Analysts project Dogecoin to hit $3 as Shiba Inu faces 20% drop Nexovant
Dogecoin (DOGE) has captured the attention of buyers as analysts project a potential rally to $3.
Meanwhile, alternative tokens such as Minotaurus (MTAUR) and SHIBA are experiencing explosive surges, fueled by innovative use cases and presale momentum.
Dogecoin (DOGE) continues showing bullish potential as analysts suggest the popular meme coin could rally toward $3.
The memecoin is currently priced at around $0.38 and is consolidating after a 228% surge over the past six months.
However, short-term price fluctuations have kept holders on edge, with the coin recently dropping 4% in 24 hours.
Key technical indicators reveal potential upward momentum. DOGE’s 10-day and 100-day moving averages remain close at $0.403, and the Relative Strength Index (RSI) is trending neutral at 47.39.
Analysts have highlighted resistance at $0.515 and $0.616, signaling potential breakout levels. However, the price may face support at $0.312 if bearish sentiment intensifies.
Crypto analysts believe macroeconomic factors, such as dovish interest rate policies from global central banks, could support DOGE’s trajectory. Market watchers suggest that reclaiming $0.45 could ignite further rallies toward $3 by 2025.
Shiba Inu Faces Pressure as Whale Activity Declines
Shiba Inu (SHIB) the Second largest Memecoin has faced downward pressure, with its price dropping by 20% in recent weeks to swap at $0.00002561.
- This dip comes as SHIB struggles to maintain whale demand amid the growing dominance of Solana-based memecoins.
- Data from IntotheBlock reveals that large transactions involving SHIB have dropped 82% since December 9, falling from 18.85 trillion SHIB to 3.3 trillion SHIB.
- The decline in whale activity has reduced market liquidity, weakening buyer confidence and amplifying sell-offs.
- Technical indicators show that SHIB is approaching a critical support zone at $0.00002561, with a risk of further declines to $0.00002451 if this level fails.
However, reclaiming $0.00002874 could enable a short-term rally toward higher resistance levels. Buyers are closely watching the 50 EMA level for potential reversal signs.
What to Know
- Memecoins were some of the biggest gainers of the Donald Trump Bull run with Dogecoin outperforming most of the top crypto assets.
- The market has currently cooled down since the November Bull run undergoing a serious retraction at the moment.
- Bitcoin the flagship cryptocurrency dropped from $108,000 to about $96,000 in less than two days. This indicates an over $12,000 drop in just 48 hours.
- While paper hands traders are rushing to sell their assets. Experienced traders know it’s an opportunity to stack up on crypto assets before the next wave of surges.
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