The cryptocurrency market is slightly bullish once again with the latest move by the leading crypto. Accordingly, while market giants such as Bitcoin and Ethereum are struggling to reclaim the December 2021 levels, Shiba Inu (SHIB) and Dogecoin (DOGE) are trying to get rid of the selling pressure of February. We have compiled the price predictions of Akash Girimath and Jonathan Morgan, the technical analysts who determined the next levels, for the readers of Kriptokoin.com.
SHIB traders are watching the price silently
Between February 6th and February 8th, the Shiba Inu price rose 57% to $0.0000351. On approaching the four-hour demand zone of $0.0000274 to $0.0000289, this rise stalled and started consolidating by forming lower highs.
IntoTheBlock’s Global In/Out of the Money (GIOM) model supports this short-term negative thesis for Shiba Inu pricing. The next level of stable support for this on-chain index is between $0.0000150 and $0.0000220. Here, roughly 134,230 addresses bought 502.58 trillion SHIB. If the price falls within the stated ranges, investors are likely to buy additionally, according to analyst Akash Girimath, where the Shiba Inu price is expected to form a bottom during a decline.
The 30-day Market Value to Realized Value (MVRV) model supports a short-term negative outlook. This on-chain indicator is used to calculate the average profit/loss of SHIB traders during the previous month. The MVRV is currently hovering at 12.4%, indicating that investors are making a profit and will likely threaten a sale if they decide to take a profit.
Conclusion
The bearish thesis will be invalidated when Shiba Inu price crosses the 0.0000274 to 0.0000289 demand barrier to form a four-hour candlestick above $0.0000342. This shows that the bulls have taken control and are expected to increase the price of the Shiba Inu by 15% to $0.0000392.
Dogecoin struggles to stay afloat
The right shoulder of a possible reverse head-and-shoulders pattern is maturing on the Dogecoin chart. Once DOGE reaches the neckline of this formation, the bulls will meet two key resistance levels.
Dogecoin price buying opportunity at $0.005 and Figure chart is complemented by daily Ichimoku chart. According to Jonathan Morgan, an idea dogecoin trader setup can be tracked at the following levels:
- $0.165 entry
- $0.145 stop loss
- 0.260 profit target
Additionally, two to three boxes of backstops can help protect any profits made after entry. The above setup will be invalidated if the Dogecoin price closes at or below $0.13 on a daily basis.
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