Dogecoin and Shiba Inu Face Tough Resistance: Can Bulls Push for a Breakout?

The meme coin market is experiencing a resurgence following Trump's decision to halt planned tariff increases and the release of encouraging inflation data suggesting a slowdown. This positive news propelled Bitcoin closer to $85,000, igniting renewed interest in popular meme coins like Dogecoin and Shiba Inu. However, both DOGE and SHIB are encountering resistance at key price levels, suggesting a potential short-term dip before any significant further gains.

Dogecoin and Shiba Inu: Increased Open Interest

The recent price surge in DOGE and SHIB has resulted in a rise in open interest, indicating increased trader participation. Coinglass data shows Dogecoin's open interest increased by approximately 3.2%, reaching roughly $1.57 billion. Shiba Inu's open interest saw a smaller increase of 0.05%, reaching over $120 million.

Nevertheless, heightened price volatility and a growing number of short positions near key resistance levels for both Dogecoin and Shiba Inu introduce uncertainty and mixed signals into their price charts.

Dogecoin Price Analysis

Dogecoin is currently struggling to decisively break above the $0.17 resistance level. While buyers are presently maintaining upward momentum, there are indications that sellers may soon intervene, potentially pushing DOGE below the 23.6% Fibonacci level. Dogecoin is currently trading at $0.165, up over 2% in the last 24 hours.

The Relative Strength Index (RSI) stands at 58, suggesting sustained buying pressure. Continued buying pressure could propel DOGE towards the $0.2 resistance level. A successful break above this level could significantly boost market confidence and potentially trigger a rally towards $0.25.

Conversely, failure to maintain the rising support line could initiate a decline, potentially reaching $0.13. A breach below this level could exacerbate selling pressure and strengthen the bearish trend.

Shiba Inu Price Analysis

Shiba Inu is facing challenges in overcoming immediate resistance at $0.000013. This resistance is keeping the price confined to a narrow range, hindering any substantial upward movement. Currently, SHIB is trading at $0.0000122, up just over 0.5% in the past 24 hours.

Despite some bearish pressure, buyers are persistently attempting to push the price higher, demonstrating continued bullish interest. However, sellers are effectively defending against any breakout attempts. The RSI is at 56, slightly above the midpoint, suggesting buyers may soon gain the upper hand.

A successful break above the $0.000013 resistance could propel SHIB towards the next target at $0.0000157. Conversely, increased selling pressure and a fall below the 20-day EMA support could lead to further declines, potentially reaching $0.0000102.