Shiba Inu: Growing Market Trend

While the market sentiment seems still negative, the current trend of Shiba Inu shows a developing resilience. According to Santiment, while the broader crypto market was marked by fear and uncertainty, the negative sentiment in SHIB has gone down dramatically by 718% within just one day.

This sharp decline in percentage indicates growing investor pessimism, especially considering the fact that the price of SHIB had dropped from its weekly high at $0.00001929 below $0.000017. But this silver lining, as it is, shows that the 7-day sentiment for SHIB has spiked upward by over 2,800% and might be an antidote for the asset to get a bounce-back.

Crypto markets have corrected alongside equities as traders increase speculation that the bull rally has come to an end. With crowd optimism transitioning to doubt, these are the $500M+ market cap projects showing the best upside based on buying into the crowd FUD:

1⃣â€?pic.twitter.com/OvnvlWdSus

�Santiment (@santimentfeed) October 23, 2024

What is even more interesting is that it may be an opportunity for brilliant traders to play along. If the sentiment went bearish, then, generally speaking, price moved in the opposite direction. In the case of weighted sentiment being positive at 339% for 30 days for SHIB, hope is still not completely lost and maybe, it will be rallying within the coming days.

Whale Activities Up

The significant increase in large-holder inflows is particularly telling. Over the last three months, these inflows surged by 554.88%, indicating that major investors see value in accumulating SHIB at current prices. In fact, there was also a 163% increase in inflows over the past month, and even a modest uptick of 1.29% in the last week.

Despite these positive indicators from large holders, trading volume has seen a slight decline of 5.23% in one day. This drop indicates that many investors are still hesitant to make significant moves in this volatile environment. They may be waiting for clearer signals before committing to trades.

Further out, SHIB appears to be on an uptrend at a much slower pace, with a projected 90% rise for the next six months, possibly due to growing interest in the long-term potential, data from CoinCheckup shows. Even more encouraging, analysts also project a strong rise of 76% over the next year, clearly outlining positive growth expectations commensurate with the incrementing adoption of SHIB and its use cases.

Featured image created with Dall.E, chart from TradingView

• DOGE price started a downside correction from the $0.1500 resistance level.
• The price is trading below the $0.1420 level and the 100-hourly simple moving average.
• There is a key bearish trend line forming with resistance at $0.1425 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could gain bullish momentum if it clears the $0.1425 and $0.1450 resistance levels.

Dogecoin Price Eyes Upside Break

Dogecoin price started a downside correction from the $0.1500 resistance zone. DOGE dipped below $0.1450 and $0.1420 levels. A low was formed at $0.1330 and the price is now recovering losses like Bitcoin and Ethereum.

There was also a move above the $0.1350 and $0.1380 resistance levels. The price surpassed the 50% Fib retracement level of the downward move from the $0.1482 swing high to the $0.1330 low. However, the bears are active near the $0.1425 resistance zone.

There is also a key bearish trend line forming with resistance at $0.1425 on the hourly chart of the DOGE/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the $0.1482 swing high to the $0.1330 low.

Dogecoin price is now trading below the $0.1420 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1425 level. The next major resistance is near the $0.1450 level.

A close above the $0.1450 resistance might send the price toward the $0.1500 resistance. Any more gains might send the price toward the $0.1550 level. The next major stop for the bulls might be $0.1585.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1425 level, it could start another decline. Initial support on the downside is near the $0.1365 level. The next major support is near the $0.1350 level.

The main support sits at $0.1320. If there is a downside break below the $0.1320 support, the price could decline further. In the stated case, the price might decline toward the $0.1250 level or even $0.1220 in the near term.

Technical Indicators

Hourly MACD �The MACD for DOGE/USD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) �The RSI for DOGE/USD is now near the 50 level.

Major Support Levels �$0.1365 and $0.1320.

Major Resistance Levels �$0.1425 and $0.1450.

Positive Sentiment And Indicators For DOGE Ascent

According to market analysts, there are a number of indicators that show it is the right time to invest in DOGE. As observed by Digitalcoinprice, several technical signals have already turned green, indicating traders see brightness in the future of the token. The coin has risen by 37% in the last 30 days. The forecasts hint that the coin might go even higher.

One of the strongest indications of the bull trend is the curve of the 50-day Simple Moving Average going upward, which may be a good period for buyers to get in on the action. However, the traders are holding back as the 200-day SMA is going down.

As reported by some, DOGE may even go to $0.13 before the year ends. Nevertheless, on the bigger picture, there is still a consensus over the fact that it is still moving in a positive direction for the medium-term trends of the coin.

Expertsâ€?Predictions And Influences On Dogecoin’s Future

Other high-level cryptocurrency traders also, such as DonAlt, believe that Dogecoin has the makings of being bullish and can potentially exceed the $1 mark. Analysts like Crow see the occasional triangular patterns of Dogecoin in its price chart that reflect phases of consolidation from 2014 to 2021 and can indicate a breakout.

Dogecoin is like Bitcoin of the meme coins!

You don’t like it? Too bad, you don’t matter.$DOGE is going to $1. pic.twitter.com/mr5tVxFS2c

�CROW (@TheCrowtrades) October 18, 2024

Crypto trader Kevin has highlighted a recent 3-day flip in Dogecoin. According to this technical indicator, the cryptocurrency is supposed to trend in the positive direction. In the past, such an indicator resulted in a huge price rally; DOGE had a 210% rally once such a signal appeared.

The last time #Dogecoin flipped the 3 Day super trend and created a buy signal #DOGE pumped 212%. I think we can see something similar if not bigger this time around especially if #BTC enters into price discovery pic.twitter.com/azHFpo1plo

�Kevin (@Kev_Capital_TA) October 19, 2024

Kevin suggested that if Bitcoin falls into a discovery phase then it’s likely Dogecoin will follow. He also mentioned the upcoming “golden cross” on the weekly chart, which is a bullish signal for DOGE to continue upward.

Meanwhile, it’s still Elon Musk that influences these price movements. A passing comment by the “US Department of Government Efficiency” (D.O.G.E) has caused a price surge. Adding to this complexity is his political involvement in recent news.

Analysts feel Musk’s overall influence and association with pro-crypto US election candidates such as former US President Donald Trump will aid in an increase in value for DOGE.

Featured image from Techopedia, chart from TradingView

This thrill is driven mostly by a prediction from a pseudonymous analyst called FOUR. Fueled by what he describes as a “hyper meme coin cycle,” FOUR claims Shiba Inu is poised to hit new peaks. FOUR projects that a break above the $0.00002169 resistance level could send the price skyrocketing to $0.00003260, so indicating a possible 71% increase from SHIB, which is currently trading at $0.00001912.

$SHIB is Marching towards $0.00003260 price very soon than you expect Memes super cycle is just started #Shib #MemeSeason #MemeSupercycle pic.twitter.com/8QXXiE7odd

�FOUR | Crypto Spaces (@X_Four_iv) October 19, 2024

Shiba Inu: Major Resistance Level At $0.00002169

For traders and experts, the resistance level of $0.00002169 now takes front stage. Previously tested during a late September rush, this pricing point was rejected. But SHIB’s present increasing momentum has rekindled hope that this barrier will soon be broken. Analysts contend that if SHIB surpasses this level, it could set off a quick price rise motivated by ongoing support from its large population.

FOUR’s research fits this perspective. He points to the recent weekly candle close, implying that SHIB is getting closer to conquering its present obstacles. Shiba Inu might rapidly experience a notable increase in value if the resistance is overcome since the positive momentum has been growing.

Retail Investors Promoting The Rally

One may mostly credit Shiba Inu’s rise on the retail investor level. Data from CoinMarketCap shows that nearly 90% of SHIB holders are small investors holding anything from $0 to $1,000. The popularity of the coin has been driven by this grassroots support, hence increasing its resilience to changes in the market. The continuous rally can be attributed to retail investors believing in SHIB’s future for additional expansion.

This is #SHIB analytics from #Coinmarketcap . The blue colors are owned by retail with $0-$1K bag holders . Almost 10% of holders have $1k-$100K bag value and only .20% have 100K and above SHIB Bag . These belongs to exchange . This is a perfect narrative why SHIB should be an�pic.twitter.com/i7x8D49tUn

�Lola (@CryptoLollla) October 20, 2024

Still, it’s interesting to note that nearly a quarter of the meme coin’s holders had assets valued more than $100,000. Though rare, this group is important in the ecosystem and might perhaps include liquidity providers and exchanges.

Though Shiba Inu has a history of instability, some market analysts see a bright future for it. The community-driven support of the currency along with the larger meme coin cycle might drive SHIB higher in the next coming weeks. FOUR’s estimate of a 71% increase depends on breaking important barriers.

Investors will be closely observing to see if Shiba Inu can sustain its increasing pace and remove obstacles in its path.

Featured image from Katerina_Brusnika//Getty Images, chart from TradingView

Layer Zero Integration And Interoperability

The Layer Zero’s Omnichain Fungible Token (OFT) standard has now been integrated with ApeCoin through the latest update to its smart contract. This version greatly enhances ApeCoin’s capabilities, enabling it to be more than just a utility token and a governance token but also it is now the native gas token on its own blockchain, ApeChain. That way, it brings the integration of ApeCoin as a foundational part of the Yuga Labs ecosystem.

@apecoin goes omnichain!

APE, the native gas token of ApeChain and a core asset in the @yugalabs ecosystem, is used for transaction fees, voting in ApeCoin DAO, and as a payment method in Yuga Labs titles and IRL purchases. It is now an OFT that can be seamlessly transferred�pic.twitter.com/azgIlAUW3B

�LayerZero (@LayerZero_Core) October 17, 2024

Another major feature of this token is Layer Zero integration, which smoothes transfers of APE across multiple blockchains—ApeChain, Ethereum, and Arbitrum. This was a much-needed improvement in the token with regards to setting a new benchmark of token interoperability and increasing users’ appeal towards developers, while its excellent development process also smoothens asset transfer between networks.

Native Yield Mechanism And Market Response

A further aspect responsible for the recent increase in price of ApeCoin involves the implementation of a Native Yield mechanism co-developed with Decent.xyz. This means that the holders of ApeCoin receive a passive income on their holdings through this, without requiring any input from the user. The yields are credited to wallets at the end of each block with no hassle, thus leaving a highly rewarding proposition for the token holder.

The updates had received wide welcome in the market, as ApeCoin traded at over 6,400% and broke out to approximately $1.84 billion in its trading volume, as the market capitalization of ApeCoin has also broken into more than $1 billion, increasing by 100% in just one 24-hour cycle.

Today, the cross-chain bridges support APE, ETH, and stablecoins transfer between the chains. This has made the network sustain relatively high liquidity, attracted investor attention and developer involvement. It has made transfer operations within the network smoother and more efficient.

ApeChain is off to a strong start, with $25m volume traded in the first 12 hours

Over 148 pools have been created with 62,700 transactions. Memes launched on @ape_express_ are then traded on Camelot.

Be a Knight and start aping now //t.co/aRc3dH1Iry pic.twitter.com/QOCBvjeKzn

�Camelot (@CamelotDEX) October 20, 2024

Since the upgrade, ApeChain’s performance has been impressive, with over $25 million in trading volume generated in just 12 hours. The creation of 148 liquidity pools and more than 62,000 transactions highlights strong user activity and growing interest in the platform.

The core user incentive program of ApeCoin will be launched in the near future, so it will gain more value and increase demand in the market. Some details about the program are yet to be disclosed, however, the market is already on tenterhooks for it.

At the moment, ApeCoin is trading at $1.58 and, during the last 24 hours, it increased by about 109%. Despite the great momentum and rising utility, prospects for the growth of ApeCoin in the decentralized environment seem pretty good.

Featured image from Techopedia, chart from TradingView

• DOGE price started a fresh increase above the $0.1320 resistance level.
• The price is trading above the $0.1350 level and the 100-hourly simple moving average.
• There is a key bullish trend line forming with support at $0.1420 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could gain bullish momentum if it clears the $0.1450 and $0.1465 resistance levels.

Dogecoin Price Eyes More Upsides

Dogecoin price started a fresh increase above the $0.1200 resistance zone. DOGE gained traction for a move above the $0.1320 resistance zone, beating Bitcoin and Ethereum. There was also a move above the $0.1350 and $0.1400 resistance levels.

The price traded as high as $0.1467 and recently saw a minor downside correction. The price dipped below the $0.1420 level. It traded below the 23.6% Fib retracement level of the upward move from the $0.1206 swing low to the $0.1467 high.

However, the bulls are active above the $0.1350 level. There is also a key bullish trend line forming with support at $0.1420 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.1320 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1465 level. The next major resistance is near the $0.1480 level.

A close above the $0.1480 resistance might send the price toward the $0.1520 resistance. Any more gains might send the price toward the $0.1550 level. The next major stop for the bulls might be $0.1585.

Are Dips Supported In DOGE?

If DOGE’s price fails to climb above the $0.1465 level, it could start another decline. Initial support on the downside is near the $0.1420 level. The next major support is near the $0.1400 level.

The main support sits at $0.1335 or the 50% Fib retracement level of the upward move from the $0.1206 swing low to the $0.1467 high. If there is a downside break below the $0.1335 support, the price could decline further. In the stated case, the price might decline toward the $0.1250 level or even $0.1220 in the near term.

Technical Indicators

Hourly MACD �The MACD for DOGE/USD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) �The RSI for DOGE/USD is now above the 50 level.

Major Support Levels �$0.1465 and $0.1500.

Major Resistance Levels �$0.1420 and $0.1335.

BONK: Recent Price Movements Signal A Shift

Recently, the price activity of BONK suggests a trend reversal. After hitting bottom at $0.000001567, the coin recently started gaining traction upward and grabbed the attention not only of the retail but also of the institutional market.

Of interesting note here, the last increase in price was 8.59%. Until the date of this rise, it hasn’t changed much from this percentage.

$BONK – This setup is now ready, cat season is over it’s time for the dogs. pic.twitter.com/Hbr9owNcoz

�Astekz (@astekz) October 16, 2024

Over the past week, BONK has surged almost 20% and traded from $0.000001917 to nearly $0.000002395. Technical Indicators suggest it forms a rising wedge and may follow through with the double bottom pattern formed on June 24 at the level of $0.000001984.

An upward-pointing MACD with a bullish crossover further complements its upward momentum.

Key Resistance Levels And Analyst Predictions

BONK has met strong resistance at the 38.2% Fibonacci retracement, which stands at $0.000002265, ignoring the recent rally. If it cannot break through this level, the coin will proceed into a consolidation rather than upwards.

The next resistance that BONK needs to break through is the 50% Fibonacci retracement standing at $0.0000025. According to estimations from the analysts, at this level, the price will advance to a high of either $0.0000035, $0.0000048, or $0.0000070.

However, BONK does not have an easy ride ahead. On one hand, the coin recently faced a minor 1.07% intraday drop in price accompanied by signs of price rejection, this may speak to or lead to possible short-term volatility, which can further detriment the growth of the meme coin.

Another retest of the broader falling channel pattern might thus lie ahead, which could precede yet another breakout attempt.

With meme coins back on the map in the crypto sphere, everything about BONK in October will be followed closely as the market waits to see if the coin continues upward, hitting new heights, or runs into new low points in the weeks to come.

Featured image from WIKIWIKI, chart from TradingView

Crypto influencer Davinci Jeremie noted that during the last bull cycle, Dogecoin (DOGE) reached a market cap of $88.8 billion, while SHIB peaked at $40 billion. The bull run will take the market cap of meme coins to a trillion dollars.

Last cycle we saw $DOGE coin hit $88.8 billion market cap & $SHIB hit $40 billion.

I think we’ll see memes as an asset class hit close to $1 trillion market cap this cycle

�Davinci Jeremie (@Davincij15) October 17, 2024

Currently, the market capitalization of meme coins has surged to $58 billion, although still behind other up-and-coming crypto sectors such as AI-based tokens and real-world asset cryptos, but still a solid amount nonetheless.

On the bullish side, investors would have a pretty good chance of significant profits upon its break from resistance levels into $0.000028, with the current momentum at their side, there is hope that the rest of the meme coins might also witness good performance, too.

The Current Status Of Meme Coins

It might have ended its global trend reversal and gone off a prior downtrend but do not count it out yet since during the late parts of September 2024, SHIB saw a huge spike as it recorded an all-time high at $0.00002135.

This peak successfully broke two strong resistance levels which can only mean good for the coin and other meme coins. From the technical analysis from PS Trade, there is a high resistance point that is at $0.00002052 where around 83.75 trillion tokens are kept at this price level.

$SHIB Although the price of #SHIBUSDT is still not rising very confidently on the 3-day timeframe, the global downward trend reversal structure is complete. Therefore, our target for this cryptocurrency is 100% growth. pic.twitter.com/DhOcxx3j1T

�PS trade (@PStrade2) October 16, 2024

PS Trade said the global downward trend reversal structure is complete even if the price of SHIBUSDT is still not increasing very strongly on the three-day period. For this coin, he said their aim is therefore 100% increase.

It was found that by the end of September, a double local top had been formed in two successive days above its high made in the middle of July. However, the strongest resistance band lies between $0.000018 and $0.000020 since 439.16 trillion tokens are dispersed across 45,620 wallets. If the bullish trend of SHIB continues, then it might test the next major hurdle at $0.000028.

Shiba Inu: Technical Indicators And Market Challenges

Large-position institutional investors pushed SHIB back below $0.000018. As the CMF is still negative at – 0.22, this presents selling pressure from the large holders. Meanwhile, the StochRSI has revealed that SHIB was already entering into an overbought position due to its values oscillating between 71 and 57.

That makes it important that the oscillators and charts begin to show signs of short-term volatility and further corrections if the selling pressure continues. However, given the strong bullish setup, a further rally is quite possible. Investors need to keep an eye on key resistance levels as well as technical indicators for further movements in SHIB.

Featured image from CNBC, chart from TradingView

The price surge is accompanied by a substantial rise in trading volume, which has increased by 90% in the last 24 hours, as reported by CoinMarketCap. DOGE is presently trading at $0.122, positioning it among the highest-performing cryptocurrencies in recent days.

Analysts are closely monitoring these developments, with some predicting a more promising future for Dogecoin, despite ambiguous indicators in the short term.

A Bold Call For $24

Ali Martinez, a Dogecoin expert, has a bullish prognosis for the canine-themed coin: DOGE can increase substantially and hit the vaunted $10 mark. On October 16, Martinez tweeted over the rising wedge patterns that have been in place since 2017. He said that this trend shows a very positive outlook for a long period of time which suggests that, in the long term, DOGE could attain a value of $24.

To anyone who said $10 #Dogecoin $DOGE is impossible—show them this chart!

… And tell them to buy some using my referral link //t.co/73n8mW9Y5p before it’s too late! pic.twitter.com/tqEqYwHEvx

�Ali (@ali_charts) October 15, 2024

Martinez emphasized two critical support levels from 2021 to 2024â€?0.003 and $0.07. He asserts that these levels have contributed to Dogecoin’s upward trajectory, and he anticipates a significant price surge from its most recent support level.

Musk’s Influence Remains Robust

Meanwhile, it is impossible to have a discussion on Dogecoin without Elon Musk being mentioned. The billionaire has been openly supportive of DOGE saying ‘this is the people’s crypto�earlier this year which appreciated its price significantly.

It can be observed that, on several occasions, the price of Dogecoin has surged by more than 50% within a short span of time whenever Musk publicly expresses his support for the cryptocurrency. Hence, it is clear how much power he wields when it comes to affecting the price of the coin.

The substantial user base of Dogecoin, coupled with Musk’s backing, has positioned the coin to frequently contend with significant altcoins. This positions DOGE in a compelling situation, straddling the line between a meme and a credible cryptocurrency with enduring promise.

There is however a slight degree of pessimism that has creeped into the market despite the prevailing optimism. Predictions are such that Dogecoin is likely to decrease by an estimated 13% and drop to $0.106 by the middle of November.

This momentary bearish view is offered alongside bullish technical cues, particularly the Fear & Greed Index, which currently stands at 71, indicating extreme greed among investors.

Over the past month, 60% of the price swings of Dogecoin have been termed as ‘green� which has made several traders remain positive on its bullish trend adoption, irrespective of the forecasted dip.

At the moment, the market outlook favors buying opportunities however it’s clear that the risk associated with volatility is very high for those investors who wish to capitalize on the current upward movement of DOGE.

Featured image from Pexels, chart from TradingView

• DOGE price started a fresh increase above the $0.1200 resistance level.
• The price is trading above the $0.1220 level and the 100-hourly simple moving average.
• There was a break above a major declining channel with resistance at $0.1170 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could gain bullish momentum if it clears the $0.1250 and $0.1280 resistance levels.

Dogecoin Price Regains Traction

Dogecoin price started a fresh increase above the $0.1100 resistance zone. DOGE gained traction for a move above the $0.1200 resistance zone, beating Bitcoin and Ethereum. There was also a move above the $0.1250 and $0.1265 resistance levels.

During the increase, there was a break above a major declining channel with resistance at $0.1170 on the hourly chart of the DOGE/USD pair. The pair traded as high as $0.1297 and recently saw a minor downside correction.

The price dipped below the $0.1265 level. It traded below the 23.6% Fib retracement level of the upward move from the $0.1101 swing low to the $0.1297 high. Dogecoin price is now trading above the $0.1200 level and the 100-hourly simple moving average.

Immediate resistance on the upside is near the $0.1280 level. The next major resistance is near the $0.1300 level. A close above the $0.1300 resistance might send the price toward the $0.1320 resistance. Any more gains might send the price toward the $0.1350 level. The next major stop for the bulls might be $0.1400.

Are Dips Supported In DOGE?

If DOGE’s price fails to climb above the $0.1280 level, it could start another decline. Initial support on the downside is near the $0.1235 level. The next major support is near the $0.1200 level and the 50% Fib retracement level of the upward move from the $0.1101 swing low to the $0.1297 high.

The main support sits at $0.1175. If there is a downside break below the $0.1175 support, the price could decline further. In the stated case, the price might decline toward the $0.1150 level or even $0.1120 in the near term.

Technical Indicators

Hourly MACD �The MACD for DOGE/USD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) �The RSI for DOGE/USD is now above the 50 level.

Major Support Levels �$0.1235 and $0.1200.

Major Resistance Levels �$0.1280 and $0.1300.