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Price Analysis
Dogecoin (DOGE) and Shiba Inu (SHIB), The Top Two Meme Coins Prepare For A Breakout Run!
Author: Sohrab Khawas

Feb 8, 2024 16:17
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With the altcoins preparing for a bull run this February, the total crypto market cap, excluding Bitcoin, has reached $783 billion. Signaling a 7.5% growth in the last two weeks, the altcoins share a mutual sentiment with the price action teasing breakout events in multiple coins. As the investors gain confidence, the highly volatile meme coin space is preparing to take off. Let’s have a closer look at the two biggest meme coins in the crypto market.
With the altcoins preparing for a bull run this February, the total crypto market cap, excluding Bitcoin, has reached $783 billion. Signaling a 7.5% growth in the last two weeks, the altcoins share a mutual sentiment with the price action teasing breakout events in multiple coins. As the investors gain confidence, the highly volatile meme coin space is preparing to take off. Let’s have a closer look at the two biggest meme coins in the crypto market.
Will The Meme Coin DOGE Price Reach $0.10?

Source- TradingView

With the constant support from the 200D EMA, the DOGE price trend is ready to surpass the overhead resistance trendline. Eventually concluding the pullback phase, the meme coin eyes a bull run to reclaim the $0.10 mark.

Currently, the meme coin trades at $0.0805 following the overnight jump of 1.65% to form a bullish engulfing candle. With this increase in buying pressure, the altcoin prepares for a breakout run. Further, the rising bullish divergence in the RSI line supports the possibility of a jump in Dogecoin prices.

Will SHIB Price Sustain Momentum To Touch $0.000012?
Breaking above the falling wedge, the SHIB price trend displays a successful retest of the broken trendline. With a 2.26% jump overnight and an intraday growth of 1.77%, the meme coin is consecutively making a second green candle. Thus, the post-retest reversal is gaining momentum.
Therefore, the Shiba Inu price trend is ready for a bullish spiral, and the 50D EMA breakout will signal an entry spot for sideline traders. Optimistically, the altcoin can reach the $0.000012 mark this month.

XRP Un-Influenced by Current Market Sentiments: Is It a ‘Calm Before the Storm’?

Story Highlights
XRP continues to trade within the same range, regardless of the bullish momentum being coiling up within the crypto space

From a larger perspective, it appears that the price is following a corrective wave and hence a bigger price action could be expected upon its completion

It was not a good week for XRP as the prices remained stuck around the $0.51 to $0.52 range, which included minor fluctuations. The price has been trading under extreme bearish influence ever since it faced rejection after testing the levels above $0.72. Comparing the previous price action, it appears that the XRP price has already experienced a similar trend earlier and if the same outcome occurs, a massive breakout could be imminent.
Just before the January close, XRP recorded a huge jump in the selling volume, which dragged the levels below $0.5 for a while. Since then, the bulls seem to be experiencing a serious drain, which has kept the price consolidated. On the other hand, from a larger perspective, XRP is speculated to be heading to the edge of the capitulation phase, which may result in a massive breakout very soon.
The above chart shows the XRP price is repeating the previous play but with enhanced strength and intensity. Previously, just before the 2017 breakout, the XRP price traded under a bearish influence within a symmetrical triangle for over four years. Moreover, the volatility dropped as the price entered the last phase of accumulation, where it appeared largely dead. When the breakout occurred, the XRP price displayed a 650x run in 306 days to mark the current ATH above $3.

Also Read: Bitcoin Pre-Halving Rally Begins Now: Some Believe BTC Price May Reach $50,000 This Month

Regardless of the rejection, which was followed by a couple of bear markets in 2019, 2020, and 2022, the XRP price held strongly above the 10-year trend line. This has been acting as a strong support level, which may produce a fine upswing soon. Besides, the monthly MACD is about to confirm a bullish cross-over for the third time. Previously, when it underwent a bullish cross-over in 2017 and 2021, the price triggered a strong bull run.

Secondly, the RSI is about to rise from the multi-year bearish and descending trend line, which signifies a rise above the bearish captivity. The XRP price also consolidated within a narrow range for over two years then, and hence, after consolidating within the same levels for some more time, the token is believed to trigger a huge bull run, irrespective of the prevailing market trend.