Can meme coins bounce back faster than other cryptocurrencies?
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According to the CoinMarketCap ranking, the bulls are improving their position slightly.
DOGE/USD
DOGE could not follow the bounceback of most other coins with a 1.34% drop in the last 24 hours.
DOGE continues to trade sideways after a false breakout of the support level formed at $0.07 on the daily chart. Volume has declined, which means the meme coin needs more time to accumulate power for more rapid moves.
In this case, sideways trading between $0.0850 and $0.0950 is a more likely scenario for the next few days.
At press time, DOGE is trading at $0.0879.
shib/usd
Unlike DOGE, the rate for SHIB has increased by 1.09%.
Despite the rise, SHIB is trading close to the $0.00000110 support level, which means that buyers still do not have the power to initiate a short-term growth. If the sellers pressure continues and the daily candle closes near $0.000011, there is a possibility of a drop to the $0.00010 mark soon.
As of press time, SHIB is trading at $0.000001224.