Altcoin
Analyst Says the Shiba Inu Price ‘Looks Like Dogecoin’, Shares New Target
A crypto analyst has drawn a distinct comparison between the Dogecoin and Shiba Inu price movements, noting that the trajectory of both meme coins closely mirrors each other. While he points out these similarities, the analyst has projected the next bullish target for Shiba Inu as its price action shows signs of a potential uptrend.
Shiba Inu Price Vs. Dogecoin Price Movements
In an X (formerly Twitter) post, Ali Martinez, a prominent crypto analyst, revealed that the Shiba Inu price behavior is showing signs that it could follow a similar upward trend to Dogecoin.
Earlier this month, the Dogecoin price recorded a massive spike that pushed its value from $0.1 to $0.4. While the meme coin has since corrected to around the $0.3 level, Dogecoin’s price performance this November remains impressive as it has witnessed double-digit gains.
Despite still being in its early stages, Shiba Inu has been gaining steady traction, much like DOGE did before its explosive growth. Martinez’s Dogecoin and Shiba Inu price chart shows that from 2021 to 2024, both meme coins have been showcasing eerily similar price action.
In 2021, Dogecoin experienced a historic price surge that led to its all-time high of $0.73. However, this was followed by a sharp decline, with the meme coin dropping to $0.05 at some point in 2022. After this significant price correction, Dogecoin saw a modest recovery, rallying above $0.1 by late 2022 and early 2023. The cryptocurrency then entered a period of consolidation and further decline before rising to $0.2 in early 2024.
Following a brief drop back to $0.1, Dogecoin recently surged to $0.4, driven by bullish catalysts such as the concluded US Presidential elections and Elon Musk’s influence.
On the other hand, the Shiba Inu price chart shows that it surged to an ATH of $0.000083 in 2021, followed by a massive decline to $0.000007 in 2022. After this, the meme coin entered a prolonged consolidation phase between 2023 and 2024, marked by minor gains and further declines.
In early 2024, Shiba Inu also began a recovery, experiencing a significant price rally that pushed it above $0.000044. Despite experiencing another pullback to $0.00001, the meme coin is now in an uptrend, targeting $0.00003.
Shiba Inu Price Next Target At $0.00049
As Martinez identifies similarities between the Dogecoin and Shiba Inu price movements, the analyst has also shared an optimistic forecast for SHIB.
Compared to Dogecoin’s explosive growth, the Shiba Inu price has only captured a fraction of its momentum. If Shiba Inu can sustain its recent DOGE-like momentum, Martinez has projected that SHIB could rise to a new all-time high of $0.00049.
Such a move would mark an impressive 1,941% price increase from current value. As of writing, the price of Shiba Inu is trading at $0.0000248, marking a 2.9% increase in the last 24 hours and another 4.3% surge over the past seven days.
Featured image created with Dall.E, chart from Tradingview.com
Cardano (ADA) has experienced a remarkable surge, crossing the $1 threshold for the first time since April 2022. Over the past 24 hours, ADA price increased by 30%, reaching $1.06. Trading volumes also witnessed a sharp rise, climbing 150% to $6.7 billion, reflecting heightened market activity.
Despite these milestones, analysts say this is just the beginning, with some weighing in on future projections. With bullish on-chain metrics, increasing whale activity, and growing investor confidence, the question now remains, what is next for ADA price?
Cardano Price Records 30% Surge to $1 Amid Bullish Metrics
Following the recent crypto rally, Cardano price has surged by 30% in the past 24 hours, achieving a price of $1.06. This marks the first time ADA has crossed the $1 mark since April 2022. Trading activity also showed a substantial increase, with volumes spiking by 150% to reach $6.7 billion in just 24 hours.
More so, the crypto rally aligns with recent analysis predicting ADA price could cross the $1 mark this weekend. Analysts have suggested that the crypto is yet to fully realize its potential. Ali Martinez expressed optimism stating,
“$ADA has surged nearly 200% in the last three weeks! But that’s nothing compared to what is coming.”
According to crypto analyst Ali Martinez, the recent Cardano price movement is just a precursor to larger gains. Martinez pointed out that ADA whales holding between $1 million and $10 million worth of ADA have increased holdings by over 100% in the past month. This has resulted in large transactions exceeding $22 billion daily on the network, signifying robust accumulation activity.
From a technical standpoint, Martinez noted that ADA is mirroring its previous bullish cycle. If this pattern continues, ADA could aim for targets as high as $6. However, he emphasized that the $0.80 support level, where 1.2 billion ADA were purchased by 48,000 addresses, remains crucial for sustaining the current bullish trend.
On-Chain Metrics Show Strong Momentum
In addition, on-chain data underscores the bullish sentiment surrounding ADA. According to CoinGlass, Cardano price has benefited from a 32% increase in open interest, which now stands at $889 million.
Moreover, short liquidations have reached $9.77 million in the past 24 hours, indicating that traders betting against ADA’s rally were forced to close their positions. This forced buying pressure has further fueled ADA price growth during the ongoing crypto rally.
Additionally, data from Santiment highlights Cardano’s tripling market cap over the past 17 days. Concurrently, the crypto recorded $165 million in realized profits in a single day, the highest in eight months. More so, the data show Social media discussions about ADA have reached an 11-month high, underlining the growing interest within the community.
Another analyst, Dan Gambardello, noted that ADA’s trajectory over the past three weeks, which saw nearly 200% growth, mirrors its previous bullish patterns. He identified key support zones around $0.80 and resistance near $1.05, suggesting further upside potential.
Gambardello emphasized that if the current pattern holds, Cardano price could aim for a long-term target of $10. This recent rally has prompted several analysts and investors to weigh in on the possible price targets for ADA price, with projections ranging from $1.00 to as high as $15.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto analyst Dark Defender has shared his Elliot Wave Theory analysis, which shows that the XRP price can rally to as high as $18. The analyst’s accompanying chart further showed when XRP can reach this double-digit price target.
XRP Price To Hit $18 Next Year
In a recent Elliot Wave Theory analysis, Dark Defender shared an accompanying chart showing that the XRP price can rally to $18 by mid-next year. The analyst affirmed that XRP has been and is still following this Elliot Wave structure.
In his analysis, Dark Defender also revealed that XRP was currently in the third wave. The chart showed that this impulsive move to the upside will take the crypto to the $5.8 price level. Based on the chart, this rally to $5 could happen before this year runs out.
Once the rally to $5 happens, the next move will likely be a corrective one, causing the XRP price to retrace to around $4. This corrective wave 4 move will set the stage for the crypto to rally to this $18 price target by mid-2025.
XRP is enjoying massive bullish momentum, having rallied over 64% in the last seven days. This price rally has been partly because US SEC Chair Gary Gensler is set to step down. This development is bullish for the crypto since Gensler spearheaded the Ripple SEC lawsuit, which has, for the longest time, negatively impacted XRP.
Next Stop Is $2 Before Rally To New ATH
In an X post, crypto analyst Armando Pantoja said that the next stop for the XRP price is between $2 and $2.10. he made this prediction following his statement that XRP was smashing through resistance and heading for the 0.786 Fibonacci level at $1.61. Interestingly, Pantoja said that the rally to $2 will create an “easy path” to $8 for XRP.
Crypto analysts Ali Martinez and CrediBULL Crypto also predicted that XRP will rally to $2 next as pro-crypto Paul Atkins leads the race to replace Gary Gensler as the next US SEC Chair. CrediBULL Crypto’s $2 prediction came as he revealed that the XRP monthly Relative Strength Index (RSI) is about to enter the overbought territory for the first time in three years.
He claimed that this is bullish, as the higher the RSI goes, the stronger the momentum and the more bullish a coin is. Based on this, the analyst said the next target is $2, and then XRP will go for a new ATH.
Crypto analyst Javon Marks also provided a bullish outlook for the XRP price. In an X post, he stated that the coin is now starting to show signs of major strength after breaking out of a lower timeframe pennant. Based on this, he remarked that a massive uptrend continuation above $3 might already be happening.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
DOGE price eyes a potential breakout ahead, with top experts echoing a similar sentiment for the dog-themed meme coin. For context, in a recent X post, Real Vision CEO and Founder Raoul Pal said that Dogecoin is likely gearing up for a rally ahead. In addition, this development also comes as Elon Musk has shared new developments to enhance the efficacy of the Department of Government Efficiency (D.O.G.E.)
DOGE Price Rallies As Elon Musk Prioritizes D.O.G.E. Efficacy
DOGE price continued its run towards the north on Friday, further highlighting the growing confidence of the investors towards the top meme coins. Amid this, Real Vision founder Raoul Pal, a prominent figure in the crypto world, predicts a potential rally for Dogecoin ahead, saying that it is in the “Great Banana Rotation” along with SUI. In a recent X post, Pal stated:
I think next in the Great Banana Rotation is $SUI and $DOGE and probably that token that you hold too.
Meanwhile, Pal previously explained the Banana Zone, emphasizing the importance of core allocations in top-tier assets like BTC, ETH, and SOL. He advises investors to keep 90% of their portfolio in solid assets like BTC and top altcoins while allowing 10% for riskier plays like meme coins.
However, Pal warns against overtrading and leverage, stressing the need to protect investments. With Pal’s prediction, DOGE holders are optimistic about the meme coin’s future performance.
Elon Musk Outlines D.O.G.E. Plan
In addition, the DOGE price rally also comes as Elon Musk has prioritized enhancing the efficacy of the Department of Government Efficiency (D.O.G.E.). Notably, Donald Trump appointed Elon Musk and Vivek Ramaswamy to lead the D.O.G.E., which has sparked optimism in the market.
Besides, the department’s short form also resembles the Dogecoin ticker, which has also sparked a rally in the crypto’s price. Additionally, Musk has been a vocal supporter of the meme coin, as evidenced by his previous social media comments, which have also caught the eyes of the traders.
Now, Musk and Ramaswamy have outlined plans to increase the efficacy of the department. According to a recent WSJ report, they have planned to end the remote work culture at the federal office, in an effort to trim the government spending. The two entrepreneurs said that ending the remote work culture would cause a mass resignation, which would aid them in achieving their goal of establishing a small but efficient government.
Dogecoin To Hit $2.4?
DOGE price today was up more than 2% and exchanged hands at $0.3941, while its one-day trading volume was near the flatline at $8.60 billion. Notably, the token has touched a 24-hour high of $0.3996, and CoinGlass data showed that Dogecoin Futures Open Interest rose nearly 9%, indicating strong market confidence.
Besides, recent on-chain metrics and other market trends also indicate that Dogecoin is poised to continue its parabolic run ahead alongside SHIB and other meme coins. Amid this, a popular crypto market analyst, Ali Martinez has shared a bullish forecast for DOGE price.
Meanwhile, Martinez has recently highlighted the growing Dogecoin whale activity, which indicates that the crypto is poised to rally ahead. His X post showed that whales have bagged more than 550 million DOGE over the last week, valued at around $214.5 million.
In addition, the analyst has shared a DOGE price chart, which showed that the crypto is likely to hit $2.40 in the coming days. Besides, he also predicted that once the meme coin hits the $2.40 target, the next target for the crypto will be $18, sparking market optimism.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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