Once again, Dogecoin has reached around $0.30. It is nearly 38% of the most valuable meme cryptocurrency, outpacing another meme currency Shibu Inu.
The meme crypto Shiba Inu managed to flip his godfather DOGE in the last few days, but Dogecoin followers also boosted the price and secured the 9th position above the Shiba. Most importantly, in the last few hours, Dogecoin’s price zooms 25%, while Shiba Inu falls 26%.
Currently, the market seems unsettling as two meme currencies are fighting.
Shibu Inu soared 44% in the last few days and made its way to the top ten largest digital tokens by market cap. On the other hand, the market of Dogecoin passed $40 billion, a nearly 30% rise in the last 24 hours. Now Shiba Inu has a market cap of $38,387,903,961 and Dogecoin has a market cap of $39,385,696,113.
The difference in market cap is less than a billion. Currently, Dogecoin is 9th, and Shiba is 10th crypto in the top 10 list. Both meme cryptos are in a race. Who will win?
Shibu Inu overtook Dogecoin and has a strong price chart, while Dogecoin is endorsed by Elon Musk. On October 27, Musk stated, he does not own Shiba Inu, but he has holdings in Bitcoin, Ethereum, and Dogecoin. Elon Musk also said Dogecoin is the “people’s crypto.”
The active and dedicated community of Dogecoin uses coins for financial transactions and raises funds for charitable purposes. Besides that, DOGE is the best crypto for mining.
After his statement, all financial experts are closely monitoring these two meme cryptocurrencies.
The meme token Dogecoin has formed a W-pattern, indicating two lows around $0.16 and $0.19. These double bottoms are a sign of a potential uptrend.
The coin has a strong support level of around $0.19 and strong resistance of $0.32. It is interesting to note that the coin is trading around the resistance level.
Now Dogecoin is in a race with Shiba Inu, so if loyal DOGE followers can cross the resistance level, it can skyrocket its price and provide a good ROI.
Throughout October, this coin is bullish on the MACD chart. It will be continuing its uptrend in the next month as well. RSI is 63, which also reflects bullish signs.
Moving Average is also going upwards, and the last candlestick is well above the moving average line but red in color that means the price may drop to $0.26 again in a couple of days.
On the Bollinger Band, the bullish green candle breaks the upper part of BB and takes a bullish momentum. The last red candlestick is also well above the baseline, which also suggests continuing bullish run.
Both the coins dominated social media this week. Indeed Shiba is the new star in the crypto market and creates a hype of ‘DOGE Killar,’ but Dogecoin has also found a bullish momentum. After the sudden rise, both cryptocurrencies are on the top 10 list. Elon Musk reveals his choice; now it’s your time to choose the best.
