The crypto market has started to show signs of improvement in 2023 at long last, despite the events of the past year, and the series of bank runs that have plagued March 2023.
Bitcoin has done very well for itself north of the $20,000 mark and is inching ever closer to the $30,000 resistance.
As expected several altcoins have followed the flagship cryptocurrency's lead, and have made impressive gains for themselves over the last week. Some of the best-performing coins asides from Bitcoin are Ethereum, Ripple Coin, Solana, and of course, the two most popular memecoins in the world, Dogecoin and Shiba Inu.
Easter is fast approaching, and everyone continues to wonder what the festivities have in store for cryptocurrencies at large.
This article will take a deep dive into the technical aspects of Dogecoin and Shiba Inu in particular, and attempt to predict how they might perform as Easter approaches. We will examine them in terms of their previous price action, how they are currently performing, and where they are likely to be in the first week of August.
Without further delay, here is the price analysis of…
Dogecoin ranks #9 on the list of the largest cryptocurrencies in terms of Market Cap.
After a brief price reversal to the downside, the memecoin's price analysis for today indicates a bullish comeback overall.
According to data from CoinMarketCap, the Doogecoin market opened at around $0.07086 today, before experiencing a sharp rise that brought the price to an intraday high of $0.0752 and a gain of 2%.
In terms of intra-day volatility, the cryptocurrency does not seem very strong.
That much is evident in the 0.07% drop in trading volumes.
However, looking at the memecoin from a longer-term perspective, and where it might be headed over the next few weeks, and until easter, the charts paint a pretty interesting picture.
As pictured above, the cryptocurrency appears to be in a descending channel, and may already be in the middle of a rebound from its local lows of around $0.062.
This indicates that there might be room for a strong bullish rally to the top of the pattern, depending on how quickly and powerfully the bulls can push the price.
As pictured above, the 50-day MA (blue) sits well above the 200-day MA (red), indicating a strong bullish market trend.
Now closer to the 50 mark, the Relative Strength Index (RSI) shows neutral conditions, while the moving average convergence divergence (MACD) is still green. There is currently an uptrend, as the MACD line is above the signal line.
Overall, the market trend for Dogecoin is optimistic and appears to be here to stay. In conclusion, dogecoin appears to be facing a crucial semi-strong resistance around $0.7929 (red line below), in its journey to the top of the channel.
As far as easter goes, a breakout above $0.7929 may be all the bulls need to push the cryptocurrency upwards into a 33.75% increase (from where it currently sits) to the $0.1 zone by easter.
In conclusion, the price level (resistance) to watch out for would be $0.7929 for a $0.1 dogecoin by easter (+33.75%)
Ever since June 2022, Shiba Inu has been in a descending channel and has been stronger on bearish corrections.
After a two-month rally from $0.000008 in December 2022 to $0.00015 in February 2023, the cryptocurrency has been in a decline to the bottom of the channel as illustrated below.
One of the factors that may have contributed to this bearishness is the postponement of the Shibarium beta launch.
According to CoinMarketcap, Shiba Inu is bearish over the last seven days (-6%), but is bullish over the last 24 hours (1.1%).
Shiba Inu, like Dogecoin, is suffering from low intra-day trading volume as illustrated by the snapshot below.
It is easy to dismiss Shiba Inu as bearish and not worth looking at, from what we have seen.
However, such a hypothesis would be wrong on several levels.
Shiba Inu may instead be one of the most promising cryptocurrencies on the market as easter approaches.
It is true that Shiba Inu may experience a 21.5% decline that takes it down to $0.00000855 over the next few days or weeks.
However, this zone also serves as a strong source of support that may launch the cryptocurrency straight up from its current position of around $0.00001, by a whole 92% to the top of the channel again at around $0.00001575.
The only problem with this setup, of course, is that the bears are likely laying in wait for the bulls are may attempt to sink the price of the cryptocurrency into a breakdown of this support.
If the bears succeed in this endeavour, the memecoin's price may decline straight down to the $0.0000065 zone.
In all, the price action of Shiba Inu looks promising enough as easter approaches, and even beyond. The key elements of a successful Shiba Inu entry, however, would be plenty of patience and research.
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.