Dogecoin Skyrockets While Shiba Inu Pulls Back After Huge Rally

Dogecoin Enjoys Strong Support

Dogecoin gained huge upside momentum and is currently trying to settle above $0.32 while Shiba Inu pulls back after an unsuccessful attempt to settle above $0.000089.

Bitcoin and Ethereum are gaining some ground today, but leading coins look flat compared to the wild action in the “dog coins”.

Yesterday, Dogecoin found itself under strong pressure as Shiba Inu moved to new highs. Today, Dogecoin rallied, and it looks that some traders are ready to bet that there is enough space for two “dog coins” in the top-10 cryptocurrencies by market capitalization.

At the time of writing, Dogecoin had a market cap of roughly $44 billion, while Shiba Inu boasted market cap of about $38 billion. Combined, the two “dog coins” are bigger than Binance Coin, the world’s third cryptocurrency by market cap.

Technical Analysis

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Dogecoin is currently trying to get back above $0.32. RSI is close to the overbought territory, but there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

If Dogecoin settles back above $0.32, it will head towards the next resistance at $0.33. A successful test of the resistance at $0.33 will push Dogecoin towards the next resistance level which is located at $0.35.

On the support side, the nearest support level for Dogecoin is located at $0.3050. If Dogecoin declines below this level, it will head towards the next support level at $0.2950. A move below the support at $0.2950 will open the way to the test of the support at $0.2870.

It should be noted that Dogecoin is very volatile, and traders should be prepared for very fast moves. In addition, traders should also watch action in Shiba Inu as both cryptocurrencies compete to claim the title of the world’s biggest meme coin.

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