- Dogecoin and Shiba Inu are showing bullish signals, holding strong at key support levels with positive funding rates and rising on-chain activity.
- If momentum continues, DOGE could gain 20% and SHIB up to 30% in the near term.
Dogecoin (DOGE) and Shiba Inu (SHIB), two of the most popular meme coins in the crypto market, are flashing early signs of a bullish breakout. Both assets are holding steady at key support levels, backed by promising on-chain data and favorable technical indicators, hinting at the potential for significant price rallies in the days ahead.
According to Coinglass data, funding rates for DOGE and SHIB remain positive, sitting at 0.0094% and 0.0101% respectively. In futures markets, a positive funding rate means that traders betting on price increases (longs) are paying those betting on declines (shorts), signaling bullish sentiment among investors.
Also read: Dogecoin Price Stalls but Futures Surge 63% – Is a Major Breakout Ahead?
Supporting this outlook, Santiment’s Age Consumed index—an indicator tracking dormant token movements—shows a noticeable uptick for both DOGE and SHIB. Historically, such spikes have preceded upward price moves, suggesting that long-term holders are beginning to shift their assets, often in anticipation of rallies.
On the technical front, Dogecoin has found solid support around its 200-day Exponential Moving Average (EMA) at $0.21 and is currently trading near $0.23. If this support holds, DOGE could gain up to 20%, targeting the $0.27 level based on Fibonacci retracement levels from previous price action. Its Relative Strength Index (RSI) at 61 further confirms bullish momentum.
Shiba Inu is showing similar resilience. The token has bounced off its 50-day EMA at $0.000013 and is trading near $0.000014. If this trend continues, SHIB could see a 30% rally toward its next resistance at $0.000019. Its daily RSI also stands at 61, adding further weight to the bullish case.
While both meme coins face downside risks if key support levels are broken—$0.21 for DOGE and $0.000013 for SHIB—the current technical and on-chain landscape favors the bulls. If momentum builds, DOGE and SHIB may be on the verge of their next major rally.
