Crypto analyst Dhwani Mehta states that as Dogecoin (DOGE) bulls strengthen, DOGE price is holding onto 200-DMA and Shiba Inu (SHIB) bulls are gearing up for another record rally. RSI is turning south, but holding well above the 50.00 level is supporting DOGE buyers and SHIB bulls remain hopeful as long as price stays above the 61.8% Fibo level. Crypto analyst’s DOGE and SHIB forecasts and analysis cryptocoin.com We compiled it for our readers.
“DOGE bulls seem to have taken a breather in the last 36 hours”
With investor capital being converted from Bitcoin, Ethereum, and Ripple to dog-themed cryptocurrencies last week, Dogecoin is also not behind as it plans to end the week with 16% gains. The analyst makes the following assessment:
Despite this week’s solid performance, DOGE bulls seem to have taken a breather in the last 36 hours as the price entered an upside consolidation mode after surging to a four-month high of $0.3556 on Thursday.
In doing so, the analyst states that DOGE price surpassed the $0.3552 levels in mid-August, where the previous downtrend started. The tenth coin is trading marginally lower for the day, failing to find a footing above the $0.29 mark for the second day in a row this Saturday, according to the analyst.
Dhwani Mehta: DOGE looks for additional bullish despite recent downturn
Analyzing Dogecoin’s daily chart, Dhwani Mehta recalls that DOGE price is working hard to defend the critical 200-Day Moving Average (DMA) at $0.2861 while extending the corrective pullback from Saturday’s two-month high.
However, DOGE price continues to fluctuate within Friday’s trading range as the bulls await the time before a convincing extension of the renewed bullish momentum.
On Thursday, the dog-inspired coin is up 27%, expanding the upside break from the two-month bearish channel that was confirmed last Sunday, noting the following:
After DOGE price closed above the downtrend resistance, a channel break occurred and then closed at $0.272. DOGE bulls recaptured the upside 200-DMA on the big rally and have managed to close above the latter so far.
According to Dhwani Mehta, the recent drop in Dogecoin can be attributed to the sharp drop in the Relative Strength Index (RSI) indicator. The analyst says the pullback looks shallow and while the RSI remains above the midline, it could be seen as a good buy bottom opportunity for DOGE optimists, pointing to the following levels:
If the bulls resist control, DOGE price could bounce back to multi-month highs above $0.3550. The next upside barrier for the DOGE bull is placed at the pattern target measured at $0.4432.
On the downside, the analyst states that if the correction gains momentum and breaks the 200-DMA on a daily close basis, DOGE price could support initial demand at the channel resistance at $0.2649 now.
Further south, $0.2490 will limit additional losses in Dogecoin. At this level, 21-DMA meets 100-DMA.
SHIB wants to rekindle record rally, analyst says
According to Dhwani Mehta, Shiba Inu (SHIB) is looking to rekindle the record rally as the bulls catch the corrective retracement and prepare to take a new leg higher. The analyst says SHIB price posted modest gains on Saturday, building on Friday’s rise as it has made 110% so far this week.
Last week, Shiba Inu’s market cap surpassed its rival Dogecoin among the most traded digital assets. Crypto research firm Into the Block reported that 70.52% of SHIB’s circulation was collected in the accounts of eight whales, with 41% in one whale. At press time, SHIB was trading at $0.00006352, down 8.37% in the last 24-hour time frame, according to data from CoinMarketCap. On the other hand, it still has a profit of over 52% on a weekly basis.
“Shiba Inu (SHIB) price needs to break through this key resistance to hold $0.0001”
According to the analyst, bargain hunters believe the meme coin has more room to rise and are taking advantage of the SHIB price pullback for this. From a short-term technical perspective, Dhwani Mehta sees:
SHIB price rebounded from the main support at $0.000578 after a sharp correction from the all-time high of $0.000885 reached on Thursday. This level is the 50% Fibonacci Retracement (Fibo) level of the rise from the October 21 low of $0.00000270 to the record high. In the last two trading sessions, SHIB bulls managed to protect the 61.8% Fibo level of the same rise at $0.0000650 on a daily close basis, supporting buyer sentiment.
The analyst states that the 14-day Relative Strength Index (RSI) is once again looking north, freed from overbought conditions, giving confidence in a potential increase in SHIB price. The analyst draws attention to the following technical levels:
Currently, SHIB price is struggling with the 78.6% Fibo level at $0.0000752 and waiting to be accepted above it to retest lifetime highs. A sustained move above record levels could start a fresh rise towards the $0.0010 level. Above this, the 127.2% Fibo level of $0.000105 will come into play.
Alternatively, Dhwani Mehta reminds that the aforementioned 61.8% Fibo support may continue to limit corrective declines in SHIB price and continues his analysis as follows:
The 50% Fibo level at $0.000578 will be the crossing level for the SHIB bears if the downside pressure increases. However, $0.000050-0.000460 will emerge as strong support, the confluence of Wednesday’s low and the 38.2% Fibo level.
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