Dogecoin, Shiba Inu Prepare to erupt

Meme coins Dogecoin and Shiba Inu have been lagging behind the rest of the cryptocurrency market, but technicals suggest they may soon break out.

Dogecoin, Shiba Inu seems to be rallying

Dogecoin and Shiba Inu appear to be preparing for bullish breakouts as the cryptocurrency market gains momentum.

DOGE has risen more than 6% in the last 24 hours. The sudden surge in upward pressure helped it overcome a critical resistance area. Now it seems that Dogecoin may have the strength to advance further.

From a technical perspective, DOGE broke out of a symmetrical triangle and overcame the $0.073 resistance level. This development could play a significant role in price action as the Y-axis of the technical formation has a target of 34%. If validated, Dogecoin could rise towards $0.095 or even $0.10.

However, Dogecoin needs to continue to hold above $0.068 to confirm the bullish outlook. If it breaks below this level, it could face a selloff resulting in a correction to $0.065 or $0.061.

Shiba Inu has also gained bullish momentum over the past 24 hours, rising more than 4%. The upward price action pushed SHIB into a significant area of ​​resistance. As market sentiment improves, the dog token appears to be gaining the strength it needs to break out.

SHIB has formed a head and shoulders bottom pattern on its daily chart. However, it has not yet overcome the pattern’s neckline. Shiba Inu needs to print a daily candlestick close above $0.013 to enter a 44% uptrend towards $0.019.

It is worth noting that if the Shiba Inu fails to break through $0.013, it may face a correction and move back towards $0.010.

Disclosure: At the time of writing, the author of this piece owned BTC and ETH.