The memecoin market is surging, with a total market cap increase of 8.5%.
Dogecoin is leading the charge and is up 8% in 24 hours with a recent breakout from a descending trendline.
Dogecoin's Fear and Greed Index is now neutral, indicating a shift in sentiment.
Shiba Inu is also up by 6.2% with a similar breakout on its daily chart.
Shiba Inu's burn rates have also skyrocketed by 579% this week, suggesting an incoming price bump.
Both memecoins have broken above important formations and could be poised to take the market by storm very soon.
The memecoin market has reversed course in the last 24 hours and is showing strong signs of bullishness with the two top memecoins leading the charge.
The memecoin market metrics
As shown by the snapshot above, the memecoin market cap is up by around 8.5% and currently sits at a figure of $57 billion.
According to data from CoinMarketCap, Dogecoin currently sits at around $0.1635 and is up by around 8% over the last 24 hours.
The cryptocurrency also had a 130% surge in trading volume, indicating that the Dogecoin network has processed a staggering $1.9 billion worth of transactions over the last 24 hours.
Dogecoin’s price action
Considering Dogecoin’s inability to make a valid rebound above the $0.12 support only a few weeks ago, the Dogecoin fear and greed index shows that the bulls are doing a great job at retaking control of the market.
According to data from CFGI.io, Dogecoin's fear and greed index currently sits at a neutral value of 51%.
Dogecoin’s technical analysis
Moreover, the memecoin also has a "very positive" score in terms of social sentiment and a technically positive outlook according to its indicators.
Considering how Dogecoin spent most of the last few weeks in a fear and greed index score of less than 50%, the resurgence in interest in the cryptocurrency is one of the biggest bullish signals it has enjoyed in months.
A Dogecoin breakout
As indicated by the chart above, the cryptocurrency appears to have rebounded off its 99-day EMA and has broken above the descending trendline shown above for the first time since its rejection from $0.2288 on 28 March.
This breakout means that the cryptocurrency is now poised to retake the $0.17, $0.2 and $0.22 resistance zones in only a matter of time.
Shiba Inu on the other hand, is up by around 6.2% over the last 24 hours, with a current price of $0.00002543.
Just like Dogecoin, the cryptocurrency’s trading volume has also surged within the same timeframe, gaining around 135% and processing nearly $1 billion worth of transactions in the same timeframe.
Shiba Inu’s price metrics
This week, Shiba Inu's burn rates spiked by a staggering 579% within a 24-hour span, which resulted in almost 10 million tokens being destroyed on a weekly scale equal to 57.6 million $SHIB according to ShibBurn.
Shiba Inu burn updates
This followed similar token burns across several other memecoins including $FLOKI’s proposal to destroy over 15 billion tokens.
Shiba Inu’s price outlook
According to the charts, Shiba Inu is in a similar position as Dogecoin and has just broken above a descending trendline as shown in the chart above.
This breakout alone makes SHIB poised to rally forward by another 80%, and investors can expect a retest of the previous local high of $0.00002555 if the bulls keep up this momentum.
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