Dogecoin and Shiba Inu Show Signs of Recovery as Memecoins Bounce Back After Bitcoin's Rally to $95K

Memecoins, which were once popular among investors, have taken a hit lately, with some coins plummeting as much as 75% in value. This price slump has notably affected major assets like Dogecoin ($DOGE), Shiba Inu ($SHIB), and others, casting a shadow on their future.

Memecoins, once favored by investors, have now taken a hit, with some coins facing a 75% decrease in value. This price slump has notably affected major assets like Dogecoin ($DOGE), Shiba Inu ($SHIB), and others, leaving their future in question.

Dogecoin’s Price Trend and Market Outlook

Dogecoin ($DOGE) has shown some resilience, trading at $0.3321, with a 1.39% gain in the last 24 hours. The coin’s price action demonstrates strong market activity, marked by frequent dips and recoveries. However, the price is struggling to maintain upward momentum amidst market volatility.

Immediate resistance for DOGE is at $0.3350, where selling pressure has been observed during recent upswings. If it breaks through this resistance, DOGE might test the next level at $0.3400.

On the downside, the current support level at $0.3270 has offered some stability, although a drop below this level could push the price further down to $0.3200. With a market cap of $49.1 billion and a 24-hour trading volume of $1.92 billion, DOGE’s outlook remains mostly bullish, contingent on it holding above critical support levels.

Shiba Inu Shows Signs of Recovery

Shiba Inu ($SHIB) is trading at $0.00001868, marking a 1.56% gain in the past day. While the coin has seen significant volatility, there’s a steady upward trajectory in the latter half of the day, hinting at a potential recovery.

SHIB faces resistance at $0.00001880, with $0.00001900 acting as the next psychological barrier. If the price overcomes these levels, further gains are possible.

On the downside, support sits at $0.00001840, with the critical support zone at $0.00001800. The coin’s market cap of $11 billion and 24-hour trading volume of $337.29 million indicate healthy liquidity, but further declines could occur if support fails.

Pepe and Bonk: Volatile but Resilient

Pepe ($PEPE), currently trading at $0.00001308, has shown a recovery trend, up by 4.14% in the last 24 hours. The immediate resistance is at $0.00001330, with a stronger barrier at $0.00001350.

If buying momentum persists, PEPE could see further gains. However, a drop below its current support of $0.00001280 may lead to further declines, potentially reaching $0.00001250.

Bonk ($BONK), trading at $0.00002525, has seen a similar pattern of volatility. A 1.59% increase in the past 24 hours indicates growing buyer interest. BONK’s resistance is at $0.00002650, with further gains possible if the price breaks above it. A fall below $0.00002500 could lead to deeper losses, with the next support at $0.00002450.

Brett Shows Bullish Momentum

Brett is also showing short-term bullish momentum, trading at $0.08132, with resistance at $0.08200. A breakout above these levels could push the prices of these meme coins further.