Top Memecoin Picks for Today, May 9 – DOGE, SHIB, PENGU

Highlights:

• DOGE is trading above key support while buyers target the next resistance near the $0.148 level.
• SHIB is slowly recovering and holding support while traders watch for a breakout above resistance.
• PENGU is building momentum and holding above $0.010 while buyers push for another breakout move.

The crypto market is slightly up today after a small crash yesterday due to geopolitical tensions. The slight increase comes in the wake of positive regulatory developments, with the CLARITY Act markup coming up on May 14. The development would lead to a major market recovery if the bill passes by this month.

As of press time, the overall market cap is up 1.39% to $2.68 trillion. However, the trading volume is down 51.08% to $95.35 billion. The fear and greed index stands in the neutral zone at an index of 50. The total liquidations in the crypto market totaled $205.24 million in the past day, with $155.18 million in short positions wiped away.

Meanwhile, the memecoin market cap is up 2.5% to $39.8 billion, and the trading volume stands at $3.99 billion, according to CoinGecko data. With the market returning to the green side after much volatility, here are the top memecoin picks for today.

Top Memecoin Picks for Today

1. Dogecoin (DOGE)

Dogecoin is trading at $0.1104, a 4.25% increase in the past day. However, the trading volume is down 21.22% to $1.22 billion, while the market cap stands at $18.76 billion.

Dogecoin is recovering after months of sideways movement near the lower range. The market has started pushing higher after holding support above the $0.08922 zone.

DOGE has moved through the $0.10793 level and is now trading slightly above it. The structure has improved as the price forms gradually higher lows from the April bottom. Selling pressure has also weakened after repeated failures to push the price lower. Above the current price, the $0.14887 zone stands as the next major resistance target. However, losing the $0.10793 level could slow the current recovery and trigger consolidation of the memecoin.

2. Shiba Inu (SHIB)

SHIB is trading at $0.000006451, a 3.03% increase in the past day. In addition, the trading volume is up 2.21% to $118.93 million. Meanwhile, the market cap of the memecoin stands at $3.8 billion.

Shiba Inu is slowly recovering after a long decline, which pushed the price toward the $0.00000559 support zone. Since then, the market has traded in a tighter and more stable range.

SHIB has continued holding above $0.00000559 while recent candles have gradually moved higher. Several recovery attempts have stalled near the $0.00000689 resistance level during the recent rebound. This area now stands as the main barrier stopping stronger upside continuation. The price action has also become calmer as volatility continues fading across the range. A breakout above $0.00000689 could trigger a larger move toward $0.00000906.

3. Pudgy Penguins (PENGU)

PENGU is trading at $0.01070, a 4.84% increase over the last 24 hours. The market cap stands at $672.94 million. Meanwhile, the trading volume of the memecoin has increased by 21.82% to $202.4 million.

Pudgy Penguins is recovering after a long period of weak price action near the lower range. The market has shifted higher since bouncing from the $0.006217 support zone in April.

PENGU has continued printing higher lows while recent candles hold above the $0.010 region. Several recovery attempts earlier this year failed near the $0.013371 resistance level. That area now stands as the main barrier stopping a larger breakout. Momentum has also improved as the RSI pushes toward the upper range and reflects growing buying pressure. A breakout above $0.013371 could drive the memecoin price toward $0.026391.