Predicted price of the top 2 meme coins: DOGE and SHIB bounce back as sentiment gradually becomes optimistic again

Dogecoin (DOGE) and Shiba Inu (SHIB) are showing significant momentum after a recent correction, as both meme coins have recovered from important support zones. As of Thursday's trading session, DOGE is maintaining above the 0.223 USD level, while SHIB is holding steady above the 0.000011 USD mark. Derivative data indicates that the capital flow in the market is supporting a positive trend, with the funding rate remaining in positive territory and selling pressure gradually decreasing, opening up new growth prospects for both in the near future.

Optimistic sentiment surrounds DOGE and SHIB

According to data from CoinGlass, the meme coin market inspired by dogs is sending positive signals as the funding rate rises across the board. Just on Wednesday, this rate shifted to positive territory, with DOGE at 0.0086% and SHIB at 0.0088% – indicating that the buying side (Long) is willing to pay fees to the selling side (Short). Historically, whenever the funding rate spikes significantly, the prices of DOGE and SHIB often quickly register notable breakouts.

Funding rate chart of DOGE | Source: Coinglass Funding rate chart of SHIB | Source: Coinglass

DOGE Price Prediction: Recovery from Key Support Zone

Dogecoin has found an important support zone around the (EMA) 100-day exponential moving average at 0.211 USD on Tuesday, before a slight recovery in the next session. This also coincides with the 200-day EMA, further confirming the key role of this support zone. By Thursday, DOGE continued to extend its recovery, trading firmly above 0.223 USD.

Daily DOGE/USDT Chart | Source: TradingViewIf the support level of 0.211 USD is maintained, DOGE has a chance to continue its upward trend, aiming towards the resistance zone around 0.247 USD. The Relative Strength Index (RSI) on the daily frame is approaching the neutral threshold of 50, indicating that selling pressure has weakened, while the MACD line and the signal line of the MACD indicator are gradually converging, reflecting the cautious yet stable sentiment of investors.

On the contrary, if DOGE adjusts and closes below 0.211 USD, the downtrend may continue, targeting the weekly support zone at 0.181 USD.

SHIB Price Forecast: Recovery Signal Appears

Shiba Inu (SHIB) has found a solid support level around 0.000011 USD on Tuesday and increased by 5% after that. As of Thursday, SHIB is trading steadily around 0.000012 USD.

Daily SHIB/USDT Chart | Source: TradingViewIf the recovery momentum continues, SHIB has the potential to extend the upward trend, aiming towards the 200-day EMA at 0.000014 USD. The RSI is also trending upwards, approaching the neutral threshold of 50, indicating that selling pressure is decreasing. To strengthen the recovery momentum, the RSI needs to successfully conquer this level.

Conversely, if SHIB faces selling pressure, the price is likely to retreat to the important support zone around 0.000011 USD.

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