Dogecoin, Shiba Inu Prepare to Break Out


Key Takeaways

Dogecoin and Shiba Inu have risen by more than 6% over the past 24 hours.
DOGE was able to break through resistance and may target $0.095.
SHIB has yet to overcome a crucial hurdle in its trend. 

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Meme coins Dogecoin and Shiba Inu have been lagging behind the rest of the cryptocurrency market, but the technicals suggest that they could soon break out.

Dogecoin, Shiba Inu Look Set to Rally

Dogecoin and Shiba Inu appear to be gearing up for bullish breakouts as the cryptocurrency market gains momentum.

DOGE has surged more than 6% over the past 24 hours. The sudden spike in upward pressure helped it overcome a critical resistance area. Now, it appears that Dogecoin could have the strength to advance further.

From a technical perspective, DOGE broke out of a symmetrical triangle and overcame the $0.073 resistance level. These developments could play a significant role in its price action as the Y-axis of the technical formation projects a 34% target. If validated, Dogecoin could surge toward $0.095 or even $0.10.

However, Dogecoin must continue to hold above $0.068 to confirm the optimistic outlook. If it breaks below this level, it could face a selloff that results in a correction to $0.065 or $0.061.

DOGE/USD 12-hour chart (Source: TradingView)

Shiba Inu has also gained bullish momentum over the past 24 hours, rising by more than 4%. The upward price action pushed SHIB into a significant area of resistance. As market sentiment improves, it looks like the dog token is gaining the strength it needs to break out.

SHIB has formed a head-and-shoulders bottoming pattern on its daily chart. Still, it has yet to overcome the pattern’s neckline. Shiba Inu must print a daily candlestick close above $0.013 to enter a 44% uptrend toward $0.019.

SHIB/USD daily chart (Source: TradingView)

It is worth noting that if Shiba Inu fails to break through $0.013, it could face a correction and retrace toward $0.010.

Disclosure: At the time of writing, the author of this piece owned BTC and ETH.

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