SHIB, DOGE Stumble Upon Hefty Resistance After Double-Digit Run

Stiff wall of key resistance awaits SHIB and DOGE after jarring double-digit sprint.

Shiba inu and Doge getting ready to fight in the ring.
Created by Kornelija Poderskytė from DailyCoin
  • The top dog coin duo SHIB & DOGE picked up on the Bitcoin ETF rally.
  • Shiba Inu & Dogecoin see sustainable growth with $2B added to the market cap.
  • Despite several bullish on-chain signals, two main factors point to recline.

While green dominates the top alternative crypto markets this week, memecoins Shiba Inu (SHIB) and Dogecoin (DOGE) stand out with double-digit gains after a long price consolidation phase.

Shiba Inu saw an 8.98% upsurge to reach $0.00000809 on Thursday but got rejected at the confluent resistance barrier and now trades at $0.00000787, according to independent cryptocurrency price aggregator CoinGecko

To jump past the $0.000008 resistance again, SHIB needs to hold above the previous resistance at $0.0000072, even though two key on-chain factors, Chaikin Money Flow (CMF) and Relative Strength Index (RSI), are gradually descending since the highest point.

The leading Proof of Work blockchain Dogecoin (DOGE) also joined Bitcoin’s ETF-infused rally, fetching double-digit gains. DOGE inked 13.24% to change hands at $0.074775 at the pinnacle point of the day, later facing market correction to trade at $0.070972.

SHIB & DOGE Whales on the Move Again?

Naturally, the surge past 7 cents for Dogecoin added a whopping $1.5 billion to the original memecoin’s global market cap in just seven days, while Shiba Inu enjoyed a $0.6 billion inflow during the same time. In contrast to Shiba Inu whales, large DOGE holders refrained from making too many large transactions during the BTC-infused bull run.

This happened as both canine coins significantly upped their correlation with Bitcoin. SHIB and DOGE hold a 0.68 and 0.80 positive correlation with the leading digital asset, according to the blockchain analytics enterprise IntoTheBlock

Delving deeper into the real-time on-chain metrics, Shiba Inu’s large transactions have increased by 1.69% in the last 24 hours while concentration remains neutral. Usually, this technical setup hints at a favorable entry point for new whales, putting Shiba Inu once again on the pedestal at WhaleTracker as the top-held cryptocurrency among the largest Ethereum whales.

On the Flipside

  • The most recent SHIB and DOGE bull runs are overshadowed by smaller-cap memecoin performance.
  • Rival Viking canine coin FLOKI soared by 118% during the same time frame, while $PEPE inked 93.3%.

Why This Matters

Shiba Inu and Dogecoin are considered the largest market-cap memecoins, which often shine in the limelight of crypto-related social media.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.