On a chilly day on December 25th, overall market sentiment was somewhat quiet and investors appeared to be retreating to enjoy the holiday cheer. Despite the market taking a moment to catch its breath right now, it’s been an impressive year and there are rumors that a Bitcoin spot ETF could possibly receive approval in January. With a market capitalization of $1.68 trillion and a trading volume of $63.6 billion, the current market scenario interestingly leans towards ‘greed’ with a score of 72 on the fear-greed index. As the year comes to a close, we hear the whispers of Santa Claus. The rally has merchants watching the screens with anticipation.
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Dogecoin (DOGE) Technical Analysis
Source: TradingView
Dogecoin (DOGE) is currently trading between the first support level at $0.0861 and the first resistance level at $0.098. Meme Coin’s Relative Strength Index (RSI) of 53.49 indicates neutral market momentum, neither overbought nor oversold. This is complemented by a Stochastic %K of 61.03, which suggests a slight bullish bias, but not enough to confirm a strong upward trend. The low Average Directional Index (ADI) of 17.64 indicates the absence of a strong trend, and the Commodity Channel Index (CCI) matches this at 37.92, indicating a market that has not yet determined a clear direction. A MACD level of at least 0.0001 and a momentum of 0.0008 reinforce this indecisive scenario. Interestingly, the 10-day and 100-day simple moving averages (SMAs) are hovering around the final price, further reflecting market hesitation.
Dogecoin (DOGE) bullish outlook
On the optimistic side, fundamental market data for Dogecoin (DOGE) provides a more optimistic outlook. The significant increase in new DOGE addresses and the high level of active addresses indicate growing participation and interest in the Dogecoin community. This influx of new and active addresses, especially with the significant 31.35% increase in new addresses over the past week, could potentially boost demand and push Dogecoin (DOGE) towards the next resistance level. If momentum continues and market sentiment strengthens, DOGE may break through $0.098, targeting the second barrier of $0.104 and possibly testing the highest target of $0.1159. This move will be underpinned by strong support from the large and dedicated Dogecoin (DOGE) community, along with strong whale support, which has historically played a pivotal role in DOGE’s price movements.
Dogecoin (DOGE) Bearish Outlook
Conversely, in a bearish scenario, if the market loses its current momentum, Dogecoin (DOGE) could retreat to the first support level at $0.0861. A break below this level could lead to a test of the lows of $0.0802 and $0.0683. Despite optimistic on-chain indicators, DOGE’s limited utility and fierce competition in the meme coin space, especially from new entrants such as BONK, may weigh on market performance. Moreover, the broader market conditions and evolving landscape of cryptocurrencies also play a role in determining the direction of meme coins like Dogecoin (DOGe). It remains a major player due to its first-mover advantage, significant market capitalization, and stability. Growth and market volatility in the face of emerging competitors will be key factors to watch in the future.
Shiba Inu (SHIB) technical analysis
Source: TradingView
Currently, Shiba Inu (SHIB) is moving between the first support level at $0.00000972 and the first resistance level at $0.00001144. An RSI of 53.49 indicates a balanced market, neither strongly overbought nor oversold. The Stochastic %K of 58.638 reinforces this neutral sentiment. However, ADX at a low of 17.965 indicates weak trend strength and indicates that SHIB is consolidating. The CCI at 61.745 points to a stable trading zone, while the MACD at 0.00000011 and the momentum at -0.00000009 provide subtle clues as to market direction. The SMA is $0.00001088 for 10 days and $0.00001023 for 100 days.
Shiba Inu (SHIB) bullish outlook
From an optimistic perspective, several factors could cause Shiba Inu (SHIB) prices to rise. The recent burning of over 17 billion SHIB tokens reduces supply, potentially increasing value. Upcoming Upgrades It can increase investor confidence. additionally, increased whale activity The 266% increase in these transactions is a sign of growing interest from major investors. If these factors are in line with the general market sentiment, Shiba Inu (SHIB) could break the immediate resistance at $0.00001144 and target higher levels of $0.00001221 and $0.00001393.
Shiba Inu (SHIB) bearish outlook
However, it is also important to consider a bearish scenario for SHIB. Despite the positive developments, Shiba Inu (SHIB)’s modest increase of around 30% compared to other digital assets since January indicates a cautious investor approach. The fact that SHIB did not lose decimal positions for nearly 180 days can be seen as a recession. Shiba Inu (SHIB) could face downward pressure if the broader market turns bearish or expected upgrades and efficiencies fail to impress investors. Low ADX values also indicate a lack of strong directional momentum, which could hinder SHIB’s ability to break through immediate resistance and slide to lower support levels at $0.00000877 and potentially $0.00000705, testing investor resilience and interest. do.
final words
As the year draws to a close, the cryptocurrency market, which includes both meme coins and major players like Dogecoin (DOGE) and Shiba Inu (SHIB), reflects a mix of cautious optimism and watchful waiting. Despite the somewhat quiet current market scenario, there is an air of excitement, especially around the possible approval of a Bitcoin spot ETF in January. These expectations, combined with the ‘greed’ sentiment, suggest that traders and investors are still holding out hope for another year. Meeting ends.
Both DOGE and SHIB are experiencing minor fluctuations, with potential bullish scenarios due to factors such as token burns and increased investor interest, and potentially bearish scenarios depending on broader market trends and investor reactions to their respective developments. As the market heads into the new year, we will be watching closely the direction these meme coins take, providing insight into the evolving dynamics of the broader cryptocurrency landscape.
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