Are Dogecoin And Shiba Inu Due A Bounce? This Trader Sees 'Bull Flag' Forming For One Coin
Portfolio Pulse from Khyathi Dalal
Dogecoin (DOGE) and Shiba Inu (SHIB) have seen significant volatility, with a bullish outlook for SHIB based on a bull flag formation and DOGE finding support after a 40% drop. Large transaction volumes and active addresses for DOGE have increased, while SHIB's active accounts and transaction fees surged. Both cryptocurrencies are currently trading down.
May 01, 2024 | 8:15 pm
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POSITIVE IMPACT
Dogecoin has experienced a 40% price drop but remains above a critical support level, with increased transaction volumes and active addresses suggesting heightened activity.
The support level and increased activity indicate potential for a rebound, but the recent drop suggests caution.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Shiba Inu is predicted to have a bullish breakout based on a bull flag formation, with a significant increase in active accounts and transaction fees.
The bull flag formation and increased account activity strongly suggest a potential surge in SHIB's value.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90