Will Dogecoin and Shiba Inu Follow Bitcoin’s Footsteps?

Will Dogecoin and Shiba Inu Follow Bitcoin’s Footsteps?

Key Insights

  • Dogecoin and Shiba Inu have been basking under the rays of Bitcoin's bullishness, with Dogecoin up by 6% over the last day and Shiba Inu up by 2.75%.
  • The crypto market has gone parabolic over the last few days, with the memecoin market cap climbing by 4.78% over the last day.
  • A crypto analyst has predicted that Dogecoin could soon reach the $1 mark, but this seems far-fetched as it would require a 100x rally from its current price.
  • Dogecoin is facing a significant hurdle at the $0.06434 resistance level, and the bulls will need to push it above this level to sustain the rally.
  • Shiba Inu is in a descending wedge formation, but is suffering from extremely low volatility and has not yet participated in the current market rally.

The crypto market has gone parabolic over the last few days.

By now, everyone knows that Bitcoin has hit $30,000 again, and the crypto market currently looks like this, according to Coin360:

The crypto market's heatmap
The crypto market's heatmap

However, what do we have to say about the memecoins?

According to Coinranking, the memecoin market cap has climbed by 4.78% over the last day to about $15.21 billion, the gainers now overshadow the losers 55% – 45%, and the daily trading volumes on memecoins sit at around $931 million over the last day.

The memecoin market's performance
The memecoin market's performance

Things look good, don't they?

Our main focus for this article will be Dogecoin and Shiba Inu, two of the largest memecoins by market cap.

Let's go over what's going on.

Dogecoin and SHIB – Price Updates

Dogecoin and Shiba Inu have been basking under the rays of Bitcoin's bullishness over the last day.

Take Dogecoin, for example, up by about 6% over the last day, and by about 7.5% over the last week

Dogecoin price
Dogecoin price

This is impressive, isn't it?

Shiba Inu's price action isn't nearly as impressive as Dogecoin's but it is still bullish over the last day.

Shiba Inu price
Shiba Inu price

According to CoinMarketCap, Shiba Inu is only up by 2.75% over the last day but by 1.75% over the last week.

However, there is something about Dogecoin you should know:

Analyst Predicts $1 Dogecoin, But Can It Happen?

We have to admit, this seems pretty far-fetched.

However, according to a recent post on TradingView from a prominent crypto analyst, AngeloBTC has predicted that the cryptocurrency could soon reach the $1 mark.

To explain why this is "far-fetched", we would have to mention that to ever hit $1, Dogecoin would have to rally by 100x from its current price, and hit a sixth of Bitcoin's current market cap.

Back to reality though.

DOGE price
DOGE price

On the charts, we can see that Dogecoin has rebounded off the $0.055 support, and appears to be aiming for a retest of its previous local high between $0.07686 and $0.0838.

Dogecoin price chart
Dogecoin price chart

However, a significant hurdle to this dream is the clear descending trendline on the cryptocurrency's chart, keeping it from breaking above $0.06434.

There can only be hope for a bullish Dogecoin if the bulls successfully push it up into a break above $0.065 where it currently sits.

Shiba Inu Suffers Low Volatility

Shiba Inu's price action is a little tricky.

Here's what we mean:

Shiba Inu price action
Shiba Inu price action

To begin with, the memecoin is currently in a descending wedge.

This is a bullish formation from a long-term perspective. However, the memecoin is also suffering from extremely low volatility.

The chart above is SHIB's weekly chart. As shown above, the memecoin's last 6 candlesticks have had extremely low volatility between $0.00000661 and $0.00000771.

This is a bit of a problem because SHIB should be parabolic by now.

Shiba Inu price action
Shiba Inu price action

However, investors are advised to keep their eyes peeled, for any potential rallies (or breakdowns).

Shiba Inu apparently has a few more cards up its sleeve, but for some reason, is biding its time.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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