The crypto market has been rallying over the last few days. The global crypto market capitalization has hit $2.5 trillion after rising 2.3% over the last 24 hours. The largest cryptocurrency by market capitalization has rallied 18% over the last seven days to trade at $66,829 as of 3:00 am EST. BTC price came close to breaking the all-time high when it hit an intraday high of $68,785 on March 5.
The largest altcoin Ether was also in the green, climbing 5% over the last 24 hours to trade at $3,691. Other top-cap altcoins, including Cardano’s ADA, BNB, BNB and Solana, were flashing red apart from the popular memecoins Dogecoin and Shiba Inu.
Shiba Inu led the gains amongst the top cryptocurrencies with 46% gains over the last 24 hours.
Top crypto gainers today
Dogecoin also featured among the top gainers on Tuesday after rising 8% over the last 24 hours and over 93% over the last seven days.
Let’s analyze the price action of the top two memecoins to see where they could be headed next.
Dogecoin price action
DOGE broke through $0.10 at the end of February, rising 158% from the support floor at $0.080 to set a swing high at $0.2069 on March 5.
The appearance of a doji candlestick on the daily chart below shows that both the bears and bulls are aggressively defending the level at $0.20. The RSI is in the overbought region, and the price strength at 93 points to the buyers’ dominance in the market.
The bulls will now push the price higher, first toward the intraday high at $0.2068 and later to the psychological level at $0.22.
DOGE/USD daily chart
On the downside, the RSI shows that DOGE is extremely overbought. The ongoing correction is a sign of buyer exhaustion and profit booking by the sellers. Key levels to watch on the downside as the correction continues are the $0.18 psychological level and later $0.16.
Shiba Inu price analysis
SHIB price has rallied 353% over the last 10 days and its uptrend appears unstoppable. The dog-themed memecoin is currently up 46% over the last 24 hours, accompanied by a 226% leap in trading volume, which currently stands at $13.566 billion.
The Shiba Inu market capitalization now rests at $23 billion, reclaiming its spot among the top ten cryptocurrencies by market capitalization.
SHIB trades in a 10th straight daily green session, out of all, suggesting the strength of the buyers in the market. The RSI was also moving upward at 98, asserting the bull’s dominance in the market. This means the only path with the least resistance for Shiba Inu is upward.
SHIB/USD daily chart
On the downside, the position of the RSI at 98 suggested that the upside might be over for Shiba Inu in the short term. As such, the price may turn down from the current levels with the first line of defense arising from the $0.000035 psychological level. Additional lines of support could emerge from the $0.000030 psychological level and later the support recently established at $0.0000225.