Breaking: Will DOGE Survive The Ongoing Evolution Of SHIB And BONK?

• The collective valuation of the meme coin market rose by greater than 4% prior to now day of buying and selling.
• DOGE was not the most important contributor to this feat as its value solely rose by 0.51% since yesterday.
• Technicals on DOGE’s chart recommend that the meme coin may face value drops within the coming days.

The meme coin market noticed its collective valuation rise by 4.42% over the previous 24 hours, in line with CoinMarketCap knowledge. Subsequently, the whole market cap for meme cash stood at above $24.128 billion.

Dogecoin (DOGE), the biggest meme coin by market cap, noticed its value rise 0.51% over the previous 24 hours. Its competitor, Shiba Inu (SHIB), was not in a position to publish a acquire throughout the identical interval. CoinMarketCap knowledge confirmed that SHIB was down 1.46%, bringing its value all the way down to $0.000009907 at press time.

It was Bonk (BONK), nevertheless, that was the best-performing meme coin on the highest 10 meme cash record. The Solana-based altcoin surged greater than 102% all through the previous day of buying and selling, which additionally pushed its weekly efficiency to over 144.46%. Wanting on the weekly efficiency, BONK was the fourth-best performer on this time-frame as properly.

Given the sturdy efficiency by BONK, supplemented by the rising hype surrounding the SHIB ecosystem, and its layer-2 community Shibarium, DOGE could also be compelled to take dramatic motion within the close to future. Ought to DOGE’s considerably insufficient elementary and value performances proceed into the brand new 12 months, it could solely be a matter of time earlier than DOGE loses its high spot.

Nonetheless, DOGE nonetheless has a snug lead when it comes to market cap, because it advantages from a first-mover benefit over different up-and-coming meme cash. At press time, DOGE’s market cap stood at $17.723 billion. This was nearly thrice greater than that of SHIB, whose valuation was estimated to be $5.834 billion.

Regardless of the sturdy weekly and each day performances, newcomer BONK had lots of work to do to cope with the likes of SHIB and DOGE. CoinMarketCap confirmed that BONK’s collective market cap stood at $1,809,808,138 at press time.

From a technical perspective, a optimistic value channel fashioned on DOGE’s each day chart over the previous 3 weeks after the meme coin printed a sequence of upper lows and better highs throughout this era. The altcoin’s value had fallen beneath this channel within the final 5 days however is seemingly trying to re-enter the ascending channel at press time.

If DOGE can shut at present’s each day candle inside the optimistic value channel, then bulls could step in to drive the cryptocurrency’s worth up in the following couple of days. This potential purchase stress may result in DOGE rising to as excessive as $0.10735, and probably flip the extent into assist as properly.

Thereafter, a each day candle shut above this important mark could clear a path for DOGE to rise to the following resistance stage. This might result in DOGE climbing to $0.12855 inside the following week.

This bullish thesis may very well be invalidated if DOGE closes at present’s buying and selling session beneath the optimistic value channel. On this extra bearish state of affairs, the meme coin may fall to $0.08965 within the coming couple of days. Continued promote stress may additionally drag DOGE to as little as $0.08270 within the quick time period.

Technical indicators on the meme coin’s chart instructed {that a} bearish state of affairs is extra more likely to play out. Each the Transferring Common Convergence Divergence (MACD) and the Relative Energy Index (RSI) indicators signaled that purchaser power was diminishing. 

Not solely was the RSI line positioned bearishly beneath the RSI Easy Transferring Common (SMA) line, however the MACD indicator was on the verge of triggering a major bearish technical flag as properly. At press time, the MACD line was trying to cross beneath the MACD Sign line. These two technical indicators intersecting within the subsequent 24 hours could also be indicative of a short-term bearish pattern reversal for DOGE.