Crypto analyst Akash Girimath Shiba Inu sees the consolidation as likely to result in an exponential rise that more than doubles the market cap of SHIB. Analysts state that the Dogecoin price has produced the biggest candle in favor of the bears this year, and says DOGE fans should consider a bearish macro scenario.
“Shiba Inu price counts down before it jumps”
According to Akash Girimath, the Shiba Inu formed an Adam and Eve pattern due to the price action from January 5 to February 8. The analyst notes that the pattern includes two prominent oscillating bottoms, one with a V-shaped valley known as “Adam” and the other with a round bottom formation called “Eve”. Akash Girimath’s analysis continues in this direction.
The second half of the pattern is missing and hovers above the 0.0000235 and $0.0000255 demand zone. Therefore, interested investors can get a head start and save before the explosive move. This technical formation predicts a 38% rise determined by measuring the depth of the valley and adding it to the breakout point of $0.0000329. This gives a price target of $0.0000454. From the current position of $0.0000248, this increase represents an 83% gain. However, for this potential rally to occur, SHIB must break the immediate hurdle at $0.00000271 and flip the neckline at $0.0000329.
A daily candlestick above this level will trigger the rest of the rise to $0.000454. While this move is clear, the highly bullish outlook could see SHIB extend the bullish rally to label a round level at $0.0000500. From today’s low at $0.000251, this increase would yield a 102% gain for Shiba Inu price and holders.
Regardless of the technically bullish outlook, a daily candlestick near the $0.0000211 support level will create a lower low and invalidate the bullish trend for Shiba Inu price. This development will tip the odds in favor of the bears and could potentially trigger a crash to $0.0000094.
“Dogecoin price looks dangerous”
According to analysts, Dogecoin price has given serious bearish signals as the token failed Tuesday’s $0.17 break. Analysts state that the large bearish candle caused a 20% drop on the daily chart, indicating superior control of the trend. The bears are likely to keep traders who run away and those who didn’t quickly profit from last week’s successful trade setup at $0.17, analysts said. We present the evaluations of the analysts with their own explanations to the readers of Kriptokoin.com.
Dogecoin price is currently trading at $0.146. The volume indicator from yesterday’s sell shows deep bearish control and the bulls have yet to show comparable retaliation. Looking at the nature of what led to the big sale, it seems that the bears have always been there. The popular meme coin is curving in a descending triangle-like fashion.
Dogecoin price will eventually retest a historical trendline of $0.09 and possibly $0.08. The wrapping wedge now sheds light on how bears could manage to make such a disastrous move. In the short term, analysts will look for wave D of the triangle to descend to the $0.12 region.
Invalidity for short-term traders will be a closing candle above wave C at $0.18. It is worth noting that C waves are generally known as complex structures. Therefore, a break above $0.18 will not invalidate the overall triangle formation. Investors should know that Dogecoin price is considered high risk and unfavorable until wave A of $0.2150 is breached. If this scenario happens, analysts will develop a trading pattern to participate in the next meme token rally, which could push the Dogecoin price back to $0.25.
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