- Dogecoin and Shiba Inu are showing an upward push as key support levels hold and RSI stays bullish.
- Dormant token activity and funding trends hint at growing confidence, possibly fueling further short-term gains.
Dogecoin and Shiba Inu show strong signs of an upward trend after prices stabilized at pivot points. Technical indicators and on-chain metrics indicate that the rally might still have some distance to travel after weeks in consolidation. Funding rates and inactive token balances display positive trends, adding additional confirmation in support of the ongoing optimism.
As of Wednesday morning, Dogecoin exchanges hands at $0.2275.
Support has already been challenged several times at $0.2150, the same level as its 200-day Exponential Moving Average. It has been supported at that level since the previous week and is still standing, indicating ongoing support in that zone.
If it holds, DOGE may appreciate 18% up to $0.27, the 45% correction level calculated from the August 2023 low at $0.05 and the December 2024 high at $0.4850.
Dogecoin’s short-term Relative Strength Index (RSI) is at 60, above the neutral 50 mark. This is in favor of the rallying argument, as an RSI above 50 is usually seen as an indicator of upward momentum. Nevertheless, a close below the $0.2150 support can lead to additional declines, possibly pushing DOGE down towards $0.18, the next weekly support.
SHIB Eyes 30% Rally if This Level Holds
Shiba Inu has also been able to maintain important technical support. It bottomed near its 50-day EMA at $0.00001460 over the weekend and traded above the zone for a few days. Wednesday’s price sits at roughly $0.00001498.
It is near the same area that features the same descending trendline, broken in May, that was previously important support.
As long as SHIB holds support, a 30% upsurge is possible, targeting the next level of resistance at $0.00001765. As in the case of Dogecoin, the near-term positivity is backed by SHIB’s 57 reading on the daily RSI. Failure to sustain $0.000013 support, however, could represent the start of the fall towards $0.000011, the Apr 16 low.
Long-Dormant Coins Signal Potential Meme Coin Rally
Santiment’s Age Consumed indicator, which monitors long-dormant tokens, has seen significant action recently for both DOGE and SHIB. Previous spikes in the indicator were usually preceded by price jumps, with holders who historically never sold finally selling when the indicator spiked. The most recent indicator spike, on Tuesday, suggests that another price increase may soon follow.
The market for the meme coin, notably DOGE and SHIB, is seeing renewed interest not only from technical trends but also from holder and trader behavior. Coins not moving for ages moving again indicates greater interest and confidence, especially after periods of low volatility stretching for months.
While both coins must still break near-resistance levels to confirm longer-term directions, the indicators currently support near-term optimism. DOGE must sustain $0.2150, while SHIB needs to remain above $0.000013 to maintain the ongoing momentum.
