Dogecoin’s most recent performance on the cryptocurrency<\/a>\u00a0market left the majority of investors and traders surprised as the “old classic”\u00a0memecoin easily broke the first resistance on its way to a\u00a0trend reversal<\/a>.<\/p>\n The daily timeframe of the cryptocurrency suggests that DOGE is getting close to the major resistance line of the 50-day Exponential Moving Average, which is often considered a barrier between descending and ascending trends.<\/p>\n In the event of a breakthrough, Dogecoin will be set for a strong recovery rally despite already gaining over 40% to its value in the last seven\u00a0days, which makes it one of the most profitable assets on the cryptocurrency market.<\/p>\n During the run, DOGE easily broke through the 21-day Moving Average<\/a>, which is used as a signal line during strong down or uptrends. The line’s breakthrough puts assets in the “reversal candidate”\u00a0basket.<\/p>\n Ads<\/p>\n<\/div>\n<\/div>\n Dogecoin’s “competitor”\u00a0Shiba Inu has also shown quite a strong performance on the cryptocurrency market by showing a 50% gain in the last five\u00a0days, which also makes it one of the strongest assets in the top 100 cryptocurrencies by\u00a0market capitalization.<\/p>\n SHIB also broke through the 21-day Exponential Moving Average resistance line and is now consolidating\u00a0at the 50-day EMA, which Dogecoin is only yet to reach in the upcoming days.<\/p>\n The shorter-term timeframes are also showing that there is quite a way to go for both meme-assets as Dogecoin<\/a> just faced one of the strongest resistance on the chart, 200 EMA resistance, and Shiba Inu is reaching the consolidation channel’s top formed in the May-June period.<\/p>\n At press time, Shiba Inu is trading at $0.000001180, and DOGE is changing hands at $0.07.<\/p>\n<\/div>\n![\"Dogecoin\"](\"https:\/\/u.today\/sites\/default\/files\/inline-images\/26061.PNG\")
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Memecurrencies on the rise<\/h2>\n