2 Analysts Announced SHIB and DOGE’s Next Step!

Aside from this investor psychology, a bounce from the green rising trendline at $0.19 could serve as a starting point for a bullish candle above $0.29, according to analyst Filip L. Around this level, the monthly R1 reaches the resistance level and from mid-August the red descending trendline forms the upper side of a pennant. This way, the bulls in DOGE can see their profits limited to only 50%.

Dogecoin price will see the bulls attempt to form a third green candle above $0.26. If the bulls are successful in this attempt, we could see a preemptive break from the pennant and a red bearish break towards $0.35. If the consolidation continues and prices tighten further towards each other with the LL and HL levels, it can be expected that the bulls in Dogecoin price action will take the upper hand and face far fewer bears as they will disappear during the consolidation phase. The bulls will then face less resistance against $0.35 and even the $0.50 price targets on DOGE will strengthen.

What can be expected in the downside scenario?

Conversely, a change in market sentiment could mean an attack on the DOGE bears’ green ascending trendline. If the bulls lose at the uptrend line, the $0.19 and $0.16 levels could be targeted to provide decent support. At $0.14, the bulls will stop the DOGE bears in their tracks as Dogecoin price action is trading at a very attractive discount.

As for the Shiba Inu (SHIB)

Dogecoin-inspired meme coin Shiba Inu (SHIB) made headlines this week for its amazing rally. However, when an untimely rise occurs, it can make investing in SHIB somewhat risky. Naturally, given that DOGE and SHIB are seen as leaders of the pack, Dogecoin can be expected to move in a similar volatile fashion. But that’s not exactly the case, according to analyst Aaryamann Shrivastava.

Dogecoin cannot be manipulated!

At least not with other cryptocurrencies, because no one can predict what the next tweet of “Dogefather” might do to the market. However, the events surrounding SHIB over the past 5 days have been nothing short of surprising. Since October 3, SHIB has increased by 255.5% even after falling almost 18% on October 7. At the moment, SHIB was trading at #20 at $0.00002647.

The analyst says that the investor behavior on the date in question yielded exactly as expected. More than 176-178 trillion SHIBs were both bought and sold that day. Transaction volumes for the meme coin, which did not even exceed $300 million on average, reached $9.97 billion on October 6.

However, its effects on DOGE did not respond as expected…

DOGE remained steady in the SHIB frenzy…

Dogecoin holders may have reacted to the move of Shiba Inu (SHIB), but the price of the coin showed some restraint. For the most part, DOGE follows the lead of the market rather than another altcoin. Since the beginning of the month, the altcoin has only increased 20.32%.

And on October 6, DOGE closed only +0.85, despite recording exceptionally long wicks at both ends. However, the highs and lows of the day resulted in over $6 million in Dogecoin liquidation.

Some important transactions have been made on major wallets

Large wallets or possibly whales, as well as individual investors, have made some important transactions. Approximately 6.19 thousand transactions were recorded in 48 hours, each worth more than $100,000. Cumulatively, they were worth over $21.61 billion. It should be noted that the average volume of DOGE is less than $2 billion on any given day.