- Crypto analyst Ali Martinez is suggesting that Dogecoin might be due for a price increase based on a specific technical signal, despite a recent price pullback.
- Meanwhile, the same analyst points to a technical pattern for Shiba Inu that usually suggests a price drop, although other experts remain very optimistic about SHIB’s future due to its growing ecosystem.
Following recent price changes in the cryptocurrency market, popular meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) are being closely watched by analysts. While both coins have seen their prices consolidate lately, some experts are highlighting different potential paths for their next moves.
According to crypto analyst Ali Martinez, a technical indicator called the TD Sequential has shown a buy signal for Dogecoin on its hourly price chart. This indicator is used to spot moments when a price trend might be about to reverse. Martinez notes that DOGE has often reacted strongly to this signal in the past.
For example, when the TD Sequential gave a buy signal in late February, DOGE’s price soon saw a significant jump. Despite a recent price dip for DOGE, falling about 13% from recent highs to trade around $0.222, the analyst suggests this latest buy signal could mean more gains are coming. DOGE is currently trading at $0.2231, down 2.36% in the last 24 hours.
For Shiba Inu, which has also experienced a similar percentage price drop recently, Ali Martinez observes a different technical pattern on its monthly chart. SHIB appears to be trading within a descending triangle, a pattern that typically suggests weakening buying interest and often leads to a price decline, potentially a move of about 17% in this case. SHIB is currently trading at $00001428, down 1.71% in the last 24 hours.
However, despite this potentially bearish technical pattern, many other experts in the crypto community continue to express strong positive views about Shiba Inu. For instance, analyst Del Crxpto recently described SHIB as one of the most complex tech investments in crypto, suggesting that understanding its development will be rewarding for investors.
He and others point to the fact that SHIB has grown significantly beyond its original status as just a meme coin. The project has launched its decentralised exchange ShibaSwap, a scaling solution called Shibarium, a Layer-2 network built on Ethereum, and is developing gaming features, among other initiatives.
This expanding ecosystem adds real utility to the SHIB token, which analysts believe makes it more than just a speculative asset. Other analysts like Shib Knight also hold very bullish views on SHIB’s potential, with some predicting large price increases, including the possibility of breaking its previous all-time high price.
While one technical viewpoint points to a potentially negative pattern for SHIB, the growing ecosystem and positive sentiment from other experts suggest strong underlying support. For DOGE, a specific technical signal indicates potential for a price bounce, although its price chart also shows challenging resistance levels it needs to overcome. The differing technical signals and community opinions mean that both DOGE and SHIB remain focal points for traders watching for their next big price move.
