Meme coins continue to gather volume in 2023, taking advantage of the overall market rally. The biggest ones, Dogecoin and Shiba Inu, have remained viable with a large investor community specifically aiming to regain their 2021 highs. Although the short-term outlook is still uncertain, it is important to look at the 3 forecasts for February that can be considered.
Machine learning algorithms await these levels in Dogecoin and Shiba
Machine learning algorithms from crypto tracking platform PricePredictions suggest that Dogecoin could potentially rise in the coming weeks. The algorithmic forecaster predicts that Dogecoin will trade at $0.095 by February 28. In such a case, Dogecoin will appreciate around 5% from its current levels.
The machine learning algorithm takes into account technical indicators such as Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI), and others when creating the price forecast. On the fundamental analysis side, there are a number of bullish catalysts such as Dogecoin’s Twitter integration and increased whale activity.
Can Dogecoin sustain gains?
Dogecoin, along with CEO Elon Musk, is lining up for possible price increase following the recent development about Twitter’s relationship with cryptocurrencies. Earlier, after Musk’s acquisition of Twitter, it rose significantly on speculation that DOGE was integrated into the social media platform as a payment option.
In an important development here, let’s mention that there have been reports that Twitter is working with regulators to implement payment schemes involving cryptocurrencies. Another factor supporting bullish prospects could be high whale activity. Data from Santiment’s on-chain analysis shows that at the end of January, there were 523 transactions worth over $100,000 on the Dogecoin network.
At the same time, the number of daily active addresses on the network increased to 86,400. On the other hand, on the Shiba Inu side, the upcoming Shibarium and metaverse projects support a technically evident rise.
Shiba Inu bull pennant close to burst
The price of the Shiba Inu has been trending upwards in recent days, with an increase of over 50% since the beginning of the year. Technical indicators suggest that the rally will continue if SHIB manages to hold key positions in the coming days. In this thread, on-chain analyst Ali Martinez talked about a bull pennant burst that signals a potential rise to $0.017.
Martinez said, “The Shiba Inu looks like it’s jumping out of a bull pennant. “If SHIB continues to trade above $0.011, it could run towards $0.017.” SHIB currently manages to stay above this zone despite today’s sales.
It is worth noting that the bullish pennant pattern highlights an upcoming continuation of a strong upward price action. Considered a bullish indicator, this pattern is formed after an extensive upward move that results in a pause and consolidation between the converging support and resistance lines.
How technically strong is SHIB?
SHIB is currently slightly bearish in cryptocurrency market conditions, which are overwhelmed by the strengthening US dollar. Considering Martinez’s analysis and Shiba’s current price, SHIB’s current critical support zone is at $0.0000120, which acts as support against a possible decline. On the other hand, SHIB is facing resistance at $0.000013.
What can SHIB do to surpass these levels? The potential for a recovery to $0.017 remains strong, given the support of network development activities and overall market influence. For example, SHIB may price the upcoming Shibarium tier-2 solution. While the community awaits the rollout of the upgrade, Shiba Inu lead developer Shytoshi Kusama recently hinted at the possible rollout of the network update. cryptocoin.com We have included the latest developments in this article.
At the same time, SHIB could benefit from an increase in events related to its adoption as a means of payment and its use in other use cases, such as continuing token burns. Meanwhile, machine learning algorithm estimates on PricePredictions’ project expect $0.000012 by the end of February.
Shiba Inu trading volume increased 1.233% on BitPay
Finally, BitPay, a cryptocurrency payment processor, reported an increase in crypto payments in 2022. While Bitcoin was the top performing cryptocurrency by volume in 2022, SHIB sales rose 1,233% in 2022 as several companies announced that they were accepting SHIB payments. AMC Theaters, one of the world’s largest movie chains, announced last year that it accepted Dogecoin and Shiba Inu payments for online movie tickets.
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