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 $80,000, which triggered buying interest in popular meme coins like Dogecoin and Shiba Inu.

The meme coin market is showing signs of recovery after Trump's halted plans to raise tariffs and new inflation data signaled a slowdown in the U.S. price index. As Bitcoin edges closer to $85,000, buying interest is shifting towards popular meme coins like Dogecoin and Shiba Inu. However, both DOGE and SHIB are facing difficulties breaking through key price levels, hinting at a potential short-term dip before any further gains.

Dogecoin and Shiba Inu: A Mixed Outlook

The recent price surges in DOGE and SHIB have also led to increases in open interest, indicating that more traders are engaging in the market. According to Coinglass, Dogecoin's open interest rose by about 3.2%, reaching approximately $1.57 billion. At the same time, SHIB's open interest saw a smaller gain of 0.05%, increasing to over $120 million.

However, the increased price swings and a growing number of short trades near key resistance levels for Dogecoin and Shiba Inu could create uncertainty and mixed signals on their price charts.

Dogecoin Price Analysis

Dogecoin is struggling to break clearly above the $0.17 resistance level. While buyers are currently in greater control and pushing the price upward, there are signs that sellers might intervene and pull the price lower, potentially pushing DOGE below the 23.6% Fibonacci level. Currently, Dogecoin is trading at $0.165, showing an increase of over 2% in the past 24 hours.

The Relative Strength Index (RSI) is placed at 58, indicating that there is still strong buying momentum. If buyers manage to maintain control and break above the $0.17 resistance, aiming for the $0.2 resistance level, it could boost confidence in the market and even lead to a rally toward $0.25.

On the flip side, if the price fails to hold above the rising support line and drops below it, we might observe a decline in the market. In such a scenario, we could see a decrease in price to around $0.13, and if the lower support level is breached, it could trigger more selling pressure and strengthen the bearish trend.

Shiba Inu Price Analysis

Shiba Inu is currently facing difficulties breaking through the immediate resistance at $0.000013, as sellers are keeping the price confined within a tight range, preventing any significant upward movements. At the moment, SHIB is being traded at $0.0000122, showing a slight increase of 0.5% over the last 24 hours.

Despite some bearish pressure, buyers are still attempting to push the price upward, highlighting the persistent interest from bulls. However, sellers are vigorously defending against any breakout attempts. The Relative Strength Index (RSI) stands at 56, which is slightly above the midpoint, suggesting that buyers might soon gain the upper hand.

If buyers manage to break above the $0.000013 resistance, SHIB might continue its ascent toward the next target at $0.0000157. Conversely, if the selling pressure intensifies and the price drops below the 20-day EMA support, SHIB could experience a deeper decline, potentially falling to around $0.0000102.