Dogecoin and Shiba Inu Gain Momentum, Targeting Higher Prices

Cryptocurrencies Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) were both trading significantly higher on Tuesday morning.

Dogecoin gained about 12% over the past 24 hours and was trading at $0.31. DOGE has now traded as high as $0.33 in 2023.

Crypto trader Kevin highlighted that Dogecoin's price action remains strong as long as it trades above $0.26 within its bullish falling channel.

I said this on the premium members stream yesterday and I will say it here. As long as #Dogecoin is above .26 cents and trading in this bullish falling channel then higher prices are to be expected. Measured move target of this pattern is $1.30 if it breaks out. Lot's of work to… pic.twitter.com/dN695gUwV4

Other traders, like Altcoin Sherpa and Scofield, also shared a cautiously optimistic outlook for DOGE.

Sherpa noted that DOGE is “looking good from a technical perspective,” while Scofield said that “patience will pay off” for Dogecoin holders.

Shiba Inu was up about 7% over the past 24 hours and was trading at $0.000014. SHIB has now traded as high as $0.000016 in 2023.

Shiba Inu's RSI was at 50, which is considered a neutral level. Benzinga's technical analysis team noted that SHIB's simple moving averages (SMA) could indicate potential volatility.

The 200-day SMA recently crossed above and back below the 50-day and 100-day SMAs, which could signal market indecision. Watching trading volume during these crosses could provide further insight.

According to Shibburn, the SHIB burn rate soared by 2,229.01% in the past 24 hours. This burn rate increase was driven by the burning of 21.07 million tokens, which included a single transaction that burned 18.97 million tokens.

IntoTheBlock data also showed that Shiba Inu's large transaction volume spiked by 505.91% in a single day, with transactions greater than $100,000 increasing from 59 to 188.

In recent X (formerly Twitter) posts, Elon Musk expressed appreciation for Donald Trump and government support for Dogecoin, which may have contributed to DOGE's price rally.

Musk's remarks, combined with Bitcoin's bullish momentum, could have sparked investor enthusiasm.

Shiba Inu also announced the launch of WHY Combinator, a decentralized effort to nurture meme coin projects. This initiative is designed to enhance the application of Shiba Inu technologies and bolster the BONE token's role within the network.