One analyst says the price of the popular meme coin Dogecoin (DOGE) will bounce off a stable support level. Another analyst shares Theta Network (THETA) move after $1. Also, according to the analyst, the pain is inevitable for the Shiba Inu (SHIB) in the medium term, but the future is clear after that. Meanwhile, the price of leading altcoin Ethereum (ETH) isn’t the only thing that has risen during the recent rally.
Technical levels suggest DOGE will enter a mini rally
According to crypto analyst Danielle du Toit, Dogecoin (DOGE) price is showing a clear sign that it will bounce off a stable support level. With a minor reset of DOGE’s bullish momentum, DOGE could enter a rapid rally. The analyst explains the reasons for this as follows.
DOGE’s price recovered above the selling peak of $0.0705 and is up 32%. During this upward move, DOGE’s price broke the $0.0813 hurdle to support. Traders may need to prepare for a range tightening or a retest of the immediate support level at $0.0813 if the altcoin price trades at $0.0856. CoinMarketCap shows the price of DOGE to be $0.08564 after falling 1.59% in the last 24 hours. Despite this, DOGE’s price is still up 2.02% in the last 7 days.
The daily RSI indicator has retraced from the overbought zone to the midpoint. As a result, the bulls now have an opportunity to make a comeback. A reset of the RSI at 50 could be the catalyst that ignited the mini rally in DOGE price. If this happens, the rally could push DOGE’s price to the buy top of $0.0946. Successful conversion of this level to the support base on the daily timeframe will allow the price of DOGE to surge towards $0.106. This means a 30% gain in the price of DOGE.
On the other hand, if the altcoin price fails to stay above the $0.0813 level, it will indicate weakening bullish strength. If this level is later turned into resistance, the bullish thesis will be invalid. This will likely result in a 12% drop in DOGE’s price and could cause the meme coin price to return to its selling peak of $0.0705.
What’s next after $1 for this altcoin?
According to CoinGecko, THETA, along with other altcoins, is up 15% in the two-week timeframe. The network accelerates development with the latest alpha release of EdgeStore, Theta Network’s decentralized storage solution. At the time of writing, the token broke the $1.02 resistance, reaching its current price of $1.04. This move towards $1 may have exhausted the bulls as it halted progress yesterday, according to crypto analyst Christian Encila. The analyst continues his evaluations in the following direction.
At the moment, THETA bulls are focused on consolidating gains. If the bulls are successful in consolidating the money, we could see explosive upside pressure in the next few days. The altcoin, which is highly correlated with Bitcoin, will also be subject to the wider influence of the crypto market.
With BTC entering consolidation mode as well, THETA’s current phase will depend on whether Bitcoin breaks up or down. While the token still has a long way to go before it regains pre-FTX levels, its current steady momentum will certainly help investors and traders achieve their goals. Analysts are also optimistic about the future of the token.
For now, investors and traders aiming for $1.20 should focus on keeping the momentum steady and slow as the consolidation gives the token some room for short and medium-term gains. Watching how BTC moves over the next few weeks will also be a priority, as Bitcoin’s price action also affects THETA.
“SHIB’s next target will be this level”
According to crypto analyst Christian Encila, the current Shiba Inu price action is the result of hitting the $0.00001293 resistance. The analyst shares the following analysis for SHIB. At the time of writing, SHIB may be in short-term pain as resistance is proving tough for SHIB bulls. In the coming days, the bears can test the token’s current support at $0.00001184.
If the bears break this support, the pain will be inevitable in the medium term as the bears can reach the $0.00000968 support. If this is broken, the altcoin will return to pre-2023 price levels. Investors and trades should aim for the $0.00001293 resistance after consolidating above $0.00001184. This will ease any downside pressure on the token and give SHIB bulls room to move for an explosive upward move.
For now, investors and traders should focus on consolidation for the continuation of the current rally. Shiba Inu has high correlation with Bitcoin. Therefore, the price action of the leading crypto also causes fluctuations with the price action of the SHIB. It is important to watch how Bitcoin moves, as any movement of BTC will be reflected in the price of SHIB.
Leading altcoin Ethereum is on the verge of a major turning point
cryptocoin.comAs you can follow, the price of ETH has been rising for the past few weeks. However, this is not the only news that has contributed to Ethereum’s bullish momentum this month. The decentralized computer network is approaching 100 million Ethereum addresses. As we enter the second half of January, crypto prices continue to rise with capital inflows. Positive macroeconomic data continues to work its magic on all asset valuations.
However, the revived Ethereum price action is not the only long-term bullish indicator happening right now. The efficiency and usage of the Ethereum network continues to sail towards all-time highs. The number of Ethereum addresses with non-zero balance continues to increase. According to new data from Glassnode, it hit a record level of 92.5 million addresses this week.
Active addresses on Ethereum are also on the rise with the massive spike in recent activity. Active addresses are a measure of the number of unique addresses that act as senders or recipients. Only those who successfully complete a transaction are counted. That is, Ethereum users not only hold their ETH, but also use it to run programs on the network. The crypto price winter has eliminated some crypto exchanges and custodians. However, it did not pause the request for new addresses and transactions. At its current growth rate, Ethereum addresses could reach 100 million by Q2 2023.
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