Meme coins, including Shiba Inu and Dogecoin, have established their presence in the market. As the cryptocurrency market experiences heightened volatility following the recent Bitcoin Halving, investors are eagerly seeking opportunities for substantial gains.
Among the most popular options are the two leading meme coins, Shiba Inu (SHIB) and Dogecoin (DOGE). However, with the meme coin category displaying mixed sentiment and uncertainty regarding future price action, the question arises: which of these tokens is more likely to deliver a 10X return?
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Dogecoin’s Bearish Price Action Raises Concerns
Despite the increased market volatility, Dogecoin’s price has formed an inverted cup and handle pattern on the 1-day time frame, indicating a bearish outlook for the coming days. The meme coin leader has lost 3.12% within the past day and 2.52% over the last 30 days, highlighting weak buying and selling pressure.
For Dogecoin to regain bullish momentum, it is crucial that the market hold its price above the support level of $0.155. If successful, the bulls may prepare to test the $0.182 resistance level. Conversely, bearish price action could pull the price toward the lower support level of $0.128 in the coming days.
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Shiba Inu’s Bullish Convergence Offers Hope
In contrast to Dogecoin, Shiba Inu has recently recorded a bullish convergence in the 1-day time frame, raising hopes among investors for a potential price surge. After displaying a neutral trend for the first two months of the year, SHIB broke out of its resistance level and recorded an impressive 3X surge within a few days as the hype for meme coins increased.
Although Shiba Inu faced rejection at the $0.00003950 resistance level, causing the bulls to lose momentum and break down the support level, the meme coin has been trading between $0.000023 and $0.000030.
If the bulls continue to gain momentum, the SHIB price may prepare to test its resistance level of $0.000030 this week.
Also read: Cryptocurrency: 3 Coins To Buy Now As Bitcoin Reclaims $65,000
The Path to a 10X Gain: Factors to Consider
When deciding between Shiba Inu and Dogecoin for the potential of a 10X gain, investors should consider several factors. Investors should not overlook Dogecoin’s established position as the category leader and its potential for a bullish convergence, despite SHIB’s recent bullish convergence and the increased hype surrounding meme coins making it an attractive option.
Ultimately, the path to a 10X gain for either meme coin will depend on various factors, including overall market sentiment, adoption rates, and the ability to break through key resistance levels. As always, investors should conduct thorough research and exercise caution when investing in the highly volatile cryptocurrency market.
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