Are Dogecoin And Shiba Inu Due A Bounce? This Trader Sees ‘Bull Flag’ Forming For One Coin By Benzinga

Benzinga – By Khyathi Dalal, Benzinga Staff Writer.

dogecoin (Crypto:Doge) and Shiba Inu (CRYPTO: SHIB) has experienced a tumultuous month, but traders remain optimistic about its future prospects.

what happened: famous chart analyst Ali Martinez highlighted the formation of a bullish flag on the daily chart and predicted a bullish breakout for the Shiba Inu. Mr. Martinez has placed a buy order at around $0.000018343, predicting that Shiba Inu’s value could rise to $0.000072323.

On the other hand, virtual currency traders YG Crypto Analyzing Dogecoin’s recent performance, the price reached $0.228 and then showed a dramatic drop of 40%.

Despite the steep decline, Dogecoin is still trading above the key support levels of $0.112-$0.123 that had previously prevented a significant decline. YG Crypto suggests that this support level could act as a potential springboard to a pullback.

However, a break below this support could signal further downward pressure.

Also read: Bitcoin, Dogecoin, Shiba Inu soar after last FOMC meeting — will history repeat itself on Wednesday?

Why it’s important: According to IntoTheBlock data, Dogecoin’s large trading volume surged 36.2% to $1.32 billion, while daily active addresses increased 8.9% to 54,630. Transactions over $100,000 increased from 407 on April 29 to 490 on April 30, and total foreign exchange inflows rose from $21.9 million to $30.5 million.

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However, due to the recent price drop, the percentage of Dogecoin holders currently profiting has decreased from 83% to 78%.

The number of active accounts jumped from 1,724 accounts on April 29th to 3,650 accounts on April 30th, according to data from SybariumScan. Trading fees also increased significantly, rising from 12.07 BONE to 61.47 BONE.

price action: At the time of writing, DOGE is trading at $0.1274 and SHIB is trading at $0.000022, down 0.9% and 3.9% from the day, respectively.

what’s next: The impact of memecoins and Bitcoin as an asset class for institutional investors is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on November 19th.

Read next: Are Dogecoin and Shiba Inu ready for the next step?

Image: Shutterstock

© 2024 Benzinga does not provide investment advice. All rights reserved.

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