Dogecoin (DOGE) Consolidates Below Key Downtrend, Shiba Inu (SHIB) Eyes Breakout Above $0.000012


Ethereum, meanwhile, was last trading well supported in the $1,220 area, up roughly 14% this week. The market cap of the world’s second-biggest cryptocurrency was last just under $150 billion. Total crypto market cap was last around $935 billion, up roughly 10% or over $80 billion on the week.

Dogecoin (DOGE) Price Prediction

Dogecoin was consolidating just under the $0.07 level on Saturday. On the day, the cryptocurrency is about 1.3% higher, whilst its weekly gains are around 4.0%.

Since its failed attempt to get above its 50-Day Moving Average at $0.072 on Friday, the pair has been consolidating amid thin trading volumes. But DOGE/USD continues to respect a supportive uptrend that has been guiding it higher since late June.

DOGE/USD still stuck in a downtrend. Source: FX Empire

That suggests that Dogecoin is likely to retest its 50DMA in the next day or two. However, beyond that and around $0.073/$0.074, resistance in the form of this week’s highs and a long-term downtrend will be a struggle for the bulls to overcome.

Indeed, this is a downtrend that DOGE/USD has been unable to get above since mid-May. If the cryptocurrency does lose momentum in the next few days, that will be taken as a sign that the bearish trend of the last two months is set to continue.

Was DOGE to subsequently break under the above-mentioned short-term support trendline, that would open the door to a drop back towards the low-$0.60s. Beyond that, the Dogecoin bears would likely target a test of annual lows in the $0.05 area.

However, such a drop is unlikely if the mood in cryptocurrency markets remains upbeat, as was the case this week. If that is the case and DOGE musters a break above the long-term downtrend, it could be in for a run higher towards late-June highs near $0.08.

Shiba Inu (SHIB) Price Prediction

The Shiba Inu bulls remain in control this weekend and are looking to finish a strong week positively. SHIB was last higher by more than 5.0% on the day and trading just under $0.00012, a key area of short-term resistance.

The latest rally means that SHIB is trading higher by about 17.5% this week. That makes it one of the best performing cryptocurrencies in the top 20 by market capitalization this week.

SHIBA/USD appears to have formed an ascending triangle formation over the past few weeks. Such formations often precede bullish breakouts. For SHIB/USD, that would mean a decisive push above $0.000012 resistance.

Granted, the pair would quickly face resistance in the form of the late-May highs between $0.0000125 and $0.000013. But were it able to clear these levels, the door would be open to a run all the way higher to the $0.000017 area. There is very little by way of significant resistance to stop such a move.

SHIB/USD eyes bullish breakout. Source: FX Empire



Source link

(Visited 6 times, 1 visits today)

About The Author

You Might Be Interested In

LEAVE YOUR COMMENT

Your email address will not be published.

This is default text for notification bar