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Top Meme Tokens Dogecoin (DOGE) and Shiba Inu (SHIB) Make Great Strides

Top Meme Tokens Dogecoin (DOGE) and Shiba Inu (SHIB) Make Great Strides

Top meme tokens Dogecoin (DOGE) and Shiba Inu (SHIB) are trading severely in the red during this crypto bear market. 

With the lack of fundamental reasons to trigger a price recovery, analysts are convinced that the recent small jumps are only relief bounces to grab more liquidity and take the price down further.  

The one market rule in this scenario is "stay away from meme tokens and invest in utility.”

Real utility coins generate actual revenue and aren’t hyper-inflating coins. One that we picked out was The Hideaways (HDWY) which is gaining unbelievable traction. The presale superstar is attracting SHIB and DOGE investors in droves as they finally look for something that can generate real passive yield. 

Dogecoin (DOGE) Advances, But RSI Remains Weak

Dogecoin (DOGE) hikes 3.38% to $$0.058 - its first weekly advance. The meme token traded in the red over the weekends due to the weakness of crypto majors led by Bitcoin (BTC) and Ethereum (ETH).

Still, its Relative Strength Index is weaker after steadying at 41.90. As a general market rule, when using this technical indicator, any result below 50.0 means there are more sellers than buyers, and this will lead to a price correction.

At current prices, DOGE is trading in an August low zone. If the trend continues, we can see the token falling to a June bottom found at $0.049.

On the upside, the recent entrance of buyers helped Dogecoin (DOGE) overtake Polkadot (DOT) 's market cap. At press time, the meme token's market capitalization is at $7.7 billion versus Polkadot's $7.06 billion value.

Shiba Inu (SHIB) Advances But Nears Correction Territory

Shiba Inu (SHIB) makes a 2.15% hike to $0.00001116 latest price. Thanks to the renewed confidence in meme coins, its price managed to take a breather before entering correction territory.

SHIB's current trading zone historically sent prices to $0.00000707 - a level never before seen since June. Before a full-blown retracement, we expect the token to stop below to attempt a pattern reversal. Support stops are plotted at $0.00000907.

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