The choppy market conditions are largely responsible for the losses recorded by the crypto sector. Even so, the environment lays an attractive buying opportunity for savvy investors. Among the most appealing entities are top meme coins like Dogecoin and Shiba Inu.
Granted, these top cryptocurrencies may need a larger investment. This explains why Poodlana has emerged as one of the attractive altcoins for those seeking to make big bucks from a reasonable investment. This as traders up their bets for the Fed rate cuts to 50 basis points.
Shiba Inu price on a potential trend reversal
Shiba Inu price has recouped some of last week’s losses trading in the green for the third session in a row. In the past 24 hours, this top dog-themed coin has been 1.62%. Granted, the bears remain in control with its price down by over 50% since late May 2024. It continues to trade below the 25 and 50-day EMAs while finding resistance at $0.00001378.
Even so, both the fundamentals and technicals point to a potential trend reversal. A look at its daily chart shows a double bottom pattern, which indicates that the sellers are losing momentum. At the same time, the falling wedge pattern highlighted in blue is an indication that more buyers are moving in and easing the selling pressure.
Based on these technical indicators, a move past the current resistance level of $0.00001378 will have the bulls eyeing the next zone at $0.00001500. A move further up will bring the psychological level of $0.00002000 to a clearer focus.
Notably, the fundamentals are also in favor of a trend reversal. To start with, it has continued to offer steady returns despite the choppy market conditions. More specifically, it is up about 30% YTD while the likes of Bitcoin, Ethereum, and Dogecoin have gained 30%, 3%, and 8% respectively.
Shiba Inu’s burn mechanism that seeks to reduce the available tokens have contributed to this steady value. Besides, the launch of SHIB DAO is expected to boost Shiba Inu price by attracting more investors to the meme coin. The move will ensure that its holders have a say on the project’s future direction.
Poodlana serves an attractive buying opportunity
Poodlana, one of the newest cryptocurrencies, still has the attention of meme coin investors and enthusiasts. Insightful individuals understand that amid the current struggles in the crypto market and beyond lie an investment opportunity that will have them smiling broadly in coming months.
Currently, concerns over the health of the US economy have bears in control. In fact, top cryptocurrencies have reversed the gains made in August. However, with cryptocurrencies often defined by high volatility, this is not the first or the last time for such declines.
In the same breath, this class of assets retains the potential to retest previous highs or reach new ones. In addition to the online hype, the correlation between meme coins and top cryptocurrencies is set to boost Poodlana price in the medium to long term. Furthermore, its link to luxury fashion will further benefit this dog-themed cryptocurrency.
In the short term, the focus is on Fed’s interest rate cuts. With recent data pointing to a slow down in the US labor market, traders are now betting on a 50 basis-point rate cut by the Fed during their September meeting. An environment of lower interest rates tend to boost riskier investments like cryptocurrencies.
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Dogecoin price enroute for a bullish reversal
Dogecoin, the top meme coin, has been up by 2.40% in the past 24 hours. On its four-hour chart, the crypto is trading above the 25-day EMA while hovering around the 50-day moving average. Besides, its gains have seen it rise past the bearish trend line.
Based on these technical indicators, Dogecoin price appears set to retest the psychological zone of $0.1000. Further gains will likely yield a golden cross with the 25-day EMA crossing the 50-day EMA to the upside. This is as the bulls eye the next target at $0.10275.
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