-
Dogecoin and Shiba Inu hold key support levels, signaling potential for short-term recovery.
-
On-chain metrics point to bullish momentum, with positive funding rates and increased dormant activity.
-
Technical indicators suggest potential double-digit upside for both meme coins if support holds.
Dogecoin (DOGE) and Shiba Inu (SHIB) are starting to show early signs of recovery as prices consolidate above critical support zones. A mix of favorable on-chain data and technical strength is boosting the case for a potential upward breakout, with both assets possibly set for notable gains if momentum builds.
Dog-based meme coins show a positive bias
Data from Coinglass indicates that futures traders remain optimistic about DOGE and SHIB. The OI-Weighted Funding Rate, a metric that reflects trader sentiment through open interest and funding fees, is in positive territory for both coins.
DOGE’s rate stands at 0.0094% and SHIB’s at 0.0101%, meaning long positions are paying shorts. This typically suggests that more traders are betting on price increases, a sentiment aligned with the recent stability around key support areas.
Further supporting this outlook, Santiment’s “Age Consumed” index shows a recent spike in activity, indicating that previously dormant tokens are now moving. Historically, such spikes in DOGE and SHIB have preceded short-term price gains, adding to the optimism that these coins may be on the verge of an uptrend.
Dogecoin price forecast: DOGE bulls eye 20% gain
DOGE has consistently held support around its 200-day Exponential Moving Average (EMA) at $0.21, and as of Wednesday, it trades slightly higher at $0.23. If this level continues to hold, DOGE could climb by 20% to retest the 50% Fibonacci retracement near $0.27, calculated from its August 2023 low of $0.05 to its December 2024 high of $0.48.
The Relative Strength Index (RSI) currently sits at 61, above the neutral 50 level, further reinforcing the bullish bias.
That said, a daily close below the 200-day EMA would invalidate this outlook and likely drive the price toward the next support at $0.18.
Shiba Inu price forecast: SHIB eyes 30% rally
SHIB has found steady support at its 50-day EMA near $0.000013, hovering slightly above that mark for three consecutive days. This level also lines up with a previously broken descending trendline, now acting as support around $0.000014. As of midweek, SHIB trades at approximately that level.
If this support continues to hold, SHIB could advance by 30% to test resistance near $0.000019, driven by momentum and improving sentiment.
The RSI reading of 61 aligns with this outlook, indicating growing buying pressure.
However, a close below $0.000013 could push SHIB lower, with the April 16 low at $0.000011 becoming the next downside target.
