Here’s Why Dogecoin And Shiba Inu Price Surged
Release: 2024/07/21 12:00 Reading: 711
Dogecoin and Shiba Inu Witness Price Surges Driven by Bitcoin's Rally
Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced significant price gains in recent days. This surge is attributed to the positive correlation between these meme coins and Bitcoin.
Factors Driving the Price Surges
The price rally for Bitcoin, which recently reached $67,000 after a market downtrend, has contributed to the growth of Dogecoin and Shiba Inu. The altcoins have followed a similar trajectory, with gains of over 17% and 7%, respectively, in the past seven days.
Other factors influencing the bullish sentiment include:
- Renewed optimism among crypto investors
- Resolution of selling pressure from the German government and Mt. Gox
- Priced-in expectations of Mt. Gox's Bitcoin repayments
Role of Whales
On-chain metrics indicate that whales have been investing heavily in Dogecoin and Shiba Inu. Dogecoin whale positions have increased, while Shiba Inu whales have accumulated more tokens (13.79% increase in large transactions).
This whale accumulation could fuel further price rallies by driving these tokens into price discovery.
Technical Outlook for Dogecoin
Technical analysts predict more price gains for Dogecoin. Kevin (formerly OG Yomi) identified an inverse head and shoulders formation on Dogecoin's daily chart. If the pattern completes, a target range of $0.15 to $0.17 is expected.
Trader Tardigrade also suggests a "huge rally" on the horizon for Dogecoin. He observed that Fibonacci 0.618 retracements have often preceded strong rallies in the past. Dogecoin's current position at Fibonacci 0.618 aligns with this pattern.
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