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Dogecoin Aims To Follow The Shiba Inu Price Rally, Will It Make To Its ATH?

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Bitcoin and Ethereum price just reached their monthly highs and influx the space with extreme bullish sentiments. XRP price after being stagnant for a long time finally made a move towards its immediate resistance levels. Yet despite the bullish environment, Dogecoin rallies but fails to break through the $0.3 key resistance area. 

DOGE price had experienced a steep jump during the last two days of October 2021. After undergoing a slight correction, the price remained still for more than a week. Yet the fresh surge rallied the price more than 8% within an hour which also included a notable dip from $0.2979 to $0.2817. Currently, it appears that the price is ranging towards the south, however, a confirmation of downtrend is when the price breaks support levels. 

dogechart
Source: Tradingview

The doge price currently is testing the crucial resistance levels, despite a temporary rejection, the price is still in range. However, considering the pattern, the asset may consolidate within the triangle without any breakdown. Yet if the asset gets a wider push, it may even break the pattern in a coming couple of hours or within the next trading day. 

The price needs to smash the important levels at $0.32 and sustain strongly in order to validate the uptrend. However, once done, the next important level could be somewhere above $0.4 and eventually range close to the ATH around $0.7. And therefore, the dollar mark may be more feasible for DOGE price after attaining the ATH for the second time. 

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Moreover, the trading volume of Dogecoin has spiked notably with more than 210% recording more than $3 billion.  And hence if the high volume continues, then the DOGE price may even break the pattern shortly. Collectively, the Dogecoin price rally may become stronger in the coming days, inspired by the Shiba Inu Price rally. 

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Dogecoin Community Also Join Bitrise After Bitcoin Plunges 20%

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Dogecoin has been one of the most successful meme coins in 2021. Ranking #11 in terms of market capitalization, at the time of writing, the coin has managed to create a massive crypto community. In the last few days, there has been a movement of Dogecoin community members joining other crypto coins.

  • Very Attractive token investors Rewards.
  • Innovative and investor rewarding token economics.
  • One of the highly potent DeFi project.

Among the crypto coins attracting Dogecoin investors is Bitrise, a still mooning coin that is exciting the crypto community. The number of Dogecoin members joining the coin has increased significantly, especially after Bitcoin plunged 20%. This is because Bitrise was one of the less affected coins by the price shock.

Apart from Bitcoin plunge, there is more about Bitrise coin that’s making the Dogecoin community join this coin in large numbers. Bitrise is rated as one of the most highly potent crypto projects in the market. The team is developing a DeFi protocol on Binance Smart Chain. For the last four months, the team has accomplished so much for a coin that launched on 28th July 2021. These accomplishments have caught the attention of the Dogecoin community.

In just three months of the launch, the team had developed Bitrise Audits, Techrate Audit, and dApp wallet as products running on the Bitrise ecosystem. The recent news is that the exchange is launching in Q1-2022. The fast development of Bitrise project is attracting many crypto investors, not just Dogecoin holders.

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But the promising rewards for investing in $BRISE tokens are one of the reasons for the Dogecoin community during the recent plunge. Bitrise has one the most innovative and investor-rewarding tokenomics. As a hyper-deflationary token, the platform uses a contract to automatically buy tokens from the liquidity pool and burns them immediately.

Every 5% of the 12% fee on all transactions on the Bitrise ecosystem is sent directly to the buyback contract. The buyback and burning process creates token scarcity, which increases the demand and price of the tokens. That’s how Dogecoin members will get money from owning the tokens.

Dogecoin investors are also eyeing the 4% of the tax that is redistributed to all token holders as a reward for holding tokens. This reward is in BNB and is automatically sent to holders’ wallets every 60 minutes. Dogecoin holders joining this coin want to enjoy this static income.

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It is clear that the soon-to-be-launched Bitrise token staking has attracted many, and Dogecoin members are some of them. The staking will be launched soon, and Dogecoin members want to get a part of the 80% APY revenue shared among the staked tokens. With the multiple products on the Bitrise ecosystem, the staking investors will be getting a good passive income from staked tokens.

These are just some of the reasons that can explain the surge in the number of Dogecoin holders joining Bitrise coin every day.  Follow Bitrise social media platforms to keep up with the latest updates!

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Dogecoin Weekly Forecast December 6 — 10, 2021

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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

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.

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What are the chances for Dogecoin, Shiba Inu to be rescued by immediate recovery

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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.

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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.”

DOGE/USDT, SHIB/USDT || Source: TradingView

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.

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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.

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Community ‘pats’

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.

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.

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