The crypto market's top memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB), experienced a significant price drop last week, with DOGE falling by over 13% and SHIB plummeting by more than 14%. This decline not only affected their prices but also led to a sharp decrease in their dominance. However, market indicators suggest that the bulls may be preparing to take over, hinting at a potential price recovery.

According to CoinMarketCap's data, DOGE's value dropped to $0.1246, while SHIB's price fell to $0.00001857. The decline in memecoin dominance was highlighted by crypto analyst Ki Young Ju, who noted a significant drop in memecoin dominance over the past few months. Despite the price drop, Santiment's data revealed that both SHIB and DOGE's weighted sentiments improved, indicating a decline in bearish sentiment. Additionally, their social volumes spiked, suggesting increased investor interest.

Analyzing DOGE's daily chart, we found that the Relative Strength Index (RSI) registered an uptick after touching the oversold zone, hinting at a trend reversal. If the bulls take over, DOGE may recover from recent losses and reclaim $0.14. However, the MACD displayed a clear bearish advantage, suggesting a potential price drop to $0.117.

On the other hand, SHIB's future looks bearish, with Glassnode's data revealing an uptick in its NVT ratio, indicating an overvalued asset and a potential further price drop.

In conclusion, while DOGE and SHIB face uncertainty, market indicators suggest a potential price recovery. However, the bears may still dominate the market, leading to further price declines. Only time will tell which direction these memecoins will take.