According to analyst Filip L, the Shiba Inu (SHIB) is at a major crossroads where many elements intersect and align. According to analyst Jhon Isige, the recovery will continue unhindered until Dogecoin (DOGE) meets the major seller congestion at the level. Another analyst, Arman Shirinyan, notes that BabyDoge (BABYDOGE) has created a single return pattern. We have compiled the analysts’ evaluations and forecasts for our readers.
“SHIB price is at a crossroads”
The Shiba Inu price action plays a famous song from the British band ‘The Clash’ that most people probably know: “Should I stay or go?” This question will probably be on the lips of SHIB bulls as well. Because initially at the crossroads between a potentially 7.15% bull run, at least 16.70% of the drop looks bearish. A few supporting elements are supporting the price action and preventing it from falling. So, for now, the bulls have the upper hand.
SHIB is trading around two major technical elements that could be crucial to price action. The first is the key historical level of $0.00001209, which shows its importance with several daily openings and closes close to its level. The second element in the game is the 55-day Simple Moving Average, which the bulls are trying to claw on above.
SHIB daily chartThe SHIB price seems a bit trapped because of this. Overall, a breakout is likely which could fall in favor of the bulls. One of the supporting elements is that the Relative Strength Index (RSI) is sloping slightly downwards. Once the bulls can trade north of $0.00001400, a rally to roughly $0.00001500 is likely.
It is possible for SHIB to drop as low as 16.70% if a fade begins. If price action stays between the 55-day SMA and this key level, it indicates that the bulls are starting to feel the scene. It is therefore possible to trigger a sale. An accelerated move towards the $0.00001000 round figure mark is possible once the price action definitively breaks below $0.00001209.
“DOGE price shows slight hope, but…”
Dogecoin is at the tail end of a two-week downtrend from the August high of $0.0892 to the primary support at $0.0600. Initially, DOGE attempted to exit a descending parallel channel. However, this move was short-lived and ended at around $0.0720. If the $0.0600 support remains intact, Dogecoin will have one more chance to escape the stubborn channel.
The Moving Average Convergence Divergence (MACD) indicator turned in favor of DOGE’s recovery on August 29. This move confirmed an earlier buy signal on August 24. But at the time, investors were nervous about the bear market’s priority. If the MACD rises above the average line, it is possible for the bulls to win. The 12-day Exponential Moving Average (EMA) is needed to sustain a bullish divergence above the 26-day EMA to reinforce the optimistic outlook for Dogecoin.
DOGE four hour chartThe upper trendline of the descending channel will likely influence Dogecoin’s next move. A sustained break above this resistance line will confirm the presence of the bulls in the market. The surge in liquidity from the $0.0600 support is likely to push DOGE to the next appointment at $0.0680. It is worth noting that this bullish move could extend to $0.1000 if the trend does not decline while dealing with the seller congestion at the 100-day Simple Moving Average (SMA).
What do the metrics show for SHIB rival DOGE?
IntoTheBlock’s IOMAP model reveals that Dogecoin has a relatively smooth path to $0.0680. If investors who bought 44.44 billion DOGE decide to sell at breakeven, it is possible that the near bull trend will stop at this price point.
Dogecoin IOMAP modelOn the other hand, traders need to be careful when maneuvering in a bear market. They should not forget that the support at $0.0600 is DOGE’s last line of defense. Otherwise, the risk of DOGE falling by June is roughly $0.0500.
Dogecoin Active Address MetricFrom a fundamental perspective, Dogecoin will have a hard time continuing the uptrend towards $0.0680 and $0.1000 due to declining network activity. As observed from the on-chain Daily Active Addresses metric, roughly 42,500 addresses are trading on the protocol, up from 116,800 addresses on August 16.
This drop is significant for Dogecoin. Because it makes it difficult for buyers to sustain the upside momentum. This means that speculation has plummeted and most traders are taking a sell-off approach, possibly until Dogecoin breaks the $0.0680 resistance.
“BabyDoge builds a single fallback model”
BabyDoge is struggling to get out of the long-term consolidation range where its value has risen as much as 80%. As such, it remains one of the most volatile and speculative assets on the market. However, as you follow on Kriptokoin.com, it later lost half of it during a comeback.
BabyDoge entered the aforementioned range when it dropped from $0.000000003506 to $0.00000000099 in May. Such a rapid and strong decline from the local top has caused panic among investors. But it has also created opportunities for speculative traders targeting high-risk deals with potentially extremely high returns.
Source: TradingViewIn the press, BabyDoge is moving at the lower end of the range. This shows that, according to the trading history, there is a probability of a profit of more than 50% if a jump to the upper limit of the range occurs. Range range is what most holders are aiming for, as it can cause parabolic growth and bring BabyDoge back to the top.
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