
Meanwhile, the momentum oscillator MACD continues to forecast a strengthening upward momentum for the meme token. Moreover, DOGE’s MACD trendlines charted a bullish crossover on Jun 21.
Also Read: Elon Musk reiterates support for Dogecoin, despite $258bn lawsuit.
In detail, a bullish crossover occurs when the MACD line (difference between 12-day and 26-day EMA) moves above the MACD signal line (9-day EMA of MACD). As a result, traders usually consider the pattern a buy signal.
If bulls manage to flip the 20-day EMA resistance near $0.067, DOGE prices might find the impetus to challenge resistance near $0.077. Moreover, an extended uptrend could help Dogecoin prices rise 35% to reach $0.084, near its 50-day EMA (purple wave).
Conversely, if DOGE prices start trending downwards, the meme crypto would likely test support near $0.059. Finally, if immediate support fails, DOGE would likely fall to support at $0.053, near a multi-month descending trendline that Dogecoin has tested six times.
Finally, a marketwide sell-off could push DOGE prices to $0.048, a fall of more than 22% from current levels.
While writing, DOGE was trading at $0.063, down 3.66% on the day.
Shiba Inu Registers Highest Single-Day Gain In Eight Months
SHIB prices closed Jun 21 with a gain nearly 31.5%, the meme crypto’s highest since Oct 27 last year. However, the altcoin was back in the red on Wednesday as traders seem to be selling on relief rallies to book profits.
SHIB’s Tuesday gains helped the token flip its 20-day EMA (red wave) into support near $0.0000097. Furthermore, the long bottom wick on the day’s candle suggests bulls are aggressively defending the moving average support.
Also Read: Shiba Inu is the most popular crypto among Americans — but for dumping.
However, should SHIB prices breach immediate support level, the meme crypto would likely fall to $0.0000085. A marketwide sell-off might see the Shiba Inu token test support near $0.0000073, a fall of more than from current levels.
SHIB’s momentum oscillator MACD is forecasting a strengthening upwards momentum for the meme crypto’s prices. Positive bars on the MACD histogram are expanding, which means the MACD line (difference of 12-day and 26-day EMA) is moving away from the MACD signal line (9-day EMA of MACD).
As such, traders might help push SHIB prices to challenge resistance from its 50-day EMA (purple wave) near $0.0000122. A move above immediate resistance would help boost confidence, providing SHIB the momentum to target resistance near $0.0000142.
Finally, a sustained uptrend would help SHIB prices rise nearly 60% to target the 100-day EMA resistance near $0.0000163.
At writing, SHIB was trading at $0.0000103, down 3.29% on the day.
