Meme coins Dogecoin (DOGE), Shiba Inu (SHIB), SafeMoon (SAFEMOON) and Luna Classic (LUNC) have witnessed an increase in their social dominance and popularity. The increase in social dominance coincides with its local peaks. According to analysts, this is an important bullish indicator for these altcoin projects. Analysts remain bullish on DOGE and SHIB as they approach resistance levels.
DOGE, SHIB, SAFEMOON, and LUNC dominate crypto Twitter
Shiba Inu-themed meme coins DOGE, SHIB, SAFEMOON and LUNC have seen an increase in their social dominance over the past few months. Analysts expect meme coins to reach their local highs as their popularity among crypto traders grows.
Analysts at Santiment note that over the past few months, meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), SafeMoon (SAFEMOON), and Luna Classic (LUNC) have grown in popularity. Social dominance is a metric calculated by the number of times a cryptocurrency is mentioned on social media platforms like Twitter.
With the spike in social media dominance, these altcoin projects are closer to their local peaks. Analysts also note that an increase in the social dominance of these altcoins coincides with a local peak.
Analysts predict a rally for two altcoin projects: SHIB and DOGE
Crypto analyst and trader Bob Mason evaluated the Dogecoin and Shiba Inu price trend. In this context, the analyst predicts a rally to $0.000014 for SHIB. Mason predicts a 16.6% rally in Shiba Inu price as it supports the meme coin’s broad market trend.
The crypto market is taking a cautious stance ahead of the release of US inflation data and Ethereum Merge. Crypto traders are sitting on the fence on Bitcoin, Ethereum and other leading cryptocurrencies. However, traders are focusing on meme coins.
cryptocoin.comAs you’ve been following, Dogecoin price has experienced a decline lately. In this direction, DOGE fell to the level of $ 0.064. Despite a mixed start, Mason is predicting a rally from here before further correction in DOGE.
According to the analyst, Dogecoin is likely to witness an extended crypto rally. To this extent, it is likely to test the second major resistance at $0.0666. DOGE’s third major resistance stands at $0.0693. On the other hand, if Dogecoin fails to stay above the $0.0625 level, he sees a drop in the meme coin as likely. Therefore, if Dogecoin loses its support, it is likely to suffer from a bear trend.
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