Dogecoin and Shiba Inu (SHIB) are attracting new buyers after starting the weekend bullish. The biggest meme coins are somewhat slow relative to the rest of the cryptocurrency market. However, technical metrics provided by experts suggest they may explode soon.
Dogecoin and Shiba Inu prepare to rally
Dogecoin (DOGE) and Shiba Inu (SHIB) are preparing for bullish bursts as the cryptocurrency market gains momentum. DOGE gained more than 6% at one point today. The spike in upward pressure helped it overcome a critical area of resistance. Now analysts suggest that Dogecoin has more forward power.
Technically, DOGE broke out of a symmetrical triangle formation. Thus, it surpassed the $0.073 resistance level. These developments play an important role in price action as the Y-axis of the technical formation predicts a target of 34%. If confirmed, Dogecoin price will rise to $0.095 or even $0.10. Analysts are waiting for the following price movements from the triangle formation.
However, Dogecoin needs to stay above $0.068 to confirm the upbeat outlook. If it breaks below this level, the bears’ first target will be a correction to $0.065 or $0.061. This brings with it intense selling pressure. On the other hand, things are not all about technical analysis for Shiba. As Kriptokoin.com, we have conveyed the latest developments from the Shiba extreme in this article.
SHIB price prepares to record fourth weekly green candle
The Shiba Inu also gained momentum, gaining more than 4% in the last 24 hours. The rising price action helped SHIB approach a key resistance area. As the market sentiment improves, the meme token is gaining the strength it needs for the rally to emerge.
On the technical side, SHIB formed a head-and-shoulder bottom pattern on its daily chart. Still, he has not yet crossed the neckline of the formation. A daily candle close above $0.013 is needed to enter a 44% uptrend towards $0.019.
Meanwhile, the Shiba Inu will be facing a correction if it fails to surpass $0.013. According to experts, the price could then pull back towards $0.010.
Latest Shiba Inu (SHIB) news
Launching this spring, BlueBit.io, St Vincent and the Grenadines-based crypto exchange, announced that it has listed the Shiba Inu.
Have you checked out the new tokens listed on https://t.co/cqxxmxgYDn?
Besides #SaitamaV2, #Shib, and #Mandox, we are listing #CultDAO $cult #cult pic.twitter.com/efs9iuEo3n
— Shannon Bray (@ShannonBrayNC) August 12, 2022
In another development, the top 100 ETH whales bought $33 million worth of SHIB in the last 24 hours. The data came from the whale watching bot WhaleStats.
https://twitter.com/WhaleStats/status/1558347901104971776
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