After the refresh in the crypto market during the last several months, it seems like cryptocurrencies are splitting in two groups, one group which is still feeling bearish after losing the gains of the previous weeks which include Ethereum, Solana, Dogecoin etc, and the other one is holding the gains, with the likes of Bitcoin, Shiba Inu, Ripple etc.
Shiba Inu Daily Chart Analysis
Shiba Inu has been displaying steady selling pressure since late October, after the surge that month. Moving averages were providing resistance for SHIB/USD, as highs kept getting lower, although a support zone formed at around $0.000020, where Shiba coin jumped from, climbing around 75% higher. That’s more than most of the crypto market during the same period, but the climb stopped at the 100 daily SMA (green). Although, the 50 daily SMA (yellow) is acting as support at the bottom, keeping Shiba from sliding lower, so SHIB/USD is holding most of the gains and might be turning bullish again now.
Shiba coin trading between 2 MAs
There have been many developments for Shiba in recent weeks, which support the bullish price action. Shiba is launching its Shibaverse, which will allow users to purchase and auction Shiba Lands within its ecosystem, especially those who own LEASH tokens. Shibarium is also coming which is a Layer 2 solution that will process transactions faster and cheaper.
Shiba Inu coin has also been recently listed on Binance, which exposes it to a lot more users, while Microsoft sparked a social media attention spike after posting a tweet about dogs participating in a meeting for its Web3. So, the situation is getting better for Shiba coin and we predict more gains, as it consolidates around these levels.
Dogecoin Daily Chart Analysis
Dogecoin has slipped below the support zone
Dogecoin on the other hand, hasn’t shown any signs of life since May last year. It continues to make lower highs and after forming a support zone at $0.16, sellers pushed lower again, breaking below that support. Moving averages have turned into resistance now, particularly the 100 daily SMA (green), which is pushing the highs lower.
McDonald is giving signs through tweeter posts that they might start accepting Dogecoin, which has taken the attention of Elon Musk and the Doge community. We still don’t know if that is true, but Dogecoin hasn’t shown much interest in those rummours anyway, apart from a small jump earlier today. So, DOGE/USD remains bearish and we are not buying it right now.