Popular meme coin price prediction: Increased bullish bets on DOGE and SHIB, on-chain indicators suggest a "Rebound".

As the market's bullish momentum strengthens, DOGE-themed memecoins DOGE and Shiba Inu (SHIB) are showing signs of potential rebound. DOGE has rebounded after re-testing its key level, while SHIB is hovering near its crucial resistance level. Derivatives data and on-chain indicators both show an increase in traders' holdings and a surge in bullish bets, supporting an optimistic outlook that suggests these popular internet memes assets may soon be poised for a breakout.

Derivatives data and on-chain indicators suggest a bullish trend

According to data from Coinglass, the long-short position ratios for the DOGE and SHIB dog-themed memecoins are 1.10 and 1.08, respectively. This ratio is above 1, reflecting bullish market sentiment, as more and more traders are betting that the memecoins will pump.

Santiment's supply distribution shows that the number of large wallet users holding DOGE-themed memecoins and DOGE is on the rise. The indicator shows that since last week, the number of whale users holding SHIB and DOGE tokens between 100,000 and 1 million (red line) and 1 million to 10 million (yellow line) has been increasing, further supporting the bullish outlook.

DOGE Price Analysis

FXStreet analyst Manish Chhetri stated that the price of DOGE rebounded after re-testing the previously breached downtrend line (formed by connecting multiple highs since May 23) last Wednesday, with the price around $0.15, having increased by 9.8% as of Sunday. As of Monday when this article was written, it was trading at approximately $0.17.

If DOGE continues its bullish trend and the daily closing price stays above the weekly resistance level of $0.18, it may maintain its pump and retest the high point of $0.20 from June 11.

On the daily chart, the Relative Strength Index (RSI) is at 51, having broken through the neutral level of 50, indicating indecision among investors. The Moving Average Convergence Divergence (MACD) indicator also showed a bullish crossover last week. This indicator also shows that the green histogram is rising above the neutral level, indicating strong bullish momentum and an upward trend.

However, if DOGE faces a correction, it may extend its downtrend and retest its trendline support level of $0.15.

(Source: Trading View)

SHIB Price Prediction

Manish pointed out that the SHIB price broke through the downtrend line (drawn connecting multiple highs since mid-May). Nevertheless, last week the price still consolidated between the daily 0.0000111 and the 50-day moving average of 0.0000123. There was a slight decline on Monday, and as of the time of writing, it hovers around 0.0000118.

If SHIB rises daily and closes above the 50-day EMA of $0.0000123, it may continue its bullish trend until the high of $0.0000136 on June 11.

The RSI on the daily chart is at 49, hovering near the neutral level of 50, indicating that traders are indecisive. To maintain bullish momentum, the RSI must break above the neutral level of 50.

The MACD indicator showed a bullish crossover last week. The indicator also shows that the green histogram is rising above the neutral level, indicating strong bullish momentum and an upward trend.

On the other hand, if SHIB faces a correction, it may continue to decline and find support around 0.0000111 dollars daily.

(Source: Trading View)