According to an expert, the profits of the meme coin Shiba Inu (SHIB), which has experienced a serious rise recently, are flowing to DOGE. According to analyst Akash Girimath, Dogecoin price has been in an uptrend for about a month, but the bullish seems to have evolved into a pattern that signals a correction. As such, investors need to be aware of a short-term pullback for DOGE, which eventually results in a 50 percent rally.
According to the analyst, there may be a rise as SHIB profits move to DOGE
Sharing his analysis of DOGE recently, Girimath says that DOGE has created three highs and two highs, up 44 percent from September 29. When we connect the trend lines with these points, an ascending wedge formation emerges. This technical pattern predicts a 19 percent drop ($0.207) obtained by adding the distance between the initial high and low to the $0.256 breakout point.
However, investors can expect Dogecoin price to stabilize around the $0.236 support base. Girimath says profits from meme token investors like SHIB will eventually go to Dogecoin.
Which levels to follow?
As profits shift to DOGE, a possible increase in buying pressure around this barrier could trigger an uptrend for DOGE. This bullish breakout above $0.273 will confirm the start of a bull rally. In such a case, Dogecoin price will retest the $0.30 barrier and then the $0.352 high range. This rise from $0.236 to $0.352 will constitute a 50% move.
Though things are looking bleak for the meme coin, a break of $0.236 will indicate weakness among buyers. Finally, Girimath underlines that the bullish argument will be invalidated if it breaks below $0.225, in which case the target price for DOGE is at $0.207 and $0.194. Cryptocoin. com
As we reported , SHIB reached an all-time high in the morning saadollar series today. Coin’s last 7-day rise is close to 100 percent. Today, it has gained more than 30 percent in value.