As a seasoned cryptocurrency analyst with over five years of experience in the industry, I have witnessed countless price fluctuations and trends in various digital assets, including Dogecoin (DOGE) and Shiba Inu (SHIB). Based on my analysis of the latest market data and trends, I believe that the recent surges in prices for these meme coins are strongly correlated with Bitcoin’s price movement.
Over the last several days, there have been significant price increases for Dogecoin (DOGE) and Shiba Inu (SHIB). Experts attribute this trend among the popular meme coins to the influence of Bitcoin‘s performance in the market.
Why Dogecoin And Shiba Inu Recorded Recent Price Surges
The prices of Dogecoin and Shiba Inu have experienced notable increases in recent times, mirroring Bitcoin’s price movements based on IntoTheBlock’s market intelligence data. Bitcoin reached a peak of $67,000 after a market slump that caused it to dip below the $60,000 mark. Consequently, Dogecoin and Shiba Inu also experienced declines in tandem with Bitcoin.
With Bitcoin experiencing a significant rise of more than 15% in the past week, Dogecoin and Shiba Inu have also seen impressive gains, jumping by approximately 17% for Dogecoin and over 7% for Shiba Inu. The price hike for Bitcoin, as well as Dogecoin and Shiba Inu, can be attributed to several reasons, such as the resurgence of bullish feelings among cryptocurrency investors.
Investors seem more optimistic now, as the selling pressure from the German government and Mt. Gox over Bitcoin has subsided. The German government has sold off its Bitcoins, while the market appears to have factored in the repayments from Mt. Gox. This renewed sentiment suggests that the second stage of the bull market for Bitcoin is gaining momentum.
According to on-chain analytics, Dogecoin and Shiba Inu exhibit optimistic signs for investors as prominent crypto players have significantly increased their holdings of these meme coins. Insights from IntoTheBlock indicate that the number of Dogecoin whales augmenting their positions has escalated, causing a notable spike in the concentration metric. Correspondingly, Shiba Inu whales have amassed more SHIB tokens as evidenced by a 13.79% surge in large-value transactions.
Whales significantly impact the pricing of meme coins by accumulating large quantities, which can trigger price spikes. This accumulation may push the coins into new price territories, ultimately resulting in price increases.
Further Price Rallies On The Horizon For Dogecoin
Based on their technical analysis, crypto experts anticipate further price increases for Dogecoin. According to analyst Kevin, previously known as OG Yomi, Dogecoin is poised to create an inverse head and shoulders pattern at its support level in the daily chart. The projected target for this potential move ranges from $0.15 to $0.17 if the meme coin successfully forms its right shoulder.
According to cryptocurrency analyst and trader Tardigrade, we can expect a significant surge in Dogecoin’s price. He pointed out that historically, Dogecoin has seen corrections that bring its price to the 0.618 Fibonacci level before major rallies occur. Currently, Dogecoin has returned to this mark, suggesting that it is primed for another large-scale price increase.
Read More
- BCH PREDICTION. BCH cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- Best Goomba Characters In Mario Games, Ranked
- USD PHP PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- USD RUB PREDICTION
- USD COP PREDICTION
- Top gainers and losers
2024-07-21 07:11