Wait For The Wall Street Sale For These 2 Altcoins!

Crypto analyst Tony M says that Dogecoin (DOGE) is showing suppressive price action that could lead to further declines. Therefore, the analyst is waiting for a Wall Street discount for the altcoin. Analyst John Isige notes that because the Shiba Inu (SHIB) burn rate has dropped by 88%, more dump than pump is possible. We have compiled analysts’ analysis of DOGE and SHIB for our readers.

“Altcoin price likely to drop soon”

Dogecoin could be preparing for the liquidation of September lows. Since mid-August, DOGE has lost 30% of its market value. The bulls failed to encourage a retaliation that lasted longer than a few hours. The oppressive demeanor suggests DOGE is on a tight leash. Traders are likely trapped and there is an additional drop on the horizon.

Dogecoin is currently trading at $0.059. Because the bears are refusing to access the $0.06 barrier, which is supported by the 8-day exponential moving average. The Relative Strength Index lost supporting ground after a recent drop to $0.053. Despite an increase in volume during the green days in December, most of the candles have completely reversed. This is a bad sign for the general trend.

If market conditions continue, a Wall Street liquidation targeting $0.053 is possible. If the bulls fail to find support at this level, an additional $0.04 drop is likely close. A break above the rise above $0.089 is needed for the bearish thesis to be invalidated.

Token burn rate drops as SHIB seeks support

cryptocoin.comAs you follow, Shib Super Store recently launched an indirect SHIB token burning program via Amazon. The platform spends commissions from sales made on Amazon to purchase SHIB tokens that are then withdrawn from circulation. The affiliate program has burned approximately 192,169,000 SHIB tokens worth $2,115 at the current market rate.

According to Shibburn, despite the new indirect Shib Super Store burning schedule, the cumulative burn rate in the last 24 hours has dropped more than 88%. About 7,050,000 SHIB tokens went to dead wallets, compared to 59,638,305 in the previous 24-hour period.

SHIB price rally waiting for lower support?

The upper boundary of the falling channel is limiting the rise of SHIB in conjunction with the 100 SMA (Simple Moving Average – blue). A move north of the support provided by the lower border of the channel at $0.00001000 is likely to be less effective due to the low trading volume observed from the leveling OBV (Equilibrium Volume). Similarly, there is no bullish or bearish trend in the Directional Movement Index (DMI). In other words, investors are undecided about the direction SHIB will take in the short term.

If SHIB continues to move within the falling channel, traders will need to start getting used to the dips below $0.00001000. The Shiba Inu may need to gather more liquidity as it forms a double bottom pattern at the previous support of $0.00000715 in June.

IntoTheBlock’s IOMAP on-chain model highlights a region of intense seller congestion around $0.00001100. Thus, it reinforces the bears’ tight grip on the altcoin. About 14,600 addresses in the region have previously purchased 59.88 trillion SHIB tokens.

Traders in the range are likely to sell at various breakeven points as SHIB tries to reach an exit. This will create more selling pressure. So this will likely lead to a pullback.

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