- Dogecoin and Shiba Inu kept flipping each other in market capitalization as dog coins posted double-digit gains in the current rally.
- Dogecoin price hit a two-month high, posting nearly 20% gains overnight.
- Dogecoin millionaire claims that the “Meme economy” is just beginning with the memecoin (DOGE and SHIB) marathon.
Dogecoin reclaimed its position as the ninth-largest cryptocurrency by market capitalization after being flipped by rival Shiba Inu a few times on October 28. DOGE has posted double-digit gains in the ongoing dog coin rally.
Dogecoin millionaire calls DOGE price rally a meme marathon
In what is believed to be a “memecoin marathon,” several dog-themed coins posted two and three-digit gains as top cryptocurrencies plunged. Holders and traders noted the beginning of a “meme economy” as DeFi tokens, and mainstream cryptocurrencies took a backseat while DOGE, SHIB and FLOKI prices climbed higher.
Analysts are debating whether capital inflow from gains in memecoins will flow into Bitcoin. Scott Melker, a cryptocurrency analyst, believes that profits booked by traders in SHIB are more likely to flow into DOGE than BTC.
The notion that $SHIB profits will flow into $BTC is a bit of a pipe dream.
Those profits, for the few who take them, will most likely flow into… dollars. These are retail traders, not crypto enthusiasts.
If they are into crypto, those profits would probably go into… $DOGE— The Wolf Of All Streets (@scottmelker) October 28, 2021
Currently, DOGE market capitalization is $41.6 billion, and the memecoin’s price is $0.31. Analysts have predicted that the DOGE price rally will likely continue, and the Shiba-Inu-themed cryptocurrency will hit its previous all-time high of $0.73.
@snowman_crypto, a pseudonymous cryptocurrency analyst, shared his prediction for DOGE price.
The term “flippening,” popularly associated with Ethereum surpassing Bitcoin’s market capitalization, became real for memecoins. Shiba Inu flipped Dogecoin in an attempt to dominate Shiba-Inu-themed cryptocurrencies.
Glauber Contessoto, widely regarded as “The Dogecoin Millionaire,” expects the “meme economy” to gain further traction as the price of DOGE continues to rally. Investors are now awaiting the announcement of the launch of the DOGE-ETH bridge, considered key to boosting the utility of DOGE.
FXStreet analysts have evaluated the DOGE price trend and predicted that Dogecoin would break out.
Dogecoin Weekly Forecast December 6 — 10, 2021
Dogecoin ends the trading week at the level of 0.2025 and continues to move within the correction and the downward channel. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines, which indicates pressure from the coin’s sellers and a potential continuation of the fall. As part of the DOGE/USD rate forecast for the next trading week, we should expect an attempt to reduce the value of a digital asset and a test of the support area near the level of 0.1605. From where a rebound is expected again and an attempt to raise Dogecoin cryptocurrency with a potential target above the level of 0.4305.
Dogecoin Weekly Forecast December 6 — 10, 2021
An additional signal in favor of raising the DOGE/USD quotes in the current trading week on December 6 — 10, 2021 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the support level, as we see, prices have been pushing up from these levels for a long time. Cancellation of the option to raise Dogecoin cryptocurrency next trading week will be a fall and a breakdown of the 0.1005 area. This will indicate a breakdown of the support area and a continued fall in DOGE/USD quotes with a target below the level of 0.0505. Confirmation of the rise in the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the level of 0.3255, which will indicate a breakdown of the upper border of the bearish channel.
Dogecoin Weekly Forecast December 6 — 10, 2021 implies an attempt to test the support area near the 0.1605 level. Then continued growth to the area above the level of 0.4305. An additional signal in favor of a rise in Dogecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.1005 area. This will indicate a continued decline in cryptocurrency with a target below 0.0505.
What are the chances for Dogecoin, Shiba Inu to be rescued by immediate recovery
Just like large-cap coins, the state of the market’s meme-coins too has been in dire straits over the past few hours. DOGE and SHIB had in fact shed more value in the past day when compared to the past 7-days in total.
Despite the massive dip, both the meme-coins were seen exhibiting signs of recovery, at press time. As can be seen from the chart attached below, the past three odd hours have fairly been good for both these coins.
DOGE managed to pull up its socks and register two green candles in the aforementioned timeframe. SHIBA’s recovery, on the other hand, looked even more concrete as it successfully managed to register three-successive green candles on its hourly chart.
Interestingly, their volumes too [depicted below the candlesticks] have been decently high over the last couple of hours. Thus, indicating that a fair share of participants has indeed started “buying the dip.”
So, will they start barking louder now?
Less than a week back SHIB broke above its descending channel and registered consecutive green candles. It however did dunk in value right after. The latest dip, in retrospect, didn’t seem to be too deep.
On the daily chart, SHIB was seen trading slightly below the 61.8% Fibonacci level, at the time of writing. If it continues to project green candles over the next couple of hours, it would manage to reclaim $0.00003798 as support.
However, if it fails to do so, then SHIB could fall to a level as low as $0.00002413. In such a scenario if bears manage to gain control over bulls, then HODLers can expect this coin to revisit any level around $0.00000648.
DOGE’s prospects, on the contrary, looked slightly bleak. Over the past day, the largest meme-coin had broken below most of its supports and was seen trading at a level reminiscent of what was recorded way back in July. Earlier during the day it, in fact, crawled to a low level that was last seen only in April.
So, if the downtrend continues for DOGE on its charts, and it manages to break below its $0.158 support level, then there are high chances of it paying a visit to $0.101.
Nonetheless, it managed to uphold its green-candle trend on the lower timeframe, it would gradually be able to negate its losses and inch back to $0.2 after crossing $0.182.
Well, the community usually plays a key role in helping meme-coins recover. At the time of writing, the sentiment data from Santiment projected quite an interesting trend.
Over the last couple of hours, DOGE mentions on social media have, by and large, been positive. In fact, the positive sentiment has successfully been able to out shadow the negative sentiment. If the trend heads in the same direction, then community members might successfully be able to aid the coin recovery, despite the sluggishness on its price chart.
A similar trend was observed with SHIB too. Now, this essentially means that the community members are still backing both DOGE and SHIB, despite whatever has happened over the past few hours.
Well, even though meme-coins usually tread on Bitcoin and other large-cap alts’ pre-carved path, they’ve managed to defy that trend a host of times in the recent past. So, irrespective of the state of the broader market at this stage, these two coins might end up surprising market participants. The odds of their recovery seem to slightly outweigh the odds of them continuing with their respective downtrends at this point.
Dogecoin falls 36% and rallies as DOGE looks for massive reversal to $0.39
- Dogecoin price dips below key $0.18 value area.
- Key resistance levels continue to drop and add pressure to any upside momentum.
- Failure to hold $0.18 could spell disaster.
Dogecoin price action has tested levels below the final support zone at $0.18. The early Saturday AM crypto crash sent Dogecoin in a free-fall below key support, but it has recovered a large amount of that crash. As a result, Dogecoin is still under threat of returning to single-digit levels.
Dogecoin price collapses over 40%
Dogecoin price has traded below the weekly Tenkan-Sen and Kijun-Sen for the past five consecutive weeks. During that time, it has tested the primary support level at the $0.18 level several times, but sellers have failed to step in to push Dogecoin off a cliff. As time has moved on, the near-term Ichimoku levels have crept closer and lower.
The road higher for Dogecoin is extremely difficult, and buyers who want to wait for a conservative entry will have a long wait ahead of them.
A conservative buy entry is at the $0.27 price level. If Dogecoin has a weekly candlestick close at or above $0.27, then that means it has closed above the weekly Tenkan-Sen, Kijun-Sen, and 2021 Volume Point Of Control. The Chikou Span will still be below the candlesticks and the close will still be below the Cloud, but a close at or above $0.27 begins the process of moving higher.
Dogecoin price will need to close, at a minimum, at $0.39 to fulfill all the requirements for an Ideal Bullish Ichimoku Breakout entry. While that does seem like a significant distance away, Dogecoin has made many massive moves higher than that in the past.
DOGE/USDT Weekly Ichimoku Chart
Downside risks, however, remain. The large, long, red rectangle on the chart represents the thinnest part of the 2021 Volume Profile. If Dogecoin has a daily or weekly candlestick close below the $0.175 price level, a flash-crash to the next high volume node at $0.08 is very likely.