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Shiba Inu (SHIB) Sees Breakout Above Key Downtrend as Dogecoin (DOGE) Consolidates Below $0.000012

Alina Haynes

Jul 11, 2022 11:35

 截屏2022-07-11 上午11.25.42.png

 

In the light weekend trade on Saturday, the majority of the main cryptocurrencies are in a consolidation phase. The majority of the major cryptocurrencies, however, appear to be ending the week with good gains and not far from highs. Despite a surge in US rates and the Fed tightening expectations due to positive survey data on the US service sector and jobs market, sentiment improved this week.

 

The price of bitcoin was most recently settling at $21,500, having gained over 12% this week. That indicates that the market value of the company is presently about $413 billion. Following a pennant breakthrough earlier in the week, the cryptocurrency gained momentum. It even reached a high of $22,400 at one time, but it was unable to hold onto a $22,000 handle.

 

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Ethereum, on the other hand, was last seen trading well supported around the $1,220 region and was up approximately 14% this week. The second-largest cryptocurrency in the world by market cap recently had a value of slightly under $150 billion. The current market capitalization of all cryptocurrencies was about $935 billion, up over $80 billion or 10% over the previous week.

Prediction of Dogecoin's (DOGE) Price

On Saturday, Dogecoin was consolidating just below the $0.07 mark. The cryptocurrency is up approximately 1.3 percent today, and it has gained roughly 4.0 percent over the past week.

 

The pair has been consolidating in low trading volume after its unsuccessful effort to move above its 50-Day Moving Average at $0.072 on Friday. But since late June, an uptrend that has been supporting it has been leading DOGE/USD upward.

DOGE/USD remains on a downward trend

This indicates that Dogecoin will probably retest its 50DMA during the next few of days. However, resistance in the shape of this week's highs and a long-term downtrend will be difficult for the bulls to overcome beyond there and around $0.073/$0.074.

 

In fact, DOGE/USD has been unable to break out of its downtrend since mid-May. It will be interpreted as a hint that the gloomy trend of the previous two months is about to resume if the cryptocurrency does lose momentum in the coming days.

 

If DOGE were to subsequently breach the aforementioned short-term support trendline, a decline back towards the low-$0.60s would be possible. Beyond there, the Dogecoin bears would probably aim for a test of the $0.05 region's yearly lows.

 

However, if the atmosphere in cryptocurrency markets stays positive, as it did this week, then such a decline is improbable. If that's the case and DOGE manages to break through the long-term downtrend, it may be headed in the direction of late-June highs around $0.08. 

Prediction of the Shiba Inu (SHIB) Price

This weekend, the Shiba Inu bulls are still in charge and hoping to cap off a successful week. SHIB was last trading just under $0.00012, just below a crucial region of short-term resistance, and was up more than 5.0 percent on the day.

 

The most recent rise has caused SHIB to trade 17.5 percent higher this week. This makes it one of the top 20 cryptocurrencies by market capitalization this week with the best performance.

 

Over the previous two weeks, SHIBA/USD seems to have established an ascending triangular pattern. These patterns frequently come before bullish breakthroughs. That would entail a firm ascent over the $0.000012 barrier for SHIB/USD.

 

Of course, the late-May highs between $0.0000125 and $0.000013 would soon present resistance to the pair. The door would be open to a run all the way higher to the $0.000017 region, though, if it were able to pass through these tiers. There isn't much in the way of meaningful opposition to halt such a move.


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