Memecoin Rally Next? Shiba Inu and Dogecoin Gearing Up for the Uptrend

Memecoin Rally Next? Shiba Inu and Dogecoin Gearing Up for the Uptrend

The altcoin market has offered strong support to the recent Bitcoin price rally with Solana, Ethereum, and XRP leading the altcoin rally. Market analysts believe that the top two memecoins – Dogecoin and Shiba Inu – will soon be gearing up to join the altcoin price rally.

Shiba Inu Has A Buy signal on the Technical Chart

Popular crypto analyst Ali Martinez noted that the TD Sequential indicator has recently issued a buy signal on the weekly chart for $SHIB. It’s worth noting that the last two instances of such bullish signals resulted in significant price surges of 118% and 71%, respectively. Considering the rarity and accuracy of these signals, it’s a critical juncture to closely monitor SHIB.

Courtesy: Ali charts

Over the last week, the SHIB price has gained nearly 8% while all other top 20 altcoins have registered double-digit gains. Thus, there’s enough room for SHIB to catch up ahead.

In a remarkable turn of events, Shiba Inu (SHIB) has witnessed an extraordinary surge in token outflows, increasing by an astonishing 3,033% in just 24 hours.

Data provided by IntoTheBlock highlights an astounding rise in the number of tokens moving out of the wallets of major SHIB holders. The figure has surged from 16.87 billion to an incredible 511.37 billion SHIB in an overnight frenzy.

Courtesy: IntoTheBlock

Concurrently, a significant drop in daily token inflows into these whale wallets has been observed. It has plummeted from 4.59 trillion tokens to a mere 262.41 billion within the same timeframe, further intensifying the mystery surrounding this unusual activity.

Dogecoin Gearing for A New Uptrend

Along with Shiba Inu, Dogecoin is also prepping up for a new uptrend to $1, noted popular crypto analyst Ali Martinez. He stated: Dogecoin seems poised for the beginning of a fresh uptrend!

On the weekly chart for $DOGE, the TD Sequential indicator has generated a buy signal. If the price manages to maintain a closing level above $0.062, it might pave the way for an upward move toward $0.070.

Courtesy: Ali Martinez

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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