Ethereum whales are taking over the largest meme cryptocurrencies on the market. Recent whale deals are significantly larger than last week, indicating increased demand for shiba inu (SHIB). Having risen by more than 20% in a short time, Dogecoin (DOGE) is trying to cool down after a serious correction. Let’s take a look at the current technical analysis for the following levels.
The price of shiba inu entered an uptrend for these two reasons.
The Shiba Inu development team has announced the launch of the nasal portal together with Ryoshis Vision (RYOSHI). The community believes that the news about the launch of whales in the center of the nose and the accumulation of stocks are two important reasons for the current price rally for shiba inu.
In the first 24 hours after the launch of the portal, a $251,000 SHIB was burned. The Whales now own a $1.4 billion shiba inu after several rounds of SHIB accumulation.
As for price forecasts, the shiba inu chart shows the Adam and Eve pattern, indicating a 38 percent increase in the price of SHIB, according to FXStreet analysts. The model has not been confirmed yet; however, analysts believe that the long-term goals remain unchanged and expect SHIB to retest $0.0005 in case of possible growth.
Dogecoin Price Can Overcome Yesterday’s Bottom
As we wrote in the Somanews analysis, the drop in Dogecoin prices is becoming abnormally sharp. Yesterday’s inability to form a new peak above wave C at $0.1780 further confirms the validity of the collapsed triangle. According to analyst Tony Montpeyrus, he can withdraw all liquidity from yesterday’s low of $0.1240. A sharp decline from the bears on the 4-hour chart gives more confidence that the target of wave D will fall somewhere around $ 0.1175.
In order for the triangle to be canceled, the Dogecoin price must form a new reversal above wave A at $0.2148. Triangles are a favorite figure of market makers because they provide liquidity on both sides and ultimately lead to volatility. However, analyst Tony Montpeyrus warns of the following when trading in the region:
Don’t trade Dogecoin yet until Wave D is over. If $0.2148 becomes invalid, it could lead to a real bullish dash to $0.3400, resulting in a 140% increase over the current DOGE price.