After the RSI exceeded the neutral 50 mark last week, the OBV indicator has also signaled an optimistic outlook for DOGE. According to analysts, investors should consider the liquidity zone is between USD 0.134 and USD 0.142 before buying.
Investors always face great disappointment shortly after the crypto market improves. Most leading crypto assets recently showed a bullish signal, trading in the green.
However, the crypto market turned as Bitcoin dropped by 0.70% while Ethereum lost 1.52% over the last 24 hours. That situation also caused the price of leading altcoins to fall.
Amid that volatility, the meme coin Dogecoin (DOGE) has maintained price stability, rising by over 140% over the last week.
Indicators Indicate the Price of DOGE May Rise Further
Over the last five months, Dogecoin has encountered considerable resistance around USD 0.079 and USD 0.069, hovering near those levels.
However, the recent takeover of Twitter by Elon Musk helped DOGE rise over USD 0.065, boosting demand in the market.
Last week, the Relative Strength Index (RSI) exceeded the neutral 50 mark. Since then, the RSI and OBV indicators have been bullish, signaling an optimistic outlook for DOGE.
Experts Recommend Not Investing in DOGE at the Current Price
Analysts consider investors should consider that the liquidity zone is between USD 0.134 and USD 0.142 before buying.
Besides, the Dogecoin funding rate is positive, while the Long/Short ratio has pointed toward a bullish moment over the last 24 hours.
Investors might have an excellent risk-reward buying opportunity if the price of DOGE retests between USD 0.134 and USD 0.14.
Meanwhile, the Price of SHIB Rises by 22%
Meanwhile, the price of Shiba Inu (SHIB) has experienced a significant spike amid the hype of meme coins. It rose by around 5.74% over the last 24 hours and more than 30% over the past week.
That increase may be due to the recent acquisition of Twitter by Elon Musk and its possible integration with Dogecoin. The community that supports SHIB on social media has allowed the popularity of the meme coin to skyrocket.
Since the price of SHIB has accumulated a 30% gain, many investors wonder where the bullish trend may head next. Although predicting the future is hard, investors should research the market to make better trading decisions.
SHIB started moving above the USD 0.00000946 threshold, now trading at USD 0.0001287. A daily trading volume of over USD 1 billion has held its increase over the last few days.
The price of SHIB meets with resistance at the USD 0.00001500 level, which previously served as strong resistance several times.
According to the price charts, the RSI indicator is 66.48, close to overbought territory. Therefore, investors should be careful with a bearish pullback to support SHIB at USD 0.0000100. In that regard, the bulls may consider buying back before the next upward trend.
The MACD indicator shows a significant upward trend that may continue over the coming weeks and months. However, there might be some profit-taking in the short term.
Due to the considerable supply and high market capitalization of SHIB, it will take its price a long time to increase tenfold. That situation has led many investors to look for alternatives.
By Alexander Salazar
