After rising above the 1 trillion mark, the cryptocurrency market stalled after the buy and sell pressures kicked in. Naturally this affected the Memecoins amongst all others, although the cumulative memecoin value moved to 16.8B.
Memecoins have taken as much of the brunt of the recent macroeconomic issues as other coins, with dips as strong as 60% in value, but recent bullish patterns have shown strong contention for re-growth.
Below I note what is going on with the 2 main memecoins, DOGE and SHIB, and what the recent market has done/ is doing and a positive outlook to look forward to given the bullish patterns.
The lord-king of the memecoins, dogecoin managed to continue it’s growth despite the lack of bullish behaviour from altcoins, and gathered another 5.64% increase within a 24 hour period. This means the memecoin has rallied over 35% this month alone. Although it’s still below where it was before May, it’s back on the rise.
Once DOGE sustains the bullish cues it is getting, it should surge back to it’s original price and higher. The 50-day simple moving average that has been acting as a barrier was pushed above yesterday, so this indicates DOGE will not fall by a lot when the broader market displays a bullish pattern.
Shiba Inu Stale
Unfortunately unlike DOGE, SHIB did not note much of a rise during the trading hours, but it did not witness any dip either. The meme coin saved the 60% recovery it saw during the lst month which helped reclaim the losses that it registered at the time of the June crash.
This is because the coin had the support of the broader market, as indicated by it’s price indicators. Furthermore the relative strength index (RSI) is still firmly within the bull zone that it closed above last week.
Going forward this indicates that the buying pressure has spun into selling pressure, and it is to be seen whether or not SHIB will have a fully recovery from the May losses of 60%.
Concluding the current trading news for the memecoins, DOGE looks to be in a strong position to regain it’s footings, whilst SHIB is currently acting as more of a stable trend and not uptaking with the bullish pattern of the markets around it.
To predict what will happen shortly given the current market, I would say that with ETH and BTC’s recent bullish rise, we should see the altcoins and other cryptocurrencies rise and ETH/BTC plateau and potentially lose value. Whilst the memecoins should gain in the overall market, there will be a market rectification that should bring all cryptocurrencies back in line with their values pre-May 2022, and once macroeconomic issues pass we should see new all time highs in the crypto foothold.
If you would like to have a look at which banks are the best for investing in cryptocurrency, check out our post where we outline the best banks to go with for cryptocurrency investments.