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Why are these meme coins doing great?


 

The leading meme coins have performed well over the past few hours as the broader market slowly recovers.


Dogecoin (DOGE) and Shiba Inu (SHIB) have been trading in the green zone for the past 24 hours. This latest development comes after tokens lost more than 15% of their value over the past week.


Dogecoin has reclaimed its place as the 10th largest cryptocurrency by market cap after outperforming Polkadot and Avalanche in the past few days. At the time of writing, DOGE is trading at $0.139, up nearly 6% over the past 24 hours.


Shiba Inu ranks 14th on the market and is currently trading at $0.00002098 per token - up 5.6% in the last 24 hours.


There are no specific catalysts behind their ongoing rallies other than the broader cryptocurrency market recovering from its recent plunge.


The total cryptocurrency market cap is now back above $1.6 trillion and could continue to rise in the coming hours and days.


Important levels at a glance

The DOGE/USD chart is looking bullish thanks to the ongoing cryptocurrency rally. The technical indicators are showing that DOGE is currently performing well and it could climb higher in the coming hours and days.


DOGE's MACD line is hovering around the neutral zone after spending the past few days in negative territory. The 60 RSI shows that DOGE could soon enter overbought territory if the positive momentum holds.



Meanwhile, the SHIB/USD 4-hour chart is also looking positive as the token recovers from its recent plunge. The technical indicators show that SHIB is performing well and could build on that in the next few trading sessions.


SHIB's MACD line is still below the neutral zone, but it could rise if current momentum is maintained. The 54 RSI shows that SHIB is no longer in the oversold territory and buying pressure may pick up again if the bulls remain in control.

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