The Cryptos News | Daily Bitcoin News
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading
The Cryptos News | Daily Bitcoin News
No Result
View All Result
Home Top Cryptos Dogecoin (DOGE)

Dogecoin (DOGE) Consolidates Below Key Downtrend, Shiba Inu (SHIB) Eyes Breakout Above

Dogecoin (DOGE) Consolidates Below Key Downtrend, Shiba Inu (SHIB) Eyes Breakout Above
Share on FacebookShare on Twitter


Key Points

  • Major cryptocurrencies are in consolidation mood this Saturday but are set to end the week with decent gains.

  • Bitcoin was last changing hands just above $21,500 and Ethereum in the low-$1,200s.

  • DOGE is eyeing a test of a key downtrend while SHIB is eyeing a bullish breakout above $0.000012.

Market Update

Most major cryptocurrencies are in consolidation mood in thin weekend trade this Saturday. However, for the most part, major cryptocurrencies look set to end the week with solid gains and not far below highs. Sentiment took a turn for the better this week despite a rise in US yields and Fed tightening bets on strong US jobs and service sector survey data.

Bitcoin was last consolidating in the $21,500 area, up around 12% so far this week. That means its market capitalization currently stands at around $413 billion. The cryptocurrency picked up momentum following a breakout of a pennant earlier in the week. It at one point even made it as high as the $22,400s, but was unable to hold onto a $22,000 handle.

Ethereum, meanwhile, was last trading well supported in the $1,220 area, up roughly 14% this week. The market cap of the world’s second-biggest cryptocurrency was last just under $150 billion. Total crypto market cap was last around $935 billion, up roughly 10% or over $80 billion on the week.

Dogecoin (DOGE) Price Prediction

Dogecoin was consolidating just under the $0.07 level on Saturday. On the day, the cryptocurrency is about 1.3% higher, whilst its weekly gains are around 4.0%.

Since its failed attempt to get above its 50-Day Moving Average at $0.072 on Friday, the pair has been consolidating amid thin trading volumes. But DOGE/USD continues to respect a supportive uptrend that has been guiding it higher since late June.

DOGE/USD still stuck in a downtrend. Source: FX Empire

DOGE/USD still stuck in a downtrend. Source: FX Empire

That suggests that Dogecoin is likely to retest its 50DMA in the next day or two. However, beyond that and around $0.073/$0.074, resistance in the form of this week’s highs and a long-term downtrend will be a struggle for the bulls to overcome.

Indeed, this is a downtrend that DOGE/USD has been unable to get above since mid-May. If the cryptocurrency does lose momentum in the next few days, that will be taken as a sign that the bearish trend of the last two months is set to continue.

Was DOGE to subsequently break under the above-mentioned short-term support trendline, that would open the door to a drop back towards the low-$0.60s. Beyond that, the Dogecoin bears would likely target a test of annual lows in the $0.05 area.

However, such a drop is unlikely if the mood in cryptocurrency markets remains upbeat, as was the case this week. If that is the case and DOGE musters a break above the long-term downtrend, it could be in for a run higher towards late-June highs near $0.08.

Shiba Inu (SHIB) Price Prediction

The Shiba Inu bulls remain in control this weekend and are looking to finish a strong week positively. SHIB was last higher by more than 5.0% on the day and trading just under $0.00012, a key area of short-term resistance.

The latest rally means that SHIB is trading higher by about 17.5% this week. That makes it one of the best performing cryptocurrencies in the top 20 by market capitalization this week.

SHIBA/USD appears to have formed an ascending triangle formation over the past few weeks. Such formations often precede bullish breakouts. For SHIB/USD, that would mean a decisive push above $0.000012 resistance.

Granted, the pair would quickly face resistance in the form of the late-May highs between $0.0000125 and $0.000013. But were it able to clear these levels, the door would be open to a run all the way higher to the $0.000017 area. There is very little by way of significant resistance to stop such a move.

SHIB/USD eyes bullish breakout. Source: FX Empire

SHIB/USD eyes bullish breakout. Source: FX Empire

This article was originally posted on FX Empire

More From FXEMPIRE:



Read More:Dogecoin (DOGE) Consolidates Below Key Downtrend, Shiba Inu (SHIB) Eyes Breakout Above

Tags: breakoutconsolidatesDOGEDogecoinDowntrendeyesInuKeySHIBShiba
Previous Post

After Terra’s fall to Earth, get ready for the stablecoin era

Next Post

Cardano Sharks Have Added $79M ADA As Whales Lay Flat

Related Posts

Here’s What’s Next for Bitcoin (BTC), Ethereum (ETH) and One Altcoin That Over Exploded

Here’s What’s Next for Bitcoin (BTC), Ethereum (ETH) and One Altcoin That Over Exploded

by The Cryptos News
July 30, 2022
0

A widely followed trader is exploring the near-term outlook of the two largest-crypto assets and one altcoin that has...

This is how the crypto market, especially BTC and ETH, reacted amid latest Fed hike

This is how the crypto market, especially BTC and ETH, reacted amid latest Fed hike

by The Cryptos News
July 30, 2022
0

The Federal Reserve increased the interest rate by a further 0.75% and the crypto markets responded bizarrely. The U.S....

How to Buy Polkadot Coin | Cryptopolitan

How to Buy Polkadot Coin | Cryptopolitan

by The Cryptos News
July 30, 2022
0

Polkadot is one of the top 20 cryptocurrencies by market capitalization, and it has been gaining in popularity lately.DOT...

Mehracki Token (MKI), Binance Coin (BNB), and Cardano (ADA) – Cryptocurrencies Poised To

Mehracki Token (MKI), Binance Coin (BNB), and Cardano (ADA) – Cryptocurrencies Poised To

by The Cryptos News
July 30, 2022
0

The world of cryptocurrencies is becoming ever more popular, and the speed at which people begin trading grows more...

Next Post
Cardano Sharks Have Added $79M ADA As Whales Lay Flat

Cardano Sharks Have Added $79M ADA As Whales Lay Flat

Subscribe
Login
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trending News

Payperless Crypto Wallet announced working on NFT tokens support

Payperless Crypto Wallet announced working on NFT tokens support

June 25, 2022
June’s Red-Hot Inflation Report Rattled Bitcoin and Ethereum Prices. What That Means for

June’s Red-Hot Inflation Report Rattled Bitcoin and Ethereum Prices. What That Means for

July 14, 2022
Exclusive: Binance served crypto traders in Iran despite U.S. sanctions, clients say

Exclusive: Binance served crypto traders in Iran despite U.S. sanctions, clients say

July 11, 2022
ADVERTISEMENT

Investment

Buying Bitcoin on the Dip? 3 Things the Smartest Investors Know About Crypto | The Motley

Buying Bitcoin on the Dip? 3 Things the Smartest Investors Know About Crypto | The Motley

July 30, 2022
Study up and become a more informed crypto investor with this bundle

Study up and become a more informed crypto investor with this bundle

July 30, 2022
Crypto Exchange KuCoin Launches NFT ETFs By Benzinga

Crypto Exchange KuCoin Launches NFT ETFs By Benzinga

July 30, 2022
Is It Right Time To Invest In Crypto Market? Crypto Expert Shares Bullish Indicator

Is It Right Time To Invest In Crypto Market? Crypto Expert Shares Bullish Indicator

July 29, 2022
$ETH-Based Investment Products Leading Bounce-Back in July, Says CryptoCompare Research

$ETH-Based Investment Products Leading Bounce-Back in July, Says CryptoCompare Research

July 29, 2022

Prices

Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

July 30, 2022
Tron price prediction as Unifi Protocol TVL explodes

Tron price prediction as Unifi Protocol TVL explodes

July 30, 2022
Bitcoin and Ethereum Prices Are As High As They’ve Been Since June Crypto Crash, But

Bitcoin and Ethereum Prices Are As High As They’ve Been Since June Crypto Crash, But

July 30, 2022

Crypto Flipsider News – Crypto Market Rally; Nirvana (NIRV) Exploited; Vasil Delayed;

July 29, 2022

Trading

CoinFLEX: Amid liquidity crisis, the cryptocurrency exchange had this to say

CoinFLEX: Amid liquidity crisis, the cryptocurrency exchange had this to say

July 30, 2022
SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms –

SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms –

July 30, 2022
Analysis | Why the Crypto World Flinches When the SEC Calls Coins Securities

Analysis | Why the Crypto World Flinches When the SEC Calls Coins Securities

July 29, 2022
FTX wins full approval to operate crypto exchange in Dubai

FTX wins full approval to operate crypto exchange in Dubai

July 29, 2022
Crypto exchange Zipmex files for bankruptcy protection in Singapore

Crypto exchange Zipmex files for bankruptcy protection in Singapore

July 29, 2022
  • About Us
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA

© 2021 Thecryptosnews.com

No Result
View All Result
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading

© 2021 Thecryptosnews.com

wpDiscuz