After the price of Bitcoin recently surged to new highs, this token along with other altcoins has begun to consolidate. Moreover, the bulls have been battling the bears since the last trading day, which could delay the next bullish action. However, the price of Dogecoin has started to rise, targeting the important resistance level this week, while Shiba Inu is facing significant bearish pressure that could cause the bullish rally to decrease.
After a 35% increase, the price of Dogecoin (DOGE) targets a 25% spike.
The price of Dogecoin has broken out of range and triggered a major bullish rally to surpass the important resistance level of $0.2 following the US election results. It has experienced significant buying that pushed the price above the discount level. While market participants believe that the bulls may hold back a bit, they have started to drive prices up, aiming to break through the important range over the weekend.
Short-term traders support the bullish trajectory for this token as technical indicators have reversed back to an upward trend after experiencing a minor pullback. The random RSI has reached the oversold region and is preparing for a recovery. Furthermore, the MACD has shown some selling pressure, but the levels are reversing back into the bullish range, indicating a new bullish rally may be on the horizon. With this, the price of DOGE is expected to rise and reach the upper resistance level, which is also the yearly high above $0.22 by the upcoming weekend.
Bears hinder Shiba Inu's progress while Bulls hold some dominance.
Although the price of Shiba Inu remains within a bullish pattern, the bears are doing their utmost to gain dominance over the rally. After several failed attempts to break through the important resistance level since the decline in September, the bulls seem to be preparing to trigger a 10% increase in the coming days. This move could push the price closer to the decisive price range and an eventual rally may establish a strong upward trend.
In the long term, the price of SHIB remains under bullish influence as it continues to form higher highs and higher lows. Additionally, the price of SHIB has risen above the average range of the ascending parallel channel and has tested the neckline of the double bottom pattern and is on the verge of consolidating. Secondly, the bullish market support bands are often used to determine trends, and the crossover of the SMA 20W & EMA 21W indicates the start of a bullish trajectory. Therefore, the price of SHIB is expected to reach higher resistance levels and mark a new yearly high of $0.00002358.
