Traders Record Shiba Inu Profits To Push Dogecoin To $ 0.34

  • Dogecoin Price May See Speculative Money From Profit Taking In Shiba Inu
  • A bullish close above the cloud on the daily chart indicates a likely future rally.
  • Shiba Inu’s outperformance is likely as Dogecoin lags behind the majority of the market.

The price of Dogecoin may soon benefit from an anticipated short-term drop in Shiba Inu. Dogecoin recently completed a daily close which is necessary to confirm any further bullish momentum.

Dogecoin Price Closes Above Weekly Tenkan-Sen and Daily Cloud, Waiting for Bulls to Confirm New Uptrend

Dogecoin price recently completed the ‘final’ technical condition within the Ichimoku Kinko Hyo system to confirm an ideal entry for the bullish breakout of Ichimoku. It happened on Sunday with a fence above the cloud. Since Sunday’s close, Dogecoin has faced intense selling pressure to move back inside the Cloud, but has found support against the weekly Tenkan-Sen (thick blue horizontal ray), 61.8% of Fibonacci expansion and 61.8% Fibonacci retracement at $ 0.26.

The onus is now on the bulls to support the Dogecoin price to confirm that the bullish breakout was an honest move. The 161.8% Fibonacci expansion to $ 0.34 is the projected target price level if the bulls come to support Dogecoin. If the bulls can pull Dogecoin above the Cloud, this will likely position the Relative Strength Index above the final overbought level in a bear market (65). If this happens, the Relative Strength Index will shift to bullish market conditions, creating considerable space for Dogecoin to rally higher before encountering overbought conditions.

DOGE / USDT Daily Ichimoku Chart

However, bulls should be aware that the current price action could be a colossal fake. While Dogecoin may close inside the Cloud and remain in a technical bullish breakout configuration, a close below Sunday’s open at $ 0.25 would likely trigger intense selling pressure towards $ 0.21 – 0. $ 22. If this were to happen, the current long bias would be invalidated.