Dogecoin's Value Likely to Increase, but the Fate of Shiba Inu Remains Uncertain (Details)
Analyst Ali Martinez, with nearly 140,000 followers on X, has pointed out technical indicators suggesting potential movements for Dogecoin (DOGE) and Shiba Inu (SHIB), the two largest meme coins by market cap.
While the TD Sequential metric, which reveals trend exhaustion in either direction, has signaled a buy opportunity for DOGE on the hourly chart, concerns surround SHIB and its next move. The chart patterns of both coins exhibit some similarities, but the outlook differs significantly.
In the case of DOGE, the TD Sequential pointed to a buy signal in late February when its price had dropped below $0.195, after which it surged past $0.24 within a few days. However, the coin peaked at $0.26 on May 11, followed by a decline to just over $0.222, indicating a possible downtrend. Despite this decline, the TD Sequential could signal further gains for DOGE.
SHIB, on the other hand, surged to over $0.000016 in mid-May but has since fallen by around 12-13%. Martinez notes that SHIB's behavior has been consolidating in a descending triangle, a bearish chart pattern indicative of weak demand and a potential price correction. Despite this, industry experts remain bullish on SHIB, with Del Crxpto recently describing it as a highly complex tech investment in the crypto industry.
It's worth noting that recent whale activity has surged, with a 2,952% increase in whale inflows and substantial token burns, suggesting a bullish accumulation trend. As such, there is a potential for upward movement for SHIB, but market volatility remains high.
In conclusion, while there are mixed predictions for SHIB's price movement, the recent surge in whale activity and token burns suggests a potential for upward movement. Investors should consider both technical analysis and market sentiment when making decisions about SHIB.
- In the realm of finance and investing, industry expert Del Crxpto describes Shiba Inu (SHIB) as a highly complex tech investment in the crypto industry.
- Amidst the current market volatility, the recent surge in whale activity and token burns for SHIB points towards a potential for upward movement.
- Analysts who engage in crypto trading might find opportunities in the blockchain market, with the TD Sequential signaling a possible buy signal for Dogecoin (DOGE), suggesting potential gains.
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