In today’s crypto market, Bitcoin’s (BTC) relative strength index has taken a leap forward, a bullish trend that’s got everyone talking. The buzz is all about BTC’s exit from its consolidation phase, with whispers of a price surge akin to the frenzy before a halving event. But there’s more to the story: a recent dip in Bitcoin’s (BTC) price, thanks to some major moves by ‘whales’, looks set to smooth out. This bodes well for the original cryptocurrency, currently wrestling with the $43,000 resistance level.
Ethereum (ETH), too, is making waves with its steady gains and a whopping 30% jump in trading volume in just a day. The altcoin world, however, is a mixed bag: while ETH-linked tokens are thriving, popular meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) have had a bit of a stumble. But regardless of the recent dip, both DOGE and SHIB are clawing back up after the Bitcoin ETF approval, hinting at a gradual shift in investor mood towards a more greedy sentiment.
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Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE), the meme coin often linked with Elon Musk, has recently seen significant price corrections, declining over 12% in the last 30 days, primarily influenced by the market’s reaction to Bitcoin ETF approvals and the absence of strong bullish drivers. After reaching an 11-month peak at $0.1073 in December 2023, DOGE experienced a pullback to around $0.0743. However, it has shown resilience in the past week, managing a 1.5% surge, despite overall market uncertainty.
Dogecoin (DOGE) Technical Outlook
Currently, Dogecoin (DOGE) is navigating the waters between its first support at $0.07351 and first resistance at $0.08722.
Source: TradingView
The Exponential Moving Averages (EMA) for 10 and 50 days, positioned at $0.08096 and $0.0816, respectively, suggest a potential consolidation phase near its recent trading price. The large gap between the 200-day EMA ($0.8516) and the current level indicates a significant deviation from its long-term trend.
Meanwhile, the Relative Strength Index (RSI) stands at 45.43, and the Stochastic %K at 34.62, both indicating a neutral stance in the market.
The low Average Directional Index (ADX) of 13.65 signals a weak trend, and the negative Commodity Channel Index (CCI) at -102.65 could hint at a potential pullback.
Dogecoin (DOGE) Bullish Scenario
In a bullish case, DOGE needs to break and sustain above its immediate resistance at $0.08722. A successful breach could pave the way for an upward move towards the second barrier at $0.09446, and potentially towards the near distant target at $0.10817. For the meme coin to witness a significant uptick, it might hinge on big news like Elon Musk backing it further or its adoption in more payment platforms. If Dogecoin (DOGE) climbs past its 50-day EMA, it’s a solid nod to the bulls’ strength.
Dogecoin (DOGE) Bearish Scenario
Conversely, the bearish outlook becomes prominent if DOGE fails to sustain above $0.07351. Breaking below this support could lead to a test of the second support at $0.06704, and in a more severe downtrend, the third defense line at $0.05333. The lack of serious bullish catalysts, combined with the market’s diminishing excitement over Bitcoin ETFs, adds weight to this perspective. The recent mammoth-sized DOGE transfers and speculation about potential dumps by whales could also contribute to bearish sentiment. A failure to rally above the 50-day EMA or a reversal from current levels could signal a stronger bearish momentum, compelling traders to brace for lower levels.
Shiba Inu (SHIB) Price Analysis
Shiba Inu (SHIB) has recently been a topic of keen interest, especially after it managed to drop a zero in its price amidst a broader market scenario where Bitcoin is consolidating between $42,000 and $43,500. SHIB’s efforts to break through the $0.00001 resistance wall are notable, however, the meme coin’s performance is not without its challenges. It has experienced fluctuations in trading volume and a slowdown in both its burn rate and Shibarium’s daily transaction count – factors that are critical in assessing the health of Shiba Inu’s (SHIB) network and play a significant role in its market movements.
But even despite these challenges, there’s a growing sense of optimism, with indications of bullish changes as the SHIB community eagerly awaits the next major upward movement.
Shiba Inu (SHIB) Technical Outlook
Right now, Shiba Inu (SHIB) is navigating the waters between its support level at $0.00000854 and resistance level at $0.00001055.
Source: TradingView
The EMAs at 10, 50 and 200 days are clustered around $0.00000961, $0.00000973, and $0.00000985, respectively, suggesting a narrow trading range and potential consolidation.
The RSI at 42.55 is nearing the central line, indicating a neutral momentum without a clear overbought or oversold condition. The Stochastic %K and the ADX stand at 47.18 and 20.59, respectively, hinting at a lack of strong directional trend.
The CCI at -113.89 shows SHIB is in oversold territory, potentially setting the stage for a rebound. Lastly, the MACD and Momentum are slightly negative, reflecting the recent slowdown in SHIB’s upward trajectory.
Shiba Inu (SHIB) Bullish Scenario
If Shiba Inu’s (SHIB) trading volume, which has finally broken out of the red territory, continues its upward trend and the token itself breaks through $0.00001055, it could signal a strong bullish momentum, possibly aiming for the next targets at $0.00001154 and $0.00001355. This could be facilitated by positive developments in the SHIB ecosystem and a broader market recovery.
Shiba Inu (SHIB) Bearish Scenario
On the bearish side, if Shiba Inu (SHIB) fails to sustain its current level and falls below the $0.00000854 support, it may find itself testing lower grounds at $0.00000752 and $0.00000551. Such a downturn could be influenced by a lack of positive triggers in the SHIB market, decreasing trading volumes, or negative sentiment across the broader crypto space.
Final Words
In the whirlwind world of cryptocurrency, both Dogecoin (DOGE) and Shiba Inu (SHIB) are navigating through choppy waters with cautious optimism. DOGE, after its significant price corrections and recent modest recovery, is teetering between crucial support and resistance levels, its fate hanging on market dynamics and potential big-news endorsements. Meanwhile, SHIB, having shed a zero from its price, is also poised at a critical juncture. Despite facing challenges like fluctuating trading volumes and a slowdown in network activity, it shows signs of resilience, buoyed by a cautiously optimistic community and slight bullish indicators in its technical analysis.
Meme coins like these, symbols of the market’s heartbeat and investor mood, keep drawing in both casual traders and hardcore crypto fans. Everyone’s keeping an eye on these cryptos, as their next moves – shaped by big market trends and changes within their own systems – are just as unpredictable and thrilling as the whole crypto scene.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Source: https://cryptodaily.co.uk/2024/01/dogecoin-doge-struggles-with-resistance-shiba-inu-shib-eyes-bullish-breakout-key-levels-to-watch