Dogecoin and Shiba Inu, which are classified as meme coins, are not performing as well as the rest of the market. But according to technical indicators, that could change as these coins are gearing for a bullish breakout!
The crypto market is gaining momentum, and as such, it appears that Shiba Inu and Dogecoin are also getting ready to break upwards.
In the last 24 hours, Dogecoin has gained 6%, which also helped the coin to cross an important resistance area. In simple words, a break of resistance in DOGE is an indication that bulls overpowered the bears situated at that resistance level. Looking ahead, it appears that DOGE still has the strength to inch higher and challenge another resistance.
If we look at the technical readings, it appears that DOGE has closed outside its symmetrical triangle in a bullish fashion. On top of that, the coin has also crossed the resistance zone located at $0.073, which was putting a cap on bullish momentum.
According to the recent technical formation, there's a possibility that DOGE could gain a further 35% in its price. If this turns out to be true, DOGE could target the price area around $0.09 to $0.10.
But before we can go there, DOGE will have to stay above the $0.068 level to confirm that it is indeed bullish. But if we get a break below this important level, we may witness a correction to the $0.065 to 0.061 level.
If we look at the price movement of Shiba Inu, it is also bullish since the last trading day. In fact, Shiba Inu gained almost 4%, which is good news for the bulls.
Right now, SHIB is very close to an important resistance zone, but if the market sentiment turns positive, then there is a good chance that it could break out as well.
On the daily charts, the SHIB coin has formed a bullish formation called head and shoulders. This is a bottoming pattern that, if it turns out to be valid, could send SHIB higher.