XYZVerse (XYZ) Promises to Blend Sports Passion with Meme Culture, Targeting a Dramatic Leap in Value

According to a leading financial analyst, popular meme coins like Dogecoin and Shiba Inu may be losing their appeal. A new digital asset is emerging

Dogecoin (DOGE) and Shiba Inu (SHIB), two meme coins that captivated investors during the 2021 crypto bull run, have experienced contrasting fortunes in recent months.

As the broader cryptocurrency market recovers from last year’s steep sell-off, investors are once again turning their attention to altcoins and meme coins.

According to CoinGecko, Dogecoin is up 4.26% over the past 24 hours, trading at $0.11. The coin has seen a strong short-term rally, surging by 23.39% over the past week. However, over six months, the coin’s value has dropped by 14.21%.

Technical analysis indicators for DOGE are mixed, with the Relative Strength Index (RSI) at 40.60, suggesting the market isn’t overbought or oversold. The 10-day and 100-day Simple Moving Averages (SMAs) are at $0.14 and $0.13, respectively, both above the current price, hinting at a bearish trend. The Moving Average Convergence Divergence (MACD) level is negative, which could indicate continued downward pressure.

Meanwhile, Shiba Inu is up 0.88% over the past 24 hours, trading at $0.000018. The coin has seen a moderate short-term rally, climbing by 4.26% over the past week. However, in the last six months, the coin's value has fallen by 30.93%.

Technical analysis indicators for SHIB are also mixed. The RSI is at 43.02, below neutral, suggesting slight bearishness. The stochastic at 22.90 indicates possible oversold conditions. The MACD is slightly negative at -0.0000000882, hinting at downward pressure. Based on this data, SHIB may find it challenging to break resistance without increased buying.

If it fails to gather enough buying strength and falls below the support at $0.00001473, it might drop further, potentially reaching the next support level around $0.00001196, based on the Fibonacci retracement levels. This could lead to a price decrease of about 9%.

The above is the detailed content of XYZVerse (XYZ) Promises to Blend Sports Passion with Meme Culture, Targeting a Dramatic Leap in Value. For more information, please follow other related articles on the PHP Chinese website!