DOGE and SHIB are about to break out

Memecoins DOGE and SHIB seem to be lagging behind the rest of the crypto market, but technical indicators suggest they could break out soon.

DOGE, SHIB prepare to raise prices

DOGE and SHIB appear to be preparing for a bullish breakout as the crypto market gains momentum.

DOGE is up more than 4% in the last 24 hours. The sudden upward pressure pushed the price past a key resistance area. Now, it looks like this coin has the strength to go further.

From a technical perspective, DOGE broke out of the symmetrical triangle and broke through the $0.073 resistance level. These developments could play an important role in price action as the Y-axis of the technical pattern sets a target of 34%. If validated, DOGE can go up to $0.095 or even $0.1.

However, DOGE must continue to hold above $0.068 to confirm the upbeat outlook. If it breaks below this level, it could face a sell-off leading to a correction to $0.065 or $0.061.

DOGE and SHIB are about to break out 1
DOGE 12-hour chart | Source: TradingView

SHIB also gained momentum in the past 24 hours, gaining more than 2%. The upward move pushed the price into the “heavy dollar” resistance area. As market sentiment improves, it looks like this dog token is gaining the strength it needs to break out.

SHIB is also forming a head and shoulders bottom on the daily chart. However, it has yet to break through the neckline of the pattern. SHIB must close the daily candle above $0.013 to join the 44% uptrend towards $0.019.

DOGE and SHIB are about to break out 2
Daily SHIB Chart | Source: TradingView

It is worth noting that if the SHIB fails to break above the $0.013 threshold, it could face a correction and retrace towards $0.01.

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