The crypto market recovered massively this week, and investors are still raking in profits as we speak.
The memecoin market has also recovered along with the rest of the market.
In this article, we will be going over the memecoin market in general, as well as Dogecoin and Shiba Inu in particular.
We will attempt to figure out why, over the last week, both of these cryptocurrencies have done massive numbers, and are now up by about 20% each.
After rallying initially to $30,000 from around $26,000, the Bitcoin bulls hit the nail on the head and drove the cryptocurrency's price straight up to $35,000.
Bitcoin breaking above $30,000 for the third time this year was likely fueled by the anticipation of a new Bitcoin spot ETF.
And right behind Bitcoin's 11% surge on Tuesday, the memecoin market has followed with a 10% gain in market cap over the last day, as well as a $2.27 billion trading volume within the same timeframe.
According to CoinRanking, the last 24 hours have been highly favourable for the memecoins in the market.
For example, CoinRanking shows that the global memecoin market cap now sits at about 17 billion, and is up by a total of 10% over the last day.
The amount of gainers in memecoin trades now overshadows the losers as well, with the bulls having a 61% stake, compared to the bears' 39% stake.
CoinMarketCap paints a pretty bullish picture for Dogecoin.
Dogecoin, over the last 24 hours, is up by an impressive 9%.
Even better, is how the memecoin is also up by as much as 23% over the last day. CoinMarketCap also shows that investor interest in Dogecoin has surged by 53%, as investors have now traded $750 million worth of Dogecoin over the last 24 hours.
Shiba Inu as well, is also incredibly bullish.
In the snapshot above, we can see that SHIB is up by 8.9% over the last day, and by 19.25% over the last week.
According to a recent tweet from the popular crypto analyst @ali_charts earlier in the month, a weekly candlestick close above $0.0835 could trigger the beginning of a new $DOGE bull run, and catapult the cryptocurrency straight up to $1 (potentially).
According to the weekly chart, Dogecoin has been in a descending triangle since April.
However, the recent market rally brought the memecoin into a break above this zone.
Dogecoin is currently trading at $0.0717 at the time of writing. This means that the current breakout rally may take the memecoin straight up by another 16% to $0.085.
However, Dogecoin will have to break above this resistance to follow through with Ali's prediction.
Overall, it may be safe to expect this 16% rally before a breakout or pullback.
According to the charts provided by TradingView, Shiba Inu has suffered from serious volatility issues over the last two months.
However, with the recent crypto market recovery, Shiba Inu's volatility returned, and we may see some massive potential in the coming weeks
Shiba Inu has been in a descending wedge formation for more than a year now.
The rebound off this formation's lower trendline indicates that the bulls now have another opportunity to push SHIB up and target a breakout.
Keep in mind that SHIB now trades at about $0.00000792 at the time of writing, and the bears are likely laying in wait at the $0.00001 resistance or thereabouts.
Shiba Inu's bulls will need way more firepower to overpower the bears, and investors are advised to watch out for this zone.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.