🚀 DOGE & SHIB Poised for Rally as Derivatives Data Flashes Bullish! 🐕📈

Dogecoin stabilizes at $0.27 on Tuesday after a 38% rise last week.

Shiba Inu breaches crucial resistance, suggesting a rally.

DOGE and SHIB derivatives data show rising open interest, indicating investor optimism.
After a double-digit gain last week, Dogecoin (DOGE) and Shiba Inu (SHIB) are consolidating around important levels. As Open Interest (OI) rises, derivatives data for both meme currencies suggests additional increases, indicating investor confidence.

DOGE and SHIB may rise as derivatives data favor bulls.
According to CoinGlass, exchange DOGE futures OI climbed from $2.73 billion on Thursday to $5.35 billion on Tuesday, the biggest amount since January 20.

Similarly, SHIB OI rose from $215.87 million to $328.49 million, levels not seen since early February.

An increase in OI indicates fresh money entering the market and purchasing, which might drive Dogecoin and Shiba Inu price increases.

Positive financing rate statistics further boosts dog-based meme coins' prospects. The graph below shows that longs are paying shorts as the measure has shifted to a positive rate and spiked for both meme currencies, with DOGE reading 0.033% and SHIB 0.023%. DOGE and SHIB have risen considerably as financing rates surge.

Friday, Dogecoin price broke above the falling trendline (made by connecting various highs since early December). The following two days saw a 15.11% rally, finishing above $0.24 daily barrier. On Tuesday, it trades marginally lower at $0.26.

DOGE may rise to $0.31 if $0.24 holds as support.

If DOGE pulls back and closes below its daily support at $0.24, it might fall to the trendline breakthrough level at $0.22.

Price Forecast: SHIB may rise if 200-day EMA holds
On Friday, Shiba Inu closed above the 200-day Exponential Moving Average (EMA) at $0.000014 and rose 5.45% over the following three days. On Tuesday, it trades marginally lower at $0.000015.

The 200-day EMA around $0.000014 might help SHIB bounce to the May 12 high of $0.000017.


#DOGE #SHIB $DOGE