As we enter a new week, the cryptocurrency market presents both opportunities and risks for investors seeking short-term gains. Market indicators, though not foolproof, can help investors make informed decisions in this volatile environment.
What happened: Meme coins like Dogecoin DOGE/USD and Shiba Inu SHIB/USD invariably remain on investors' radar because of their high valuations and impressive gains over the years.
DOGE and SHIB rose 9.19% and 9.85%, respectively, last week. Technical indicators gave mixed signals for the two meme heavyweights.
The Momentum indicator, which compares the short-term price and long-term price, flashed a “Buy” signal for both SHIB and DOGE, according to TradingView.
On the other hand, the Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, flashed a “Sell” signal.
The Bull Bear Power indicator, which measures the strength of buyers and sellers, was "Neutral" for both SHIB and DOGE.
On the derivatives front, over 50% of Dogecoin traders were betting against its price increase, while 52% of SHIB traders were long on the meme coin, according to Coinglass.
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Meanwhile, President Donald Trump's meme coin, Official Trump TRUMP/USD, plunged over 10% over the last week, affecting its speculative interest.
TRUMP's Open Interest fell by 9% in the last 24 hours, with the majority of its futures traders placing bearish short positions.
XRP XRP/USD, the fourth-largest cryptocurrency by market capitalization, rallied over 10% in the last week. Its Momentum indicator and the Stochastic Relative Strength Index, which measures the level of the Relative Strength Index relative to its high-low range over a period, both flashed a "Buy" signal.
That said, the MACD indicator painted a bearish short-term picture for the cryptocurrency.
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