Dogecoin and its rival, Shiba Inu, are among the top ten cryptocurrencies owned by Ethereum whales. Analysts predict that Dogecoin’s price will bounce back from recent lows and initiate a massive reversal.
50% of Dogecoin investors will profit as long as the accumulation continues
Meme coin giants Dogecoin and Shiba Inu have been bought by the 1,000 largest whales on the Ethereum network. In the portfolios of Ethereum whales, Dogecoin is currently among the top ten HODLs. According to WhaleStats data, the biggest whales are holding $50 million in Dogecoin (BEP-20) on Binance Smart Chain. A BEP-20 token is backed by BSC, which is one-on-one with the dog-themed meme coin. Observations show that Dogecoin was bought by whales during the current crypto market downturn. The increase in the on-chain activities of the Dogecoin network, historically increasing transaction volume and whale accumulation correlates with the price increase.
According to the analytics platform IntoTheBlock, whose data we share asKriptokoin.com, the current profitability of Dogecoin is over 50%. This means that the price of Dogecoin is in a “neutral” price zone, suggesting that the memecoin could start to rise. Analyst Ekta Mourya, reviewing the Dogecoin price action, said that bulls are expected to surpass memecoin’s simple moving average. According to the analyst, DOGE price is trading at a historically notable level, just below $0.1592 as of July 2021. It can also be said that even though the Dogecoin price is falling, the bulls are keen to push the prices higher. According to analysts, a 20% increase in Dogecoin price could be fueled by the recent price trend and bullish factors.
Shiba Inu price expected to rise 27%
Shiba Inu price is in a downtrend as the bulls breathe to move higher. Based on the current chart, SHIB is likely to rise 27% to $0.00003736 when it finds strong support. On the technical side, the 50-day SMA will be the initial basis for Shiba Inu pricing around $0.00002799. The 200-day SMA at $0.00002617 and the 21-day SMA at $0.00002435 will provide further protection lines for SHIB. If the selling pressure intensifies, Shiba Inu price could drop much more, from $0.00002222 to the upper border of the dominant technical pattern on the chart, and then down to the October 8th low of $0.00002060, according to analyst Sarah Tran.
SHIB at lower levels may indicate that momentum is turning negative, invalidating the positive forecast. If buying pressure builds, the SHIB bears can target the 23.6% Fibonacci retracement level at $0.00003411 and then the 100-day SMA at $0.000003509. More buyers entering the market could help SHIB reach the optimistic target of $0.00003736. The 38.2% Fibonacci retracement level at $0.00004467 could be the next target, followed by the 50% retracement from the $0.00005321 low.
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