With the price of Bitcoin plunging toward its $58,000 mark, the memecoins have lost momentum and recorded significant correction in their respective portfolios. Further, some mid-cap memecoins have experienced a double-digit drop during this period.

Amid current market situations, questions like “Is this the right time to invest in memecoins?” and “Is memecoin a good investment?” are on a constant rise.

Let’s take a look at the market sentiment, price analysis, and the possible short-term price targets of the Dogecoin (DOGE) and Shiba Inu (SHIB) memecoins.

Dogecoin (DOGE) Price Action:

Despite recording a correction of 1.61% within the past day with a trading volume of $666.125 Million, the DOGE price has recorded a jump of 32% within the past week and has rewarded its long-term investors with a Year-to-Date (YTD) return of 19.64%.

The Moving Average Convergence Divergence (MACD) has recorded a constant decline in the red histogram, highlighting increased price action for the memecoin in the crypto market. Moreover, the averages display a high possibility of a bullish convergence, suggesting a positive outlook in the coming time.

If the market continues trading under a bullish sentiment, the DOGE price will head toward its resistance level of $0.12730. Conversely, if the bears regain power, the Dogecoin price will prepare to test its crucial support level of $0.0780.

Shiba Inu (SHIB) Price Action:

Amid increased bearish sentiment in the crypto space, the Shiba Inu price has dropped approximately 3% within the past 24 hours. Furthermore, this memecoin has recorded a 24-hour High/Low of $0.00001413 and $0.00001331. With a market cap of $8.26 Billion, it has secured 13th position.

The EMA 50/200-day shows a negative trend in the SHIB price action. On the other hand, the RSI indicator has displayed a bullish reversal with the support of the average trendline in the 1D time frame. This suggests uncertainty in future price action.

Suppose, the crypto market experiences a bullish reversal, in that case, the SHIB price will surge toward its upper resistance level of $0.00002350 during the upcoming weeks. However, bearish action could pull the Shiba Inu price toward its important support level of $0.00001175.

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