On this chilly December 25th, the overall market vibe is somewhat muted, with investors apparently stepping back for some holiday cheer. Even with the market taking a breather right now, it’s been an impressive year, and there’s buzz about a Bitcoin Spot ETF possibly getting the green light come January. The current market scenario, with a hefty $1.68 trillion market cap and a $63.6 billion trading volume, intriguingly leans towards ‘greed’ on the fear and greed index at a score of 72. As the year draws to a close, whispers of a Santa Claus rally have traders eyeing their screens with anticipation.
In the quirky world of meme coins, both Dogecoin (DOGE) and Shiba Inu (SHIB) are reflecting the market’s current subdued state, with each experiencing a minor drop of less than 1%. Amidst this, there’s a rising star on the horizon – ScapesMania (MANIA) creating ripples with its promise of giving investors a say in a venture that could tap into the lucrative gaming industry. Lured by the early-bird specials and escalating rewards, everyone’s eyes are on MANIA as it carves a niche in the crypto world, sparking curiosity about what twist comes next in this dynamic tale.
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Dogecoin (DOGE) Technical Analysis
Source: TradingView
Dogecoin (DOGE) is currently trading between its first support at $0.0861 and first resistance at $0.098. The meme coin’s Relative Strength Index (RSI) at 53.49 signifies a neutral market momentum, neither overbought, nor oversold. This is complemented by the Stochastic %K at 61.03, which suggests a slight bullish bias, but not enough to confirm a strong uptrend. The Average Directional Index (ADI) at a low 17.64 indicates a lack of strong trend and the Commodity Channel Index (CCI) at 37.92 aligns with this, showing a market that’s not yet decided on a clear direction. The MACD level at a minimal 0.0001 and Momentum at 0.0008 reinforce this scenario of indecision. Interestingly, the Simple Moving Averages (SMA), both 10-day and 100-day, hover around the last price, further reflecting the market’s hesitation.
Dogecoin (DOGE) Bullish Outlook
On the bullish front, Dogecoin’s (DOGE) underlying market data provides a more optimistic outlook: the significant increase in new DOGE addresses and the high level of active addresses signal growing engagement and interest in the Dogecoin community. This influx of new and active addresses, especially with a substantial 31.35% increase in new addresses in the past week, can potentially drive demand and push Dogecoin (DOGE) towards its next resistance levels. If the momentum continues and the market sentiment strengthens, DOGE could break past $0.098, aiming for the second barrier at $0.104 and possibly even testing the highest target at $0.1159. Such a movement would be supported by the strong backing from the large and dedicated Dogecoin (DOGE) community, along with the robust whale support that has historically played a pivotal role in DOGE’s price movements.
Dogecoin (DOGE) Bearish Outlook
Conversely, in a bearish scenario, if the market loses its current momentum, Dogecoin (DOGE) could see a retraction towards its first support at $0.0861. A break below this level might lead to testing lower grounds at $0.0802 and $0.0683. Despite the optimistic on-chain metrics, DOGE’s limited utility and the intense competition in the meme coin space, particularly from newer entrants like BONK could weigh on its market performance. Moreover, the broader market conditions and the evolving landscape of cryptocurrencies also play a crucial role in determining the direction of meme coins like Dogecoin (DOGe) – while it remains a major player due to its first-mover advantage and significant market capitalization, its stability and growth in the face of emerging rivals and market volatility will be key factors to watch in the coming days.
Shiba Inu (SHIB) Technical Analysis
Source: TradingView
At the moment, Shiba Inu (SHIB) is navigating between its first support level at $0.00000972 and the first resistance level at $0.00001144. The RSI at 53.49 implies a balanced market, neither strongly overbought, nor oversold. The Stochastic %K at 58.638 reinforces this neutral sentiment. However, the ADX at a low 17.965 indicates a weak trend strength, suggesting that SHIB may be consolidating. The CCI at 61.745 points to a stable trading zone, while the MACD at 0.00000011 and Momentum at -0.00000009 offer subtle cues on the market’s direction. The SMAs stand at $0.00001088 for the 10-day and $0.00001023 for the 100-day.
Shiba Inu (SHIB) Bullish Outlook
From a bullish standpoint, several factors could propel Shiba Inu’s (SHIB) price higher. The recent burning of over 17 billion SHIB tokens reduces supply, potentially increasing its value, while the shift to an automated burn process in the upcoming upgrade could boost investor confidence. Additionally, increased whale activities and a 266% rise in such transactions signal growing interest from major investors. If these factors align with the general market sentiment, Shiba Inu (SHIB) could break its immediate resistance at $0.00001144 and aim for higher levels at $0.00001221 and $0.00001393.
Shiba Inu (SHIB) Bearish Outlook
However, it’s also important to consider a bearish scenario for SHIB: despite the positive developments, Shiba Inu’s (SHIB) moderate increase of about 30% since January, compared to other digital assets, indicates a cautious investor approach. The fact that SHIB has not lost a decimal place in nearly 180 days could be seen as a period of stagnation. If the broader market turns bearish, or if the anticipated upgrades and efficiencies fail to impress investors, Shiba Inu (SHIB) could face downward pressure. The low ADX value also implies a lack of strong directional momentum, which might hinder SHIB’s ability to break past its immediate resistance and slide towards its lower support levels at $0.00000877 and potentially even $0.00000705, testing investor resilience and interest.
Final Words
As the year nears its end, the crypto market, encompassing both major players and meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB), reflects a mix of cautious optimism and watchful waiting. Despite a somewhat muted current market scenario, there’s an undercurrent of excitement, particularly around the potential approval of a Bitcoin Spot ETF in January – this anticipation, coupled with the ‘greed’ sentiment, suggests that traders and investors are still hopeful for a year-end rally.
Both DOGE and SHIB are experiencing minor fluctuations, with potential bullish scenarios driven by factors like token burns and increased investor interest, and bearish possibilities hinging on broader market trends and investor reactions to their respective developments. As the market heads into the new year, the direction these meme coins take will be closely watched, offering insights into the evolving dynamics of the broader crypto landscape.
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Source: https://cryptodaily.co.uk/2023/12/are-dogecoin-doge-and-shiba-inu-shib-finally-set-for-explosive-growth-find-out-inside