Meme coins, such as Shiba Inu and Dogecoin, have become prominent players in the cryptocurrency market, attracting investors looking for significant gains amidst heightened volatility following the recent Bitcoin Halving. With both Shiba Inu (SHIB) and Dogecoin (DOGE) being popular choices, the question arises: which of these meme coins is more likely to deliver a 10X return?
Dogecoin, the established leader in the meme coin category, has recently shown a bearish outlook with its price forming an inverted cup and handle pattern on the 1-day time frame. The coin has experienced a 3.12% loss in the past day and a 2.52% decrease over the last 30 days, indicating weak buying and selling pressure. To regain bullish momentum, Dogecoin must maintain its price above the support level of $0.155, with a potential resistance level at $0.182. However, bearish price action could push the price down to $0.128 in the coming days.
On the other hand, Shiba Inu has displayed a bullish convergence in the 1-day time frame, sparking optimism among investors for a potential price surge. After a period of neutrality, SHIB broke through its resistance level and experienced a 3X surge as interest in meme coins grew. Despite facing rejection at the $0.00003950 resistance level, Shiba Inu has been trading between $0.000023 and $0.000030. If the bulls continue to gain momentum, the price may test the $0.000030 resistance level this week.
When considering which meme coin has the potential for a 10X gain, investors should weigh various factors. While Dogecoin holds a strong position as the category leader and shows potential for a bullish convergence, Shiba Inu’s recent bullish trend and the hype surrounding meme coins make it an attractive option. Ultimately, the path to a 10X gain for either coin will depend on factors such as market sentiment, adoption rates, and the ability to break through key resistance levels.
As the cryptocurrency market remains highly volatile, investors are advised to conduct thorough research and exercise caution when investing in meme coins like Shiba Inu and Dogecoin. The decision between the two will ultimately depend on individual risk tolerance and investment goals.