Crypto analytics platform Santiment reports that the meme coin market is strengthening even as the Bitcoin price drops. Analysts support the rise and these 3 altcoins are predicting high bar…
Santiment shared a promising outlook for these 3 altcoins
Dogecoin (DOGE), Shiba Inu (SHIB), and ApeCoin (APE) have recently made remarkable gains in terms of market cap, according to the crypto analytics platform. According to the report, the social volume data of the three meme projects shows an upward trend. This helps them show superior price movements than Bitcoin, which has been falling recently. According to Santiment’s analysis:
The week started off with some meme coin magic, while Dogecoin, Shiba Inu, and ApeCoin all experienced minor market cap gains. As is typical with these types of cryptos, high social volume spikes will mark highs. DOGE excitement is heating up.
The “excitement” mentioned by Santiment was about Elon Musk’s new super app X. As quoted by Kriptokoin.com, most experts predict that Dogecoin will be the primary payment on this platform.
According to Santiment, trading volume for Dogecoin skyrocketed after the price surged early on Monday to a 16-week high. Analysts have also identified well-established altcoin projects taking action in the wake of the upcoming news.
Litecoin (LTC) gears up before halving
Santiment also reported that Litecoin has seen much more interest ahead of the halving scheduled for August 2, based on trading volume:
Investors have turned to Dogecoin after the sudden price spike that the meme coin experienced earlier today. Also, with the August 2 halving fast approaching, we saw Litecoin interest rise to weekly highs and Ethereum should be followed.
Santiment is also looking closely at the market-to-value (MVRV) metric for altcoins. He says some altcoins are trending bullish, including Quickswap (QUICK), OMG Network (OMG), and Radicle (RAD).
Altcoin analysts predict 23,000% rally for Dogecoin
As for price predictions, renowned on-chain analyst Ali Martinez has identified a descending triangle on Dogecoin’s weekly chart. The last time Dogecoin encountered this pattern, it skyrocketed with an almost mind-blowing 23,200% rally. This analysis sparks speculation as to whether Dogecoin could reproduce a similar meteoric rise.
https://twitter.com/ali_charts/status/1683166836454555653
Five years ago, Dogecoin benefited from a significant uptrend. This period reached the ATH level of $0.0187 in January 2018. According to Martinez, DOGE’s price boom was over 23,200% from the bottom of the cycle. However, after reaching the top, DOGE saw another round of decline. This shows that its value has decreased over time.
Martinez’s analysis coincided with a notable accumulation trend among DOGE investors. In the next tweet, the analyst underlined that these top investors holding between 1 billion and 10 billion DOGE have accumulated 3 billion coins, equivalent to $225 million, in the past three weeks.
#Dogecoin whales bought around 3 billion $DOGE over the last three weeks, worth $225 million! pic.twitter.com/y4VC6nT9EK
— Ali (@ali_charts) July 24, 2023
DOGE is currently trading at $0.0793. From a technical standpoint, Martinez points out that the $0.070 – $0.076 level on the DOGE/USDT chart is a critical support zone for Dogecoin.
On the other hand, Martinez noted that the bears are firmly settled at the $0.083 and $0.088 price levels, ready to sell DOGE. These specific levels are more pronounced on lower timeframe charts.
#Dogecoin | The most important support zone is between $0.070 and $0.076, where 452,000 wallets acquired 51.4 billion $DOGE.
Conversely, #DOGE faces stiff resistance at $0.083 and $0.088. pic.twitter.com/rzPNJEtvuR
— Ali (@ali_charts) July 26, 2023
Shiba Inu is on the rally list: It can enter among the top 5 altcoins
Elsewhere, popular crypto analyst Del Crxpto predicts that Shiba Inu (SHIB) will rank among the top five altcoins. Additionally, he suggests that XRP will also return to the top 3.
The analyst is confident that the upcoming Bitcoin halving will continue the expected bull run rather than ETF approvals. He predicts that this event alone will significantly affect the market. It also hints that it will lead to the projected resurgence of Shiba Inu and XRP.
Next bull run will see $SHIB return to the top 5 & $XRP return to the top 3.
— Del Crxpto (@DelCrxpto) July 26, 2023
On the other hand, the Shiba Inu currently has a market capitalization of $4.6 billion. If it wants to surpass the currently ranked 4th BNB, it has to increase its market cap by at least 703%. That means it has to reach a market value of $37 billion.
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