According to an expert, the profits of the meme coin Shiba Inu (SHIB), which has experienced a serious rise recently, are flowing into DOGE. According to analyst Akash Girimath, Dogecoin price has been in an uptrend for about a month, but the bullish seems to have evolved into a pattern that signals a correction. As such, investors need to be aware of a short-term pullback for DOGE, which eventually results in a 50 percent climb.
According to the analyst, there may be a rise as SHIB profits move to DOGE
Sharing his analysis of DOGE recently, Girimath says that DOGE has created three highs and two highs, up 44 percent compared to September 29. When we connect the trend lines with these points, an ascending wedge formation emerges. This technical pattern predicts a 19% drop ($0.207) achieved by adding the distance between the initial high and low to the $0.256 breakout.
However, with that said, investors can expect Dogecoin price to stabilize around the $0.236 support base. Girimath says profits from meme token investors like SHIB will eventually go to Dogecoin.
Which levels should be followed?
As profits shift to DOGE, a possible increase in buying pressure around this barrier could trigger an uptrend for DOGE. This bullish breakout of $0.273 will confirm the start of a bull rally. In such a case, Dogecoin price will retest the $0.30 barrier and then the $0.352 high range. This rise from $0.236 to $0.352 will constitute a 50% move.
While things are looking bleak for the meme coin, a break of $0.236 will indicate weakness among buyers. Finally, Girimath underlines that the bullish argument will be invalidated if it falls below $0.225, and in this case, the target price for DOGE is at $0.207 and $0.194. cryptocoin.com As we have also reported, SHIB reached an all-time high in the morning today. Coin’s last 7-day rise is close to 100 percent. Today, it has gained more than 30 percent in value.
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