Will These 2 Meme Coins Outperform Crypto Market Post U.S. Election 2024?

With Bitcoin price stabilizing below the $69,000 mark, the memecoin category has displayed a mixed price sentiment with a sharp rise in their trading volumes.

Will the crypto market experience a significant increase in buying pressure this week? Or will the market witness a major crash? In this article, we have covered the market sentiments and possible price analysis of the top 2 memecoins by market capitalization.

Dogecoin (DOGE)

The Dogecoin price has added 5.58% in valuation in the past 24 hours with a trading volume of $2.289 billion. Further, it has jumped 7.71% over the past week and 43.87% during the past 30 days. Notably, it has rewarded its long-term investors with a YTD return of +75.82%.

The Moving Average Convergence Divergence (MACD) has displayed an increase in the red histogram with its averages showing a bearish convergence in the DOGE price chart. With its EMA 50/200-day recording a positive trend, this memecoin hints at a mixed-price action.

Suppose, a bullish reversal occurs, this could result in the DOGE memecoin retesting its upper resistance level of $0.18225 this month. On the flip side, if the bears outrun the bulls, the Dogecoin price may plunge toward its lower support of $0.127.

Curious to understand the long-term possibilities of the largest memecoin by market cap? Read, our Dogecoin (DOGE) Price Prediction!

Shiba Inu (SHIB)

Despite recording a jump of ~2% in the past 24 hours, the SHIB price has dropped 0.18% over the past week and 3.68% during the past 30 days. With a market capitalization of $10.036 billion, it has secured the 12th position in the global crypto list.

The EMA 50/200-day has displayed a neutral trend in the 1D time frame. Moreover, its average trendline is heading toward its halfway mark with its average hinting at a high possibility of a bullish convergence.

Maintaining its value above the support level of $0.0000170 could set the stage for this memecoin to head toward its upper resistance level of $0.00002350 during the upcoming time. Conversely, a bearish action could result in it retesting its low of $0.00001175.

Also, read Shiba Inu (SHIB) Price Prediction!

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