Bulls continue to dominate the cryptocurrency market, but Bitcoin and some altcoins may face a correction phase. We take a look at technical commentary by Denys Serhiichuk and Akash Girimath, analysts with these views. How high can Bitcoin, SHIB and Dogecoin go? Analysts set peak prices after a correction.
Bitcoin (BTC) technical analysis
Bitcoin bulls did not let the $60,000 support break and the decline was stopped at $59,500. A quick rally from this psychological level propelled BTC price above $62,000. At the same time, the price could not stay above this level for long and consolidated sideways, returning to the average prices area. Analyst Denys Serhiichuk says the bulls are holding the psychological support of $46,000 and Bitcoin’s targets of $64,895 are strong. At the time of writing, BTC is trading at $62,398.43 with weekly gains of 6.45%.
Shiba Inu (SHIB) technical analysis
cryptocoin.com SHIB analyzes, which we have quoted as , show that it is among the biggest losers with a decrease of 3.33% in the last 24 hours. Dogecoin is traded similarly to DOGE, as its competitor has a wide range. Also, sales volume is low, which means further growth is more likely than decline. The downtrend could continue and SHIB could accumulate more energy for a sharp rally. The cryptocurrency, which ranks 9th by market value, is changing hands at $0.00006582.
SHIB and DOGE fight continues for 9th place
Dogecoin is the most critical cryptocurrency on the list. Its price is down just 1.49% since yesterday and it continues to trade in the channel between the $0.2405 and $0.3495 resistance. According to analyst Serhiichuk, the struggle between bulls and bears has not taken over the initiative, which is also confirmed by the low trading volume. In this case, the more likely scenario is for it to continue trading sideways in the region around $0.28.
According to Akash Girimath, Dogecoin is in the accumulation phase
Dogecoin price remains between the $0.226 and $0.343 resistances, as he expects a move above the levels. Therefore, traders can wait for DOGE to trigger a rapid rise before retesting a support level. It is also likely that market makers will opt for a run above $0.343 to gather liquidity holding in the form of buy stops. Therefore, the analyst says that investors can expect a 25% increase in the price of Dogecoin in the near future.
Also, in the continuation of this uptrend, if DOGE makes a decisive daily close above $0.343, the chances of a continuation of the uptrend will be greatly increased. However, failing to do so could result in a decline that retests $0.226. On the other hand, if Dogecoin price fails to climb higher, the analyst says a retest of the $0.226 support is possible. While DOGE is likely to fall below this barrier, a one-day close above it will show the bulls’ willingness to push DOGE price higher.
Finally, a daily close below $0.196 will invalidate the bullish argument. In such a case, Dogecoin price will drop further and retest $0.16. From here, it will restart an uptrend to gather liquidity above $0.343.
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