What Is Going On With Dogecoin And Shiba Inu?
Portfolio Pulse from Khyathi Dalal
Dogecoin (DOGE) and Shiba Inu (SHIB) have seen significant declines of 14% and 18% respectively over the past week amid a market-wide correction. Crypto trader Kevin remains optimistic about SHIB, suggesting it is a good time to start a Dollar-Cost Averaging (DCA) position. He also notes that if Bitcoin (BTC) breaks its all-time highs, SHIB could outperform. For DOGE, Kevin predicts bullish momentum if it surpasses $0.133 but warns of potential downside until then. Both coins have shown increased transaction volumes and active addresses.
June 21, 2024 | 2:36 pm
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POSITIVE IMPACT
Bitcoin's performance is crucial for SHIB's potential outperformance. If BTC breaks its all-time highs, SHIB is expected to outperform.
Bitcoin's performance is a key indicator for the broader crypto market. A new all-time high for BTC would likely boost investor confidence and drive up prices for other cryptocurrencies, including SHIB.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Shiba Inu is down 18% this week. Crypto trader Kevin suggests starting a DCA position as SHIB retests its macro structured support. Increased transaction volumes and active addresses noted.
Shiba Inu's current price decline presents a potential buying opportunity as it retests support levels. Increased transaction volumes and active addresses indicate ongoing interest and activity.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 100
NEUTRAL IMPACT
Dogecoin is down 14% this week. Crypto trader Kevin sees potential bullish momentum if DOGE surpasses $0.133 but warns of possible downside until then.
Dogecoin's price action is currently bearish, but surpassing the $0.133 mark could trigger bullish momentum. Until then, the risk of further downside remains.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100