Dogecoin and Shiba Inu Prices Rise This Week
Dogecoin (DOGE) and Shiba Inu (SHIB) prices increased on Thursday. So far this week, DOGE rose over 7% and SHIB gained more than 5%. Both meme coins show signs of weakening bearish pressure. This could lead to further price gains.
Dogecoin Buyers Increase Holdings During Dips
Data from Santiment shows some Dogecoin holders bought more tokens during recent price drops. Large wallets holding 100,000 to 1 million DOGE and those with 10 to 100 million DOGE added 450 million tokens from September 19 to Thursday. Meanwhile, wallets holding 1 to 10 million DOGE sold 300 million tokens. This suggests some whales sold while others bought at lower prices.
Dogecoin’s long-to-short ratio on Coinglass reached 1.05 on Thursday. A ratio above one means more traders expect the price to rise, showing bullish market sentiment.
Dogecoin Price Outlook
Dogecoin found support near its 200-day Exponential Moving Average (EMA) at $0.220 on September 25. It then rose 11.73% by Wednesday. This EMA level matches the 50% Fibonacci retracement at $0.225, making it a key support zone. On Thursday, DOGE traded higher at $0.252.
If DOGE closes above the daily resistance at $0.256, it may continue rising to the next resistance at $0.311. The Relative Strength Index (RSI) is 54, above the neutral 50 level, indicating growing bullish momentum. The Moving Average Convergence Divergence (MACD) is near a bullish crossover, and bearish momentum is fading.
If prices fall, DOGE could retest support at the 200-day EMA near $0.220.
Shiba Inu Derivatives Show Bullish Signs
CoinGlass data shows more traders expect Shiba Inu’s price to rise than fall. The funding rate turned positive on Wednesday and was 0.0102% on Thursday. A positive funding rate means longs pay shorts, signaling bullish sentiment.
Shiba Inu’s long-to-short ratio on Coinglass is 1.20, the highest in over a month. This ratio above one confirms more traders bet on price gains.
Shiba Inu Price Forecast
Shiba Inu found support near $0.0000115 on Tuesday and rose nearly 5% the next day. On Thursday, SHIB traded around $0.0000125.
If upward momentum continues, SHIB could reach its 200-day EMA at $0.0000136. The RSI rose above 50, showing weakening bearish pressure. The MACD is close to a bullish crossover, and bearish momentum is fading.
If SHIB corrects, it may retest support at $0.0000115.
