Three reasons why meme coins Dogecoin and Shiba Inu are hot again
- Ethereum analysts argue Dogecoin and Shiba Inu price rallies mark start of altseason when money flows from Bitcoin to altcoins.
- Dogecoin price is prepared for the next wave, analysts reveal bullish outlook.
- Analysts identify top signal in Dogecoin price chart – predict an extended rally in the meme coin.
Dogecoin and Shiba Inu prices break into a rally, offering holders gains. Dogecoin offered holders 16% gains over the past week, and competitor Shiba Inu yielded 30% profits. Dogecoin developers believe in the possibility of bigger development as Libdogecoin – a C-library of building blocks that enables integration of Dogecoin without requiring developers to have in-depth blockchain knowledge – tests on IOS Devices.
Also read: Shiba Inu price makes explosive move as optimism over Ethereum Merge spreads
Developers can soon build apps on Dogecoin through Libdogecoin
Meme coins Dogecoin and Shiba Inu have offered holders massive gains over the past week. Despite a retracement over the weekend, Dogecoin price made a comeback, climbing to $0.081 level. DOGE touched a high of $0.084 over the weekend before a retracement.
Timothy Stebbing, the director of the Dogecoin Foundation announced that developers can build apps on DOGE using project Libdogecoin. The project, developed by Shafil Alam is the key to smart contract launches on the Dogecoin network.
The possibility of smart contract development on DOGE fueled a bullish sentiment among holders. Analysts have a bullish outlook on meme coins Dogecoin and Shiba Inu. A rally in meme coins is typically a precursor to the altseason.
Proponents have identified the market’s risk-on sentiment for the two meme coins in the current cycle. Therefore, as SHIB and DOGE offer holders double-digit gains, analysts have predicted an extended rally in the meme coins.
FXStreet analysts believe Shiba Inu’s price rally has lost momentum and predicted an incoming correction in the meme coin.
Analysts predict next wave of Dogecoin price rally
Dogecoin price flattened its gains over the weekend. This raised caution around the key level of $0.09. Analysts at Coinjournal identified strong bullish momentum in Dogecoin. The bullish scenario is supported by a breakout above resistance at $0.09. The target for Dogecoin is $0.10.
@Mangyek0, a leading crypto analyst and trader identified a top signal in Dogecoin price chart. The meme coin is closer to a breakout, as it offers 6.3% gains to DOGE holders overnight.
$DOGE pumping. Top signal... pic.twitter.com/SKy34sKnpn
— Akash (@Mangyek0) August 14, 2022
Analysts at FXStreet evaluated the possibility of exhaustion in the Dogecoin price rally. For more information, check the video below:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
