DOGE and SHIB have recently struggled to maintain trading above a critical level. The crypto market seems to lose momentum following Bitcoin’s climb to $90k.
The memecoin ecosystem remains strong amidst the growing uncertainty. Solana DEX volume hits a new all-time high. Traders speculated that the native coin may attain a new ATH if volume remains constant.
DEXs handled over $41 billion in transactions between Nov. 4 and 10, doubling the $18 billion it registered last week. The latest figures drive the monthly volume to a staggering $70.9 billion. Raydium handled over 72% of the total trading, while Orca and Lfinity facilitated $7.6 billion and $2.5 billion, respectively.
The main reason for the milestone is memecoins. New tokens like PNUT and GOAT saw fresh investment pour into the space, and promises of a massive return continue to push the memecoin rush. For example, a trader who invested $17 in the squirrel token made 12,000x in profit.
The growing number of such tokens on exchanges is another reason for the massive attention. Binance recently listed $Pnut, resulting in an over 300% increase in less than 24 hours. BONK surged to a new all-time during the previous intraday session.
It started trading at $0.000048 but slightly declined at the start of the day. It rebounded, climbing above its previous ATH at around $0.000055. It peaked at $0.000057. The latest milestone comes after Upbit listed the asset on its platform.
There is more to come from the memecoin sector. One key factor to watch out for is their price correlation with the apex coin. Once Bitcoin, there will follow, with more volatility. Let’s see how these assets will perform in the coming days.
DOGE/USD
Dogecoin is on the verge of another breakout. Recent price action shows the asset is gearing up for a major move. However, it has failed to break the $0.44 barrier after several attempts. The first happened on Nov. 12, when it started trading at $0.35 but retraced to a low of $0.30 before rebounding. It shot up to the highlighted mark a few hours ago but failed to break it.
DOGE closed at $0.38 following the massive rejection at the peak. The price movement repeated the next day, and the asset gained over 5% after its corrections.
Thursday was one of the most bearish days for the asset. It lost over 9% during this period. Over the next few days, it remained locked between $0.40 and $0.34. It broke the pattern during the previous intraday session. It started the day at $0.37 and surged to a high of $0.42 but retraced afterward.
One reason for the breakout was a change in Bitcoin’s price trajectory. It attained a new all-time high during the previous intraday session, peaking at $94k. DOGE’s price correlation with the top asset is 0.99, one of the highest in the market.
Although there are few onchain metrics, the asset has a thriving community. Its “fanbase” rose by over 1% over the last seven days. However, it grapples with notable selling pressure. Total exchange netflow is currently negative, exceeding -$15M.
Its price correlation will be crucial in the coming days as Bitcoin proponents anticipate more price increases. Dogecoin will break above $0.44 and edge closer to $0.70.
SHIB/USD
Shiba Inu gained a whopping 27% on Nov. 10. It started trading at $0.000020 and surged to a high of $0.000028. It experienced slight declines that saw it close at $0.000026. It continued the uptrend the next day with notable surges. It edged closer to $0.000030 but failed due to massive rejections.
Nov. 12 was one of the most volatile for the asset, as it dropped to a low of $0.000024 but rebounded and climbed above the highlighted barrier. However, it registered losses exceeding 5% in the end. The memecoin slipped further the next day.
The asset started a trend of trading within a channel. It bounced between $0.000022 and $0.000026. Following several attempts over the last seven days, it failed to break out of this pattern. Its consistent pressure on the support spreads massive fear of the level buckling.
Nonetheless, indicators are split on the next price action. The moving average convergence divergence shows an ongoing bearish divergence. With the divergence underway, the asset may see further declines. However, price actions suggest possible accumulation above $0.000023, which may result in recovery.
The relative strength index supports the idea of an impending price uptick. At the time of writing, the metric is at 58, showing room for price surges. The Bollinger Band supports this claim as the upper band is farther from current prices.
Recent price action shows BTC edging closer to $100k. The bulls are gradually recovering from their previous exhaustion. The memecoin will see a trickle of funds as the apex coin edges closer to the highlighted mark. Its correlation, which stands at 0.92, may play a huge role in the coming days.
PEPE/USD
PEPE has been on the decline over the last five days. The downhill movement started following its massive surge on Nov. 15. It started the day at $0.000020 and surged to $0.000023 following an enormous decline to a low of $0.000018.
A massive decline started the next day when prices dropped from $0.000023 to $0.000020, losing almost all the accumulated gains. The downhill movement continued over the next four days, with losses of over 12%.
MACD suggests further declines in the coming days. The 12-day EMA is dipping and may intercept the 26-day EMA. The ongoing price decline follows the readings from this indicator. However, other metrics point to an impending change in price trajectory.
The relative strength index is at 65, showing room for price surges. It may retrace further to guarantee a solid recovery. The Bollinger Band supports this claim as the upper band is farther from current prices.
Onchain data from IntoTheBlock are most bullish amidst the ongoing price declines. Three of the four metrics are currently bullish. Large transactions have increased by over 12% over the last 24 hours, and bullish concentration increased on the asset during this period.
The asset has a 0.94 price correlation with Bitcoin, which means that the memecoin will surge as the top coin does. This is especially important as the apex cryptocurrency is gearing up for major leaps at critical levels.
PEPE is gearing up for a significant price move. During the next run, it will surge above $0.000030.
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