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Dogecoin DOGE/USD and Shiba Inu SHIB/USD have experienced a turbulent month, but traders remain optimistic about their future prospects.
What Happened: Renowned chart analyst Ali Martinez has predicted a bullish breakout for Shiba Inu, highlighting the formation of a bull flag on its daily chart. Martinez is placing buy orders around$0.000018343, anticipating a potential surge in Shiba Inus value to$0.000072323.
Meanwhile, crypto trader YG Crypto analyzed Dogecoins recent performance, which saw a dramatic 40% price drop after reaching$0.228.
Despite the sharp decline, Dogecoin is still trading above the crucial support level of$0.112-$0.123, which previously prevented a steeper fall. YG Crypto suggests that this support level could serve as a potential springboard for a rebound.
However, a break below this support could indicate further downward pressure.
Also Read: Bitcoin, Dogecoin, Shiba Inu Pumped After The Last FOMC MeetingWill History Repeat On Wednesday?
Why It Matters: IntoTheBlock data shows a 36.2% surge in Dogecoins large transaction volume to$1.32 billion, while daily active addresses increased by 8.9% to 54,630. Transactions greater than$100,000 rose from 407 on April 29 to 490 on April 30, and total exchange inflows increased from$21.9 million to$30.5 million.
However, the recent price drops have reduced the percentage of Dogecoin holders currently in profit from 83% to 78%.
Shibariumscan data points to a surge in active accounts, from 1,724 on April 29 to 3,650 on April 30. Transaction fees have also witnessed a substantial increase, rising from 12.07 BONE to 61.47 BONE.
Price Action: At the time of writing, DOGE is trading at $0.1274 and SHIB is trading at $0.000022, down 0.9% and 3.9% on the day, respectively.Loading… Loading…
Whats Next: The influence of meme coins andBitcoin as an institutional asset classis expected to be thoroughly explored at Benzingas upcomingFuture of Digital Assetsevent on Nov. 19.
Read Next:Are Dogecoin And Shiba Inu Primed For The Next Leg Up?
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