A sudden spike in Dogecoin DOGE/USD and Shiba Inu SHIB/USD one day led traders to predict an upcoming bull run for the memecoin leader.
What Happened: As Dogecoin’s price reflects a relatively flat performance over the past week, an analyst known as “Kevin” at X outlined his thoughts on Dogecoin’s trajectory. He said that memecoin is still trying to successfully execute a bullish retest of the macro downward wedge following a typical 60% bull market correction.
After the 5% price increase on Friday, Kevin further predicted that if this retest is successful, it may be the last chance to buy Dogecoin at its current price.
As Shiba Inu prices soar, crypto trader Javon Marks asked the crypto community, “Are you ready for $0.000081?” He added that Shiv has broken out of a recent falling wedge pattern and a much larger (not shown) resistance trend.
He predicts an upside of over 342% from here, as this downward wedge will only help “ignite the process.”
Also read: ‘Dogecoin killer’ Shiba Inu rises 39% in past 30 days, but bullish trader says it will ‘accelerate’
Why it matters: Kevin’s analysis suggests that Dogecoin is currently at a critical stage in the market cycle. If his prediction turns out to be true, it could mean a significant increase in Dogecoin’s value.
Meanwhile, Marks’ forecast reflects a very bullish run for Shiba Inu, which has already accumulated a 34% gain over the past month. Shibburn data shows that 4.6 million SHIB coins were retired from the ecosystem, increasing the burn rate by 83.4% in the past 24 hours.
According to IntoTheBlock data, large trading volumes for Doge and Shiba fell by 23.8% and 35.5%, respectively. Daily active addresses for Dogecoin and Shiba Inu increased by 176.7% and 13.7%.
Dogecoin transactions over $100,000 increased from 227 to 251 in one day, while Shiba Inu transactions increased slightly from 110 to 118. DOGE exchange net flows decreased by 199%.
What’s next: The impact of Bitcoin as an institutional asset class will be thoroughly explored at Benzinga’s Future of Digital Assets event on November 19th.
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