Memecoins Heat Up: DOGE & SHIB Test Key Resistance Ahead of FOMC
Flipping a declining trendline resistance and the 20-day EMA might take Dogecoin to $0.180.
SHIB must break $0.0000087 and the 50-day EMA to reach $0.0000097.
Upcoming FOMC rate cuts might affect DOGE and SHIB.
Dogecoin, Shiba Inu test major resistance levels before FOMC meeting.
Before Wednesday's FOMC interest rate announcement, memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) are challenging major resistance levels. Both memecoins may suffer pressure at crucial levels as market investors forecast a 25-basis-point rate decrease.
DOGE may reverse trendline resistance.
Dogecoin is trying to break $0.142, but a downward trendline from October 27 is preventing it. DOGE has struggled to climb above the 20-day Exponential Moving Average (EMA) since the October 10 drop, strengthening resistance.
A break above the falling trendline might push DOGE over the 50-day EMA and challenge $0.180.
Lower, DOGE may find support at $0.131. If it falls below $0.131, the top memecoin risks falling below $0.100, a psychologically significant threshold.
RSI and Stoch are nearing neutral. A strong cross above will shift momentum positive.
SHIB seeks $0.0000097 but faces EMA test
Shiba Inu tests $0.0000087 resistivity. This level matches the 20-day Exponential Moving Average (EMA), which has been a crucial barrier for two months.
A move over $0.0000087 and the 20-day EMA might push SHIB to $0.0000097 resistance. It must clear the 50-day EMA to rise. SHIB must overcome resistance at the 100-day and 200-day EMAs to reach $0.0000123.
SHIB may fall to $0.0000076 if $0.0000087 is rejected.
RSI and Stoch are testing neutral levels. Crossing above will boost bullish momentum.
