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SHIB and DOGE To Lead the Next Bull Run, Says Head of Gokhshtein Media

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VOC, Voice of Crypto, DOGE and SHIB

Dogecoin (DOGE) and Shiba Inu (SHIB) are among the two memecoins that keep popping up on social media mentions.

This isn’t very surprising because, in their primes, these two memecoins brought their investors massive returns. And as long as the crypto market is concerned, some traders and investors have expressed optimism that the best is yet to come.

One such optimistic crypto community member is David Gokhshtein, founder of Gokhshtein media.

In a tweet, Gokhshtein expressed his ideas, stating that DOGE and SHIB may “go parabolic” in the next bull run. Gokhshtein goes further to say that something like this might happen, despite what everyone else says.

Nine out of ten people involved in cryptocurrencies today are in it for the profits they “might” make.

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This makes sense because blockchain technology and cryptocurrencies are relatively new concepts despite being more than a decade old. It isn’t hard to figure out that many opportunities to get in on the hype will show up from time to time.

Overall, DOGE, SHIB, and several others have been ranked repeatedly as one of the most promising coins on the market.

Although both currencies have dipped massively in 2022, expectations for both remain high. Especially now that companies like Google and Tesla have adopted Dogecoin, Shiba Inu is now beginning to host several Defi and Game-fi projects of its own.

Dogecoin (DOGE) Price Analysis

Dogecoin has been trading sideways since late August. The price action of the cryptocurrency, despite its lack of bullish or bearish momentum, tried to break through its 20 and 50-period (red and orange) moving averages on the 4-hour timeframe, as illustrated below.

Chart showing Dogecoin price action and moving averages

Chart showing Dogecoin price action and moving averages | Source: tradingview

However, right after breaking through these moving averages, the price of Dogecoin was stiffly resisted by the 100-period moving average (green).

After breaking through the $0.06 support, the price of Dogecoin has started to trend upwards. So far, it has broken through the 20 and 50-period moving averages again and is currently retesting the $0.06 resistance.

If the bulls break above this level and then move past the 100-period average (green line), Dogecoin may experience a massive bullish momentum that catapults its price toward the $0.07 mark.

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 Dogecoin price action

Dogecoin price action | Source: tradingview

Similar to what is currently happening on Aave, Dogecoin appears to be forming a falling wedge. If a breakout above the wedge’s resistance occurs, Dogecoin’s price action may experience strong bullish momentum, bringing its price to the $0.075 zone.

Shiba Inu (SHIB) Price Analysis

Like Dogecoin, the price action of Shiba Inu is relatively bearish.

Chart showing Shiba Inu testing resistance around its moving averages

Chart showing Shiba Inu testing resistance around its moving averages | Source: Tradingview

Following a massive price dip in late August, Shiba Inu fell below all three moving averages (20, 50, and 100 MA in red, orange, and yellow).

Shiba Inu has been trying to break above these moving averages ever since and is currently showing signs of bearish influence being strongest in its price action.

At the time of writing, Shiba Inu is consolidating around the support at $0.00001 and may either break through this level to the upside or fall to the downside if the bears manage to win.

Chart showing Shiba Inu trading inside a symmetrical triangle 

Chart showing Shiba Inu trading inside a symmetrical triangle | Source: Tradingview

Shiba Inu is currently in a symmetrical triangle formation, meaning that a breakout in either direction may happen depending on the market’s general conditions.

If the bulls break through the triangle’s upper resistance, Shiba Inu may rise to the $0.00001323 zone. However, if the bears win the fight and push the price below the $0.00001 support, the price may decline to the next support around $0.00000171.

 

Disclaimer: The information provided in independent research represents the author’s view and does not constitute investment, trading, or financial advice. VOC doesn’t recommend buying, selling, trading, holding or investing in any cryptocurrencies

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Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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