Good News for Dogecoin Prices, But What About Shiba Inu? (Details)

A well-known analyst with nearly 140,000 followers on X recently posted a chart related to the two largest meme coins by market capitalization. While the outlook for Dogecoin seems promising, there are still many concerns surrounding Shiba Inu and the next move of this coin. First, Ali Martinez notes that the TD Sequential indicator, used to identify the exhaustion trends of the underlying asset in both directions, has given a buy signal for DOGE on the hourly chart. Previous examples have shown that the OG meme coin is particularly susceptible to this metric. Remember that it indicated another buy signal at the end of February when its price fell below $0.195. In the following few days, it skyrocketed to over $0.24.

DOGE peaked at $0.26 on May 11 as the entire market recovered from the instability caused by Trump, but it has not regained momentum and has stopped at $0.255 last week after Bitcoin's latest all-time high. The value of this currency has decreased by 13% since then and is currently trading at over $0.222, but TD Sequential may suggest multiple upcoming bullish trends. The monthly chart of SHIB closely resembles that of its larger competitors, as it surged to over $0.000016 in mid-May but has since decreased by about 12-13%. Martinez notes its recent behavior, consolidating in a descending triangle, which could lead to a significant move of 17%. Although Martinez did not provide a clear direction, the descending triangle chart is a bearish chart pattern that indicates weakening demand, often leading to a price correction.

Despite this relatively concerning price structure for SHIB, many industry experts remain optimistic about this asset. The latest to call this a highly complex technology investment in the cryptocurrency space is Del Crxpto, who believes that people will "win" if they study the meme coin and its ecosystem.