Dogecoin DOGE/USD And Shiba Inu SHIB/USD are gaining momentum, trading sharply higher Tuesday morning.
| Cryptocurrency | Price | Market capitalization | 24 hour trend | 7-day trend |
| Dogecoin DOGE/USD | $0.3475 | $51.3 billion | +9.7% | -10.1% |
| Shiba Inu SHIB/USD | $0.00002133 | $12.6 billion | +6% | -10.1% |
| Pepe PEPE/USD | $0.00001721 | $7.2 billion | +6.6% | -15.4% |
Trader Notes: Crypto trader Kevin highlighted that Dogecoin’s price action remains strong as long as it holds above $0.26 in its bullish downtrend channel.
He noted that a breakout could target a potential move towards $1.30, although reaching that level would require substantial progress.
Other traders, like Altcoin Sherpa and Scofield, echoed a cautiously optimistic outlook.
Sherpa considers DOGE as be in a favorable position, while Scofield underlines this patience will pay off for Dogecoin holders.
Shiba Inu’s Relative Strength Index (RSI) sits at 50, indicating neutral market sentiment.
Benzinga’s technical analysis noted potential volatility based on simple moving averages (SMA).
The 200-day SMA has recently moved above and below the 50-day and 100-day SMAs, signaling market indecision. Observing transaction volumes during these crossovers can provide additional information:
- High Volume: Signals strong conviction in the price direction.
- Low volume: suggests low tracking.
Statistics: According to Shibburn, Shiba Inu’s burn rate jumped 2,229.01% in the last 24 hours, thanks to the burning of 21.07 million tokens, including a single transaction involving 18.97 million tokens.
IntoTheBlock data shows that Shiba Inu’s large trade volume soared 505.91% in a single day, while trades above $100,000 increased from 59 to 188.
Community News: In a recent article on X (formerly Twitter), Elon Muska expressed appreciation for Donald Trump and the government’s support for Dogecoin, which may have contributed to DOGE’s price rise.
Musk’s remarks, coupled with Bitcoin’s bullish momentum, could aroused the enthusiasm of investors.
Shiba Inu announced the launch of WHY Combinator, a decentralized program for nurturing coin projects.
This initiative aims to improve the application of Shiba Inu technologies and strengthen the importance of the BONE token within the network.
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