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- Dogecoin (DOGE) has gained more than 10% over the last week, and analysts suggest a potential uptrend with the TD Sequential indicator signaling a buying opportunity.
- Shiba Inu (SHIB), another memecoin, has shown signs of a breakout with a remarkable 3,033% increase in token outflows from major holders within 24 hours.
Amid the recent crypto market rally, memecoin Dogecoin (DOGE) has also joined the crypto party with more than 10% gains over the last week. Currently, DOGE is trading at $0.065 with a market cap of $9.2 billion, trading as the ninth-largest cryptocurrency.
Popular crypto market analyst Ali Martinez noted that Dogecoin might soon be starting an uptrend going ahead. As per the analyst’s assessment, the Tom DeMark (TD) Sequential indicator has recently generated a bullish signal for DOGE. The TD Sequential indicator employs a sequence of price data points to identify potential trend reversal. Martinez noted:
Dogecoin appears ready to start a new uptrend! The TD Sequential presented a buy signal on DOGE weekly chart. A sustained close above $0.062 could result in an upswing to $0.070.
Previously, crypto analyst Ali Martinez also stated that if the weekly candlestick concludes above $0.0835, it might set the stage for the commencement of a fresh DOGE bull run, possibly reaching $1. However, it is crucial to remain vigilant regarding the $0.0482 support, as any indications of weakness in this vicinity could result in a new yearly low.
Other market analysts have also been predicting the Dogecoin (DOGE) price to rally to $1 during the next bull run. A well-known crypto trader and market analyst, AngeloBTC, has made a daring prediction that’s creating a buzz within the cryptocurrency community. He asserts that Dogecoin, the adored meme-inspired digital currency, is teetering on the brink of reaching the highly sought-after $1 threshold.
Shiba Inu to Join the Memecoin Party With Dogecoin?
Not only Dogecoin but its memecoin-competitor Shiba Inu is also giving signs of a major breakout ahead and a potential rally. Popular crypto analyst Ali Martinez stated that the TD Sequential indicator has issued a buy signal on the weekly chart for $SHIB.
It’s worth noting that the two prior bullish signals from this indicator resulted in price surges of 118% and 71%, respectively. Considering the rare but accurate nature of these signals, it’s a crucial moment to closely monitor SHIB.
In the past week, SHIB’s price has increased by nearly 8%, while other top 20 altcoins have seen double-digit gains. This suggests that SHIB has room for catching up. In a surprising development, Shiba Inu (SHIB) has experienced an extraordinary surge in token outflows, with a remarkable 3,033% increase within just 24 hours.
Data from IntoTheBlock reveals a staggering uptick in the number of tokens moving out of the wallets of major SHIB holders, skyrocketing from 16.87 billion to an astonishing 511.37 billion SHIB in a sudden overnight surge.
Simultaneously, there has been a substantial decrease in daily token inflows into these whale wallets, dropping from 4.59 trillion tokens to a mere 262.41 billion in the same time frame, adding to the intrigue of this unusual activity.
