Bitrabo Editorial
Recent days have seen significant price surges for Dogecoin (DOGE) and Shiba Inu (SHIB). The rally in these popular meme coins is attributed to the movement of the leading cryptocurrency, Bitcoin.
The Reasons Behind the Recent Price Surges
Both Dogecoin and Shiba Inu witnessed price surges due to their strong positive correlation with Bitcoin, according to data from IntoTheBlock. When Bitcoin rose to $67,000 after a market dip below $60,000, Dogecoin and Shiba Inu followed a similar trend.
With Bitcoin climbing over 15% in the last seven days, Dogecoin and Shiba Inu also saw rebounds of over 17% and 7%, respectively. This surge in prices is driven by factors like renewed optimism among crypto investors.
The selling pressure from the German government and Mt. Gox on Bitcoin has eased, with expectations that the second phase of the bull rally is underway. On-chain metrics indicate bullish trends for Dogecoin and Shiba Inu, with large investors showing increased interest in these meme coins.
Accumulation by whales could potentially push these tokens into price discovery mode, leading to further price rallies. Technical analysts predict more price surges ahead for Dogecoin, with patterns indicating potential targets between $0.15 and $0.17.
Potential Price Rallies for Dogecoin
Crypto analysts foresee more price rallies for Dogecoin in the near future. Observations on technical charts suggest that Dogecoin may experience a significant rally soon based on historical patterns and Fibonacci levels.
Analysts anticipate a notable surge for Dogecoin as it aligns with past cycles where substantial rallies followed pullbacks to specific Fibonacci levels, indicating a bullish outlook for the meme coin.
Image references: Getty Images (featured image), TradingView (chart)