The prices of popular meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) have slipped over the past two days, ending last week’s bullish momentum.
Both DOGE and SHIB saw huge gains throughout last week, yet profit-taking from investors has forced prices to drop.
However, the new meme coin Meme Kombat (MK) has received optimistic forecasts from traders and analysts, who believe it could be primed for substantial gains once its presale concludes.
Dogecoin Price Shows Signs of Slowing Momentum
At the time of writing, DOGE is trading for $0.077, a 5% drop from yesterday’s price.
After rallying most of last week, DOGE reached a high of $0.081 on Monday morning – yet this high was short-lived.
Notably, this is the second time the DOGE price has rejected $0.081, unable to break through resistance at that level.
Trading volume has declined by 7% in the past 24 hours, down to $550 million.
This indicates the momentum driving Dogecoin’s price higher last week is beginning to fade.
Looking closer at the technicals, the nearest support level will likely be the wick from Sunday, which drove down to tap $0.075.
Price may fill this wick in the coming days before either rebounding or continuing its drop, depending on investor sentiment and market trends.
Either way, the next few days will be pivotal for DOGE as traders look for signs indicating which direction the coin will take.
Shiba Inu Price Retraces After Hitting Nearby Resistance
Like Dogecoin, Shiba Inu has also pulled back over the last 24 hours.
After hitting highs above $0.0000086 yesterday, SHIB’s price is currently trading around $0.0000080 – a 6% retracement.
SHIB rallied most of last week, gaining over 13% as hype and speculation drove investors into the market.
However, like DOGE, SHIB appears to be losing some momentum as profit-taking sets in.
Over $180 million worth of SHIB was traded in the past 24 hours – well below last week’s peak volumes.
The technical picture for SHIB reflects this cooldown, with price creating a double-top pattern on the 4-hour chart.
This pattern suggests potential resistance at $0.0000085, signaling there could be a large volume of sell orders in the area.
Overall, downside risks appear to be mounting for Dogecoin and Shiba Inu as both meme coins show signs of losing momentum.
Viral Meme Kombat Presale Attracts Bullish Interest from Influencers & YouTubers
As DOGE and SHIB pull back from their recent highs, a new meme coin called Meme Kombat (MK) is receiving significant hype and optimistic forecasts from crypto influencers and YouTubers.
Meme Kombat is a play-to-earn crypto gaming platform that allows users to watch meme-powered battles and bet on their outcomes using the native MK token.
MK can also be staked to earn yields as high as 410% APY, based on current figures.
Popular YouTube personality Oscar Ramos recently posted a review of Meme Kombat, highlighting the project’s combination of meme culture, gaming, and DeFi incentives.
Ramos predicted that MK could be a “$1,000,000 meme coin” if the project can sustain its current level of hype.
Other YouTube channels like Cryptonews have also endorsed Meme Kombat positively, noting the 50% token allocation to presale investors as a huge plus.
With meme coins consistently proving their ability to produce exponential price rallies and Meme Kombat’s presale raising over $2.1 million, there’s a growing belief that MK could have a breakout before the end of 2023.
Early investors can buy MK through the current stage of the presale for just $0.214 – although this price will only be available for two more days before increasing.
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