With altcoins gearing up for a bull run in February, the total crypto market capitalization has reached $1.72 trillion. Multiple coins show bullish chart patterns, teasing imminent breakouts. And as investor enthusiasm rekindles, highly volatile meme cryptocurrencies appear poised for takeoff.
Dogecoin (DOGE) continues to ride robust support at its 200-day moving average (200D EMA), readying the meme coin to challenge overhead resistance. DOGE last traded around $0.0805 after spiking 1.65% higher, forming a bullish engulfing candle that often precedes trend reversals.
Dogecoin could surge higher
This burst of buying pressure could propel an upside breakout, allowing Dogecoin to reclaim the psychologically significant $0.10 mark. Moreover, a rising bullish divergence in the Relative Strength Index (RSI) indicator underscores strengthening momentum that could fuel a rally.
Meanwhile, Shiba Inu (SHIB) popped over 4% in the last 36 hours. It posted consecutive daily gains after breaking out of a falling wedge pattern. SHIB then successfully retested former wedge resistance as new support—a textbook reversal signal.
Can Shiba Inu delete a zero?
With its chart carving higher lows, analysts eye an optimistic rally, allowing SHIB to reach the $0.000012 level this month. To confirm upside conviction, the meme token must first breach resistance at the 50-day exponential moving average. A daily close above there would likely prompt sidelined traders to enter long positions.
So while significant risks remain amid a fragile crypto economy, popular meme coins DOGE and SHIB could soon awaken from months-long slumbers. Their extremely volatile nature means explosive moves often materialize suddenly, even in uncertain markets.
If Bitcoin’s recent uptrend endures along with a rising investor risk appetite, Dogecoin and Shiba Inu appear to have solid chances of delivering double-digit percentage gains in February. Their social media-fueled rallies tend to feed off momentum, so any breakouts could unsettle those betting against further idiosyncratic frenzies.