- Dogecoin has broken out of a falling wedge pattern and is trading at $0.1615, with potential for a 78% rally to $0.2865 if it clears the 50-day moving average at $0.1816.
- Shiba Inu is approaching a similar breakout point from its own falling wedge pattern, currently trading at $0.0000123 just below key resistance levels.
- Both memecoins experienced sharp corrections of 72% (DOGE) and 69% (SHIB) after explosive rallies in late 2024, but are now showing signs of reversal.
- Market sentiment improved after President Trump announced a 90-day pause on tariffs, injecting optimism across crypto markets and benefiting both tokens.
Date: Sat, April 12, 2025 | 05:45 AM GMT
The cryptocurrency market was in a sharp downtrend since the start of this year, as Ethereum (ETH) recorded its worst Q1 performance with a staggering 45% decline. This downturn dragged down most altcoins and memecoins, including Dogecoin (DOGE) and Shiba Inu (SHIB). However, a shift in sentiment emerged after U.S. President Trump announced a 90-day pause on tariffs — a move that injected a wave of optimism across crypto markets.
Following this , the top memecoins DOGE and SHIB have shown signs of strength with notable gains today. Dogecoin has already made a decisive breakout from a key technical pattern, and all eyes are now on Shiba Inu to see if it can mirror that move.
Dogecoin (DOGE)
Dogecoin has been grinding downwards for the past few months after its explosive 358% rally in late 2024. That rally was followed by a steep 72% correction that pushed DOGE into a falling wedge formation — a classic bullish reversal setup.
The price found support near $0.13, coinciding with the wedge’s lower boundary. After consolidating for weeks, DOGE has finally broken out of the wedge to the upside and is now trading at $0.1615.
With the breakout confirmed, the immediate hurdle lies at the 50-day moving average around $0.1816. A clean move above this could open the door for a much larger rally, with the 200-day MA and horizontal resistance near $0.2865 in focus — which would represent a potential 78% move from current levels.
Shiba Inu (SHIB)
SHIB is now testing its moment. The token followed a strikingly similar path to DOGE, having surged over 170% in late 2024 before entering a sharp 69% correction.
This decline also formed a falling wedge pattern, and SHIB is now approaching a potential breakout point. Currently trading around $0.0000123, it sits just below the wedge resistance and its 50-day MA, a confluence zone that DOGE managed to break out of just recently.
If SHIB can break through this key resistance, the next significant levels lie around $0.0000159 and the 100-day moving average — which marks a 28% upside from current prices. Momentum indicators like the MACD are starting to flatten, suggesting bearish pressure is weakening and a bullish phase could be brewing.
What’s Next?
Both Dogecoin and Shiba Inu are positioned at critical junctures on the charts. DOGE has already fired the first signal with its breakout, and SHIB appears to be lining up for a similar move. Given the improving sentiment in crypto markets and the bullish nature of the patterns forming, both tokens could be early movers in the next potential memecoins recovery wave.
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