Shiba Inu and Dogecoin have recently made headlines due to significant interest from crypto whales, sparking a notable surge in their market activity. Meme coins Dogecoin (DOGE) and
Shiba Inu$0.000028
Whales Bet Big On SHIB And DOGE
In the last 24 hours, the cryptocurrency market saw more than $140 million worth of positions liquidated as Bitcoin’s price dropped below $61,000, leading to considerable market fluctuations. This sharp decrease in price caused a surge in long-liquidation, weakening the market sentiment.
According to Coinglass, Dogecoin and Shiba Inu witnessed liquidation of around $5.6 million and $550K, respectively. IntoTheBlock reports that Dogecoin has around 80% of its addresses currently profitable. On the other hand, SHIB price has 60% of total addresses in profit.
Additionally, IntoTheBlock data reveals that DOGE witnessed a massive jump in whale interest as the metric surged from the low of $1.1 billion to $1.6 billion. Shiba Inu’s whale transaction also surged exponentially as it jumped above $223 million from $9 million.
Dogecoin Price Analysis
Dogecoin has been trading within a range, oscillating between the 50-day Simple Moving Average (SMA) at $0.16 and a horizontal support at $0.12 for some time. As of writing, DOGE price trades at $0.146, declining over 2.6% in the last 24 hours.
Investors are working to keep the price above the 20-day Exponential Moving Average (EMA) at $0.15. Should they manage this, the DOGE/USDT pair could climb to the 50-day SMA. This level is critical for bears to hold as a breakthrough could lead to a surge towards the resistance zone ranging from $0.21 to $0.23.
Conversely, if the price falls and closes below $0.12, it would form a bearish head-and-shoulders pattern, potentially sending the pair down to the significant support level at $0.08.
Shiba Inu Price Analysis
Shiba Inu dropped below the $0.000023 support level, suggesting that bears are gaining control. However, buyers quickly gained control and defended the decline. As of writing, SHIB price trades at $0.0000233, declining over 1.3% in the last 24 hours.
The bulls are attempting to hold the 20-day EMA at $0.0000234, but any recovery is likely to encounter resistance at the downtrend line. A decline from this line could lead to a drop to the 61.8% Fibonacci retracement level at $0.00002, potentially extending to $0.0000185.
On the other hand, if the price rises and surpasses the downtrend line, it will indicate a market rejection of the lower levels. In this scenario, the SHIB/USDT pair might climb to the next resistance level at $0.000032.
