One of the well-known crypto analysts, Rekt Capital, says that despite high expectations, the next meme coin rally will be the biggest rival of Shiba Inu (SHIB).
Rekt Capital expects to rally in this meme coin instead of Shiba Inu (SHIB)
Crypto analysts with 334 thousand Twitter followers commented on the DOGE/USD chart in their current technical analysis. According to Rekt Capital, the current price movements of Dogecoin (DOGE) are preparing to exit a pattern that often results in a price increase. Meanwhile, BSC whales have once again placed Dogecoin on the list of top bought cryptos, supporting Rekt’s predictions.
The crypto analyst says Dogecoin is trading within a falling wedge formation, accompanied by increased whale purchases. Accordingly, DOGE is on the verge of a breakout to the upside as it tests the top of the pattern and shows some strength to this area. A falling wedge or Falling Edge pattern is one of the reversal patterns and usually results in a bullish. According to Rekt Capital, “DOGE is now testing the top of the Falling Wedge and trying to challenge it for a breakout.”
Can Dogecoin continue its bull rally after the breakout?
In terms of daily earnings, Dogecoin outperformed all other cryptocurrencies in the top 10 by market cap. If this continues, traders may short to take advantage of the correction, meaning potential selling pressure for Dogecoin. On the technical side, data from CryptoQuant revealed that Dogecoin’s RSI data is in an overbought position. This increases the possibility of a price drop in the coming days.
Whales show more interest in Dogecoin rather than SHIB
Data provided by WhaleStats shows that BSC whales in particular have boosted Dogecoin with purchases in the last 24 hours. Reaching the most bought list, Dogecoin, meanwhile, could not escape the correction after a slight rise. An RSI in the oversold position, as cited by CryptoQuant, confirms that traders will maintain downward pressure from the highs. Still, BSC whales chose to rely on Dogecoin on January 23.
A look at more technical indicators, the RSI and the Fear and Greed index gave pessimistic forecasts for the coming days, but other metrics were bullish. DOGE’s MVRV Ratio has rallied over the past few days after a dip that could help DOGE continue its price increase.
DOGE was also in demand in the derivatives market as the Binance funding rate rose. However, the speed of the meme coin recorded a drop, which is a bearish signal.
cryptocoin.com We have included the experts’ 2023 Dogecoin price predictions in this article. At the time of writing, Doge is trading at $0.08899, down around 4% from the last 24 hours.
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