- Dogecoin saw a 6% price surge, trading at $0.1374, driven by positive market sentiment and technical indicators signaling a bullish trend.
- Meanwhile, investors are showing strong interest in Shiba Shootout, a new Shiba Inu derivative, which has raised over $730,000 in its presale.
Dogecoin Soars Amid Market Optimism
Dogecoin (DOGE) saw a significant 6% increase in the last 24 hours, trading at $0.1374 as of 03:31 a.m. EST. This surge in price was accompanied by a 38% spike in trading volume, reaching $1.4 billion. The positive movement in Dogecoin’s price aligns with the broader market sentiment, reflected by the Crypto Fear and Greed Index, which has jumped to 70 from a mere 25 on July 13.
The meme coin market has also shown resilience, with a 2% increase in the last day, pushing its market capitalization to $53 billion. Dogecoin experienced a notable drop in June but found stability within the $0.12 range from mid-June to early July. This consolidation phase led to the formation of an inverse head and shoulders pattern, a bullish indicator that DOGE bulls are now leveraging to drive the price above the neckline at $0.1275.
Technical Indicators Signal a Bullish Trend
DOGE is trading above both the 50-day and 200-day Simple Moving Averages (SMAs), a sign of a potential sustained bullish trend. The 50-day SMA crossing above the 200-day SMA, known as a golden cross, at $0.1194, further strengthens the bullish outlook. The Relative Strength Index (RSI) is currently at 65, indicating that while sellers have some control, the token is nearing the overbought region, suggesting continued upward momentum.
The Moving Average Convergence Divergence (MACD) indicator also supports the bullish trend, with the price trading above the neutral line and green bars on the histogram above the zero line. On the 4-hour chart, the bullish stance is evident as DOGE bulls target a price of $0.17. However, with the RSI showing overvaluation, a price correction may occur, potentially bringing DOGE back to the stable support level at $0.12.
Shiba Shootout: The New Meme Coin Sensation
As Dogecoin aims for a bullish continuation, investors are also eyeing Shiba Shootout (SHIBASHOOT), a new Shiba Inu derivative. The Shiba Shootout presale has already garnered over $730,000, showcasing its explosive potential. Shiba Shootout is part of Shiba Inu’s pivot towards gaming, offering a play-to-earn (P2E) game, Shiba Sharpshooter, available on Google Play and the Apple App Store.
Set in Shiba Gulch, a digital Wild West town, Shiba Shootout allows token holders to earn passively by staking $SHIBASHOOT tokens for an annual yield of 1,387%. With the project receiving endorsements from prominent crypto influencers like 99Bitcoins, investors are rushing to buy SHIBASHOOT tokens at the presale price of $0.0196 before the price increases in less than two days.
Dogecoin’s recent price surge and the exciting prospects of Shiba Shootout illustrate the dynamic and fast-paced nature of the meme coin market, offering significant opportunities for investors.
