Memecoin Market Wakes Up Amid Bitcoin's $69k Retest: Here's All About $DOGE, $SHIB and $WIF

Key Insights

• Following Bitcoin's rise to $69k, the memecoin market surged 5% with significant trading activity.

• DOGE is up 6% and might break above $0.2 resistance, potentially reaching $0.35.

• $SHIB gained 3.5% and surpassed its 25-day moving average, but needs to hold above $0.00002772 for confirmation.

• WIF leads the pack with an 8% increase and attempts to break its all-time high of $3.6, with a possibility of reaching $10.

The memecoin market has long had a correlation to Bitcoin, despite outperforming the pioneering cryptocurrency from time to time.

Over the last 24 hours, Bitcoin has rallied from around $67,000 into a retest of the $69,000 zone.

And as expected, the memecoin market has followed suit.

The snapshot above shows the memecoin market’s metrics.

As shown, the market has rallied by an impressive 5% over the last day, to a general market cap of around $61 billion.

Moreover, the memecoin market has also processed around $5.1 billion worth of transactions within the same timeframe, indicating a great deal of market activity with this class of cryptocurrencies.

Here is everything you need to know about the top three cryptocurrencies in this class, Dogecoin, Shiba Inu and DogWifHat.

Dogecoin

Dogecoin has come a long way from its slump to the $0.17 zone in the last week, and there is no doubt that this memecoin is on the cusp of something massive.

According to the snapshot above, Dogecoin currently trades at around $0.1945, and is up by around 6% over the last day, along with a 9% spike in trading volumes.

According to the charts, Dogecoin has been making higher highs since mid-2023 and has just used its medium-term EMA (25-day) as a launch pad.

Judging by the bullish pin bar candlestick on 5 April, we can see that the Dogecoin bulls are active around the $0.167 support, and are responsible for this rally to the upside on Dogecoin.

Investors should note that a psychological resistance point sits between the $0.195 and the $0.2 zones.

This means that Dogecoin might have some trouble with breaking above.

However, if we do see a break above $0.2, the cryptocurrency will have everything it needs to break above its previous local high of around $0.2288 and finally attempt the $0.35 target.

Shiba Inu

For once, Shiba Inu hasn’t flipped Dogecoin completely in terms of intra-day price movement.

CoinMarketCap data shows that the cryptocurrency is up by around 3.5%, with a current price of around $0.00002817.

Per the charts, we are seeing what appears to be a rebound off the $0.00002408 support.

Although Shiba Inu's rebound isn't as pronounced as Dogecoin's, the memecoin has broken above its 25-day moving average at $0.00002772, lending some credibility to its bulls in terms of strength.

We still need to see a close above  $0.00002772 though, to confirm that Shiba Inu is now stable.

However, in the medium to long terms, the memecoin should remain safely out of bearish reach if we do not see a break below $0.00002404.

DogWifHat

WIF has been on a bullish roll for more than a month now, even beating PEPE by a staggering $500 million to become the third largest memecoin overall by market cap.

The cryptocurrency, as usual, is up by around 8%, beating DOGE and SHIB in terms of 24-hour price movement.

According to the charts, we are looking at something quite interesting in this memecoin.

Aside from how WIF rebounded almost perfectly off the 25-day moving average as shown above, we are also watching the cryptocurrency attempt a break and close above its previous all-time high of around $3.6.

Because of these factors, we can conclude that if we see a break and close above $3.6 on WIF, we are bound to watch the cryptocurrency rally straight up and retake its previous all-time (and local) high of around $4.9.

A break above this price level would set the stage for what would eventually be a rally to around $10.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.