In the current calm of the crypto world, as we approach the year’s end, the general market mood seems subdued, likely due to the holiday season. Despite this, the crypto market boasts a significant market cap of $1.68 trillion and a daily trading volume of $63.6 billion. Currently, the market sentiment hovers around a ‘greed’ score of 72 on the fear and greed index. As we anticipate the potential approval of a Bitcoin Spot ETF in January, traders are keeping a keen eye on the market, hopeful for a year-end rally.
In the realm of meme cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB) mirror this tranquil market trend, with both experiencing a slight decrease in value. We take a look and these primary meme coins to see whether it is a good time to buy.
Dogecoin (DOGE) Market Analysis
Dogecoin is trading within a narrow range, with DOGE price oscillating between $0.0861 and $0.098. The Relative Strength Index (RSI) at 53.49 and the Stochastic %K at 61.03 suggest a neutral market stance. The Average Directional Index (ADI) at 17.64 and the Commodity Channel Index (CCI) at 37.92 indicate a market lacking a definitive trend. The MACD and Momentum values are minimal, pointing to market indecision. The Simple Moving Averages (SMA) align closely with the current price, further reflecting market uncertainty.
Dogecoin’s Potential Upsurge
The increase in new Dogecoin addresses and active community engagement could drive demand, potentially pushing Dogecoin towards higher resistance levels. If market sentiment strengthens, Dogecoin might surpass its current resistance levels, aiming for higher targets, buoyed by its strong community and whale support.
Possible Downturn for Dogecoin
If the market momentum falters, Dogecoin might drop towards its support level at $0.0861. A further decline could see it test lower levels. The limited utility of Dogecoin and competition from new meme coins, coupled with broader market factors, could influence its performance.
Shiba Inu (SHIB) Market Study
Shiba Inu’s price is fluctuating between $0.00000972 and $0.00001144. Its RSI and Stochastic %K suggest a balanced market condition. The low ADX and stable CCI hint at a consolidating trend, with the MACD and Momentum providing subtle market direction cues. The SMAs indicate a steady trading range. All in all, SHIB’s performance is a tad on a boring side at the moment, but so is the whole market, given the festive period the world is in right now. If the bull run persists further in January, we may be able to see SHIB price rise through $0.00001144, pulling other meme players up with it.
Shiba Inu’s Growth Prospects
The burning of SHIB tokens, automated burn processes in upcoming upgrades, and increased whale transactions suggest a growing interest in Shiba Inu. If these factors align with market sentiment, SHIB could break its immediate resistance level and target higher values.
Shiba Inu Downward Risks
Despite positive developments, SHIB’s moderate performance and stagnation could indicate a cautious investor approach. If market sentiment turns bearish or upgrades don’t meet expectations, SHIB could face downward pressure, potentially testing lower support levels.
BONK as the Greatest Competitor
Operating on the Solana blockchain, BONK positions itself as a direct competitor to Dogecoin and Shiba Inu. Its rise is notable for several reasons. Firstly, the choice of the Solana blockchain offers potential advantages in terms of transaction speed and lower fees compared to Dogecoin and Shiba Inu, which are based on different blockchains. This could appeal to users looking for more efficient and cost-effective transactions in the meme coin space. Secondly, BONK’s introduction has been met with enthusiasm within the Solana community, which may contribute to its growing popularity and adoption. The impact of BONK on the meme coin market is still unfolding, but its presence introduces new dynamics and competition, particularly for Dogecoin. As BONK continues to develop, it will be interesting to see how it influences the positions and strategies of established players like Dogecoin and Shiba Inu in the competitive world of meme cryptocurrencies.
How To Buy DOGE, SHIB and BONK
Buying crypto is extremely streamlined these days with users having to choose from a myriad of different options. However, one of the safest ways to do it is through the established crypto exchanges. The reasons for this are simple. Your account and assets are always protected by multilevel security patterns, which makes the crypto you hold pretty much inaccessible by anyone but you. Furthermore, once you acquire your meme coins, crypto platforms usually offer a wide range of ways how you can earn on the assets you hold, which is basically free money awarded to you for not having to move your crypto around.
Best part to exchanges, is that they make buying meme coins extremely simple, with practically every coin boasting in-depth how-to-buy instructions, including DOGE, SHIB and BONK.
Concluding Thoughts
As we close the year, the crypto market, including Dogecoin and Shiba Inu, exhibits a blend of cautious optimism. The anticipation of a Bitcoin Spot ETF and the current ‘greed’ sentiment hint at potential market movements. Both DOGE and SHIB face possible bullish and bearish scenarios, influenced by internal developments and broader market trends. The direction these meme coins take in the new year will be indicative of the broader crypto market’s evolution.