Young dog memes can’t keep up with Dogecoin

DOGE is aiming for a bullish breakout. Meanwhile, Shiba Inu (SHIBA) and Akita Inu (AKITA) are declining after they updated their historical highs on May 10 and 11.

DOGE

Dogecoin (DOGE) has been moving along the downward resistance line since May 8, when this meme coin updated its historical high. At the time of writing, the market was trying to make its fourth attempt at a bullish breakout.

Earlier, on May 19 and 23, DOGE has already bounced twice from the $0.25 support area. It is important to note that the token formed an increasing low instead of absorbing the low from May 19.

However, technical indicators remain bearish. This is particularly evident in the RSI index, which has fallen below the 50 mark.

The main resistance area is located at $0.425.

Source: TradingView

The shorter-term 6-hour chart supports DOGE’s chances of a bullish breakout.

The MACD and the RSI give strong signals of bullish divergence here, and the first indicator has been doing this since May 13.

Thus, a breakdown of the resistance line is likely. However, the trend will not be considered bullish until the price recovers above the $0.43 area.

See also: The Story of Dogecoin — A Million-Dollar Joke

Source: TradingView

  • DOGE moves along the descending resistance line.
  • Support and resistance are located at $0.25 and $0.43, respectively.

SHIB

The SHIB exchange rate reached a historical high of $0.000035 on May 10, but after that the price slid sharply, falling to the Fibo level of 0.786 correction at $0.0000082. The size of the bearish move was 76%.

Now this area should act as a support.

Despite the rebound, the market does not give clear signals of a bullish reversal, as the coin still needs to form an increasing low.

The nearest resistance is located in the area of $0.0000155.

See also: “Watch out, angry dog”: we talk about the Shiba Inu phenomenon

Source: TradingView

  • The SHIB formed a historic high on May 10.
  • Support and resistance are located at $0.0000082 and $0.0000155, respectively.

AKITA

The AKITA exchange rate updated its historical high at $0.00002875 on May 11. After that, the price began to decline and eventually reached a low of $0.00000199 on May 12. The scale of the collapse was 92.85%, while the price broke through all the key Fibonacci levels.

The coin is now near the support level of 0.00000130, which played the role of a historical low throughout April.

A drawdown below this level activates the bears.

So, unlike DOGE, neither SHIB nor AKITA show any signs of a bullish reversal.

Do you take meme coins seriously? Share your opinion in the comments and join the discussion in our Telegram channel!

Source: TradingView

  • AKITA updated its all-time high on May 11.
  • After that, the price fell by almost 93%.

Read the last one bitcoin forecast and other major altcoins can here.

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