Analysts: Expect 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 the analysts’ DOGE and SHIB analyzes 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 capitalization. The bulls failed to encourage a retaliation that lasted longer than a few hours. The oppressive mood 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. The bears are refusing to access the $0.06 barrier supported by the 8-day exponential moving average. The Relative Strength Index lost support after the recent drop to $0.053. Although there was an increase in volume during the green days in December, many of the candles turned on the contrary. This is a lousy sign for the general trend.

DOGE 4-day chart

If market conditions continue, a Wall Street liquidation targeting $0.053 is possible. If the bulls fail to take reinforcements 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.

While SHIB seeks reinforcements, token burn rate decreased As you follow, Shib Fabulous Store has recently launched an indirect SHIB token burning program via Amazon. The platform spends the boards it receives from sales on Amazon to purchase SHIB tokens, which are then withdrawn from circulation. The affiliate program has burned approximately 192,169,000 SHIB tokens at the current market rate of $2,115.

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

SHIB price rally awaiting lower foothold?

The upper end of the falling channel is ending the rise of SHIB in contact with the 100 SMA (Simple Moving Average – blue). The actual move north of the reinforcement provided by the lower boundary of the channel at $0.00001000 is likely to be less impactful due to the lower process volume observed from the leveling OBV (Equilibrium Volume). Similarly, there is no bullish or bearish trend in the Direction Movement Index (DMI). In other words, investors are undecided about which side SHIB will take in the short term.

SHIB daily chart

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 rally more liquidity as it builds a double-bottomed pattern in its previous $0.00000715 boost in June.

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

Shiba Inu IOMAP diagram

It is possible for investors in the range to sell at various breakeven points as SHIB tries to reach an exit. This will create more selling pressure. As a result, this will likely lead to a pullback.

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