Shiba Inu corrects upwards following a surge in trading volume

As conversations about altcoin season build up, Memecoins are not excluded from the discussion. These highly criticized meme-based tokens have remained afloat, with leaders Dogecoin and Shiba Inu collectively experiencing a bullish uptrend, suggesting a possible preparation for altcoin season.

Shiba Inu, the 16th largest cryptocurrency by market cap, and the second most valuable memecoin behind Dogecoin, has made a remarkable rebound after recording a mild intraday price decline.

According to data from Coindesk Research’s technical analysis model, the meme coin experienced a 5% price surge in under 24 hours.

The move comes after the asset recorded an intraday low, sending Shib down to the $0.0000139 price mark. The follow-up bullish reversal signals a slow recovery for SHIB, priming it to retest previous support levels soon potentially.

The intraday price decline was observed after a sell-off, which resulted in the meme coin trading at a daily low. The meme coin began its recovery as buying pressure increased, with trading volume shooting upwards.

Dogecoin (DOGE) bulls remain in control, breaking key resistance levels

Similarly, leading memecoin Dogecoin has managed to stay afloat despite the volatility recorded in the previous week. The memecoin snagged 0.6% in gains under 24 hours, breaking through the $0.220 resistance levels.

Notably, buying volume has surpassed $67,456,500.

It bears mentioning that whale activities have skyrocketed for the memecoin, with large whales accumulating more than 1 billion Doge tokens over the last month.

Both milestones suggest that Doge Bulls are wide awake and buying pressure is building up strongly, with a potential price breakout in sight. At the time of this report, Dogecoin is trading at $0.22.