DOT, SHIB, DOGE Rally As Bulls Eye Tests of Key Resistance
According to CoinMarketCap, DOT, the native token that powers Polkadot’s multi-chain ecosystem, was last up just shy of 10% in the last 24 hours, making it the best performing cryptocurrency in the top 20 by market capitalization. DOT/USD was last changing hands around $8.70 per token, having rallied slightly over 6.0% on Saturday alone. Polkadot is benefitting from a broad crypto rally as traders price in a weaker economy and expectations for a less aggressive tightening cycle from the Fed.
The cryptocurrency rallied a staggering more than 30% from earlier weekly lows just above $6.50, breaking out to fresh highs since mid-June in the process. DOT is currently struggling to push above a resistance area in the upper-$8.0s, but if it does manage to get above $9.0, the door would be open for a swift rally to $10 per token and perhaps higher. The levels that DOT bulls will be looking at are the early June highs around $10.80 and then the mid-May highs around $11.80.
Shiba Inu (SHIB)
According to CoinMarketCap, ERC-20 token SHIB or Shiba Inu was last trading about 6.0% higher in the past 24 hours, making it the second-best performing cryptocurrency in the top 20 by market cap. Dog-inspired Shiba Inu is the second largest meme coin by market cap and refers to itself as the “Dogecoin killer”.
SHIB/USD was last changing hands close to $0.0000125, up sharply from earlier weekly lows in the $0.000010 area, but still below recent highs around $0.000013. A break above this level is really what’s needed for SHIB to really surge.
But a break is looking more likely. In recent weeks, SHIB has been consistently posting higher lows, indicative of a build-up of bullish momentum. A break above $0.000013 could see the cryptocurrency swiftly then rally to test resistance in the form of early 2022 lows in the $0.000017 area, which would mark a 37% surge from current levels.
According to CoinMarketCap, Dogecoin was last trading about 5.0% higher in the past 24 hours, making it the third best-performing cryptocurrency in the top 20 by market cap. Although at one point in 2021, Shiba Inu’s market cap briefly surpassed Dogecoin’s, the original dog-inspired meme coin has largely been able to hold onto its status as the most valuable meme coin. As of Saturday, Dogecoin’s market cap was just over $9.5 billion, versus just under $6.8 billion for Shiba Inu.
DOGE/USD was last changing hands around $0.072, up sharply from earlier weekly lows in the $0.06 area. But the pair has been unable to break above recent highs in the upper-$0.07s, nor mount a challenge of the $0.08 level. If the broad crypto rally continues and DOGE is able to push higher, it will then face further resistance around $0.09. A break above that could pave the way for a return to $0.10.