Dog-themed meme coins DOGE and SHIB indicate a rise with increasing bullish bets and accumulation of holders.
Dog-inspired meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), show signs of potential upside as bullish momentum in the market increases. DOGE bounced back after retesting its key level, while SHIB hovers near its critical resistance. The optimistic outlook is supported as both derivatives data and on-chain metrics indicate increased accumulation and rising bullish bets from traders, suggesting a breakout may be on the horizon for these popular assets.
SHIB and DOGE may rise as derivatives data and on-chain metrics indicate a bullish bias.
According to Coinglass data, the buy-to-sell ratio for dog-inspired meme coins, DOGE and SHIB, reads 1.10 and 1.08, respectively. This ratio, which is above one, reflects bullish sentiment in the markets, as more traders bet on the rise of meme coins.
Chart for Doge's buy-to-sell ratio.
Chart for Shiba's buy-to-sell ratio.
Santiment's supply distribution data shows that the number of large wallet holders is increasing for both dog-inspired meme coins. The metric indicates that whales holding between 100,000 and 1 million (red line) and between 1 million and 10 million (yellow line) of SHIB and DOGE tokens have increased since last week, supporting the bullish outlook.
Chart for Dogecoin supply distribution.
Chart for Shiba Inu supply distribution.
Dogecoin Price Prediction: Bulls in Control of Momentum
Dogecoin price bounced back after retesting the previously broken descending trendline (connected by several peaks since May 23) around $0.15 on Wednesday and rose by 9.8% by Sunday. At the time of writing this report on Monday, it is trading around $0.17.
If DOGE continues its upward trend and closes above the weekly resistance at $0.18 on a daily basis, it may extend the rally to retest its high of June 11 at $0.20.
The Relative Strength Index (RSI) on the daily chart stands at 51, having moved above its neutral level of 50, indicating uncertainty among investors. The Moving Average Convergence Divergence (MACD) also showed a bullish crossover last week. The increasing green histogram above its neutral level indicates bullish momentum and an upward trend.
Daily chart for DOGE/USDT
However, if DOGE faces a correction, the decline may extend to retest the trendline support level at $0.15.
Shiba Inu Price Prediction: SHIB may rise if it closes above the 50-day exponential moving average.
Shiba Inu price broke above the descending trendline (connected by several peaks since mid-May) on June 28. However, it has consolidated between the daily level at 0.0000111 and below the 50-day exponential moving average at 0.0000123 last week. It dipped slightly on Monday, hovering around 0.0000118 at the time of writing this report.
If SHIB rises and closes above the 50-day exponential moving average at 0.0000123 on a daily basis, it may extend the rally towards its high of June 11 at 0.0000136.
The Relative Strength Index (RSI) on the daily chart stands at 49, hovering around its neutral level of 50, indicating uncertainty among traders. To maintain bullish momentum, the RSI needs to move above its neutral level of 50. The MACD showed a bullish crossover last week. The increasing green histogram above its neutral level indicates bullish momentum and an upward trend.
Daily chart for SHIB/USDT
On the other hand, if SHIB faces a correction, the decline may extend to find support around its daily level at 0.0000111.
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