Dogecoin and Shiba Inu Await Breakout for Over 100% Rally

Dogecoin and Shiba Inu suffered intense drawdown amid the market's bearish twist, however, on-chain signals reveal a possible uptick ahead

The volatility recorded in the broader crypto ecosystem impacted memecoins remarkably with the spotlight on Dogecoin (DOGE) and Shiba Inu (SHIB). With the bearish outlook, Shiba Inu slumped by 10.65% in the trailing 7-day period, dropping as low as $0.000022 in that time.

Dogecoin was not spared either as bears dragged it down by over 11% to a weekly low of $0.142. Amid this slump, crucial on-chain technical data shows an uptick for over a 100% rally cannot be ruled out.

Dogecoin Bulls Set To Take Advantage

Dogecoin is currently signaling showcasing a mildly oversold trend on the daily chart. The coin’s Relative Strength Index (RSI) comes in at 45, slightly up from the 34 recorded on May 1. This heightened selling pressure underscores a likely bullish trend change is underway.

The signals are there as Dogecoin is trading above its 200-Moving Average (MA) but below its 50-day MA. Known as a highly volatile asset class, it becomes immediately difficult to predict a solo bullish rally for DOGE. The broader market sentiment remains a crucial factor that can help sustain the mild uptick in the Open Interest (OI). At the moment, Coinalyze pegs the OI at $645.6 million, up by 0.87% at the time of writing.

For Dogecoin, the $0.16 resistance level remains a crucial level to watch. With at least 3 attempts to breach this level over the past 4 weeks, surpassing this point might push the price of DOGE to $0.2 in the near term. Besides the impact of Dogecoin whales, the coin has limited fundamentals to trigger the run, however, market trend and its historic precedence may help trigger at least a 100% rally in near term.
Shiba Inu To Lead By Example

Shiba Inu bulls have many things to prove both to themselves and the memecoin ecosystem. In recent weeks, Shiba Inu has outdid itself with more than 116% growth Year-to-Date (YTD). #coingape

Solana (SOL) Sees Large Transfer($2.5M) by Anonymous Whales 💥 Why?

🚀In a move that has some scratching their heads, anonymous whales have recently transferred a large amount of Solana (SOL). This transfer, valued at over $372 million, comes amid a recent drop in the price of Solana.

🚀The reasons behind the transfer remain unclear, but some speculate it could be a sign of institutional investors moving their assets. The cryptocurrency market has been in a bearish phase recently, with many coins experiencing price drops.

🔥This is a significant development for Solana, and it will be interesting to see how the market reacts in the coming days. Stay tuned for further updates!

#coingape #altcoins #Solana_Blockchain #newsdaily

🌖 LUNC News: Terra Luna Classic Moves Closer to Tax2Gas Implementation

Terra Luna Classic developer Genuine Labs on Tuesday announced progress on the Tax2Gas implementation, with the most anticipated upgrade expected in July-end. The move comes as the community passed proposal 12115 “Genuine Labs Tax2Gas Implementation” last month.

Genuine Labs earlier said they require 5 weeks for research, development, and basic testing and deployment. The estimated total budget is $25,000 in $LUNC .

#TerraLunaClassic Set For Tax2Gas Implementation
Terra Luna Classic L1 developer Genuine Labs shared a biweekly update on June 9 regarding developments for Tax2Gas implementation. According to the developer, the team worked on implementing Tax2Gas module, changes related to wasm handler plugin, and upgrading the handler. The work progress for Tax2Gas implementation can be found at #TerraClassic GitHub.

#GenuineLabs revealed that the module will now hold gas price values of 22 denoms of Terra Classic. It will define the logic of the AnteHandler and PostHandler. Notably, the taxes now get converted to gas and the fee will only be consumed upon success transaction.

In the next two weeks, the team will work on tasks such as unit tests for the new module and implementation, E2E tests, and manual tests and testnet.

As #coingape reported earlier, Tax2Gas proposal is game-changing as it will resolve issues including contract developers’ need to calculate the burn tax manually. The issues are — clients or dApps have to calculate the tax themselves as the simulation endpoint only provides gas estimates. Migrating audited dApps becomes cumbersome due to these Classic-specific adjustments, leading to potential re-audits.
#Ton_Coin_Surge