The meme coin market is bouncing back after Trump stopped plans to raise tariffs and new inflation data showed signs of slowing down. This positive news helped Bitcoin move closer to $85,000

The meme coin market is bouncing back after Trump stopped plans to raise tariffs and new inflation data showed signs of slowing down. This positive news helped Bitcoin move closer to $85000

The meme coin market is showing some strength again today after Trump stopped plans to raise tariffs and new inflation data showed signs of slowing down. This positive news helped Bitcoin move closer to the $85,000 level, which in turn triggered some buying interest in popular meme coins like Dogecoin and Shiba Inu.

However, both DOGE and SHIB are still having trouble breaking past some key price levels, which means we could see a short-term pullback before any further gains.

Dogecoin and Shiba Inu See Boost in OI

The recent price increase in both DOGE and SHIB has led to an increase in open interest, indicating that more traders are entering the market. According to Coinglass, Dogecoin’s open interest went up by about 3.2%, reaching around $1.57 billion.

On the other hand, SHIB’s open interest saw a smaller increase of 0.05%, reaching over $120 million.

However, the increased price volatility and a large number of short trades near key resistance levels for both Dogecoin and Shiba Inu could lead to uncertainty and mixed signals on their price charts.

Dogecoin Price Analysis

Dogecoin is still having trouble breaking clearly above the $0.17 resistance level. Right now, the buyers are mostly in control and pushing the price upward. However, there are signs that the sellers could soon step in and push DOGE below the 23.6% Fibonacci level.

At the moment, Dogecoin is trading at $0.165, showing a gain of more than 2% in the past 24 hours.

The Relative Strength Index (RSI) is at 58, which suggests that there is still strong buying momentum. If the buyers continue to push, then we could see DOGE climbing towards the $0.2 resistance level. Breaking past that could boost market confidence and even lead to a rally towards $0.25.

But if DOGE can’t hold above the rising support line, then we could start to see a downward move, possibly reaching around $0.13. If it breaks below that, then it could trigger more selling and strengthen the bearish trend.

Shiba Inu Price Analysis

Currently, Shiba Inu is struggling to break past the immediate resistance at $0.13. Due to this, the sellers are keeping the price confined within a narrow band, preventing any significant upward movements.

At present, SHIB is trading at $0.122, showing a slight gain of over 0.5% in the past 24 hours.

Despite some bearish pressure, the buyers are still attempting to push the price upwards, showing that there is still good interest from the bulls. However, the sellers are defending strongly against any breakout attempts.

The Relative Strength Index (RSI) stands at 56, slightly above the midpoint, which suggests that the buyers might gain the upper hand in the coming sessions.

If the buyers manage to break above the $0.13 resistance, then SHIB could move towards the next target at $0.157.

Conversely, if the selling pressure increases and the price drops below the 20-day EMA support, then SHIB could decline further, possibly reaching around $0.102.