DOGE and SHIB in Range as Meme Coin Momentum Fizzles
Dogecoin (DOGE) and Shiba Inu (SHIB) have both experienced losses in the past 24 hours.
DOGE has fallen slightly, while SHIB is down 2% as investor sentiment turns bearish.
However, there are still meme coins that are performing well, such as the upcoming gaming-focused token Meme Kombat (MK).
DOGE Trapped at $0.079 Level
Dogecoin has seen two consecutive days of red closes, bringing its price down to $0.079.
The coin has been stuck around this level for over a week, with buyers and sellers competing for control.
The good news for DOGE holders is that the $0.079 level has not been broken since November 24, suggesting it is acting as support.
However, the 50-day exponential moving average (EMA) is acting as resistance, causing choppy price action for Dogecoin.
SHIB Falling Towards Support Level
Shiba Inu is facing a similar situation, with its value rising last week before dropping from Tuesday’s high.
SHIB is now heading towards the $0.0000087 level, which has been tested three times this year.
If SHIB breaks below this support zone, it could drop further to the $0.0000077 level.
The overall meme coin market capitalization has also decreased in the past 24 hours.
XPayments Account Boosts DOGE Price Temporarily
Last week, there was a bullish trend in the meme coin space, partly due to the creation of the “XPayments” account on Twitter.
Investors speculated that this account could be related to crypto payments functionality, potentially involving DOGE.
DOGE saw a 3% surge on the day the account was created and continued to rise in the following days.
However, this upward momentum was short-lived, and DOGE is now back in the red.
Meme Kombat Presale Gains Interest Ahead of Launch
While DOGE and SHIB have been struggling recently, Meme Kombat (MK) has gained support from traders.
MK is a gaming-focused meme coin project on Ethereum that is currently in its presale phase.
The presale is in its final stage, giving potential investors one last opportunity to buy MK before it lists on Uniswap.
Early buyers of MK can stake their tokens and generate APYs of 119%.
Meme Kombat aims to reward its community with tokenomics that allocate a significant portion of supply to presale investors and staking rewards.
Hot Take: Meme Coin Market Faces Challenges as DOGE and SHIB Struggle
The meme coin market has experienced a downturn as Dogecoin and Shiba Inu face challenges in price performance. Both coins are trapped in ranges, with DOGE hovering around $0.079 and SHIB falling towards a crucial support level. However, there are exceptions to this trend, such as the upcoming Meme Kombat token, which has gained interest from traders during its presale phase. Despite the recent bearish sentiment, the market had shown signs of optimism with the creation of the XPayments account on Twitter. Overall, the future direction of meme coins remains uncertain as the market continues to navigate through various factors affecting their prices.
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