Famous Twitter analyst, Ali (@ali_charts), recently shared some intriguing insights on the correlation between two popular cryptocurrencies: $SHIB (Shiba Inu) and $DOGE (Dogecoin).
In his first tweet, Ali highlighted data from @intotheblock, which shows a strong positive correlation of 0.74 between $SHIB and $DOGE. This suggests that when the price of SHIB moves, DOGE often follows in the same direction.
In a follow-up tweet, the technical analysis expert pointed out that while $SHIB has seen a 20% increase over the past week, $DOGE hasn’t mirrored that movement yet. Given their high correlation coefficient, Ali advises crypto enthusiasts to keep a close eye on Dogecoin.
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Show more +These insights from a well-known trader like Ali underscore the interconnected dynamics of the crypto market and the potential opportunities for investors who are attuned to these relationships.
Turning our attention to the next potential milestone for Dogecoin, it’s worth noting that the $0.10 mark stands out as a pivotal price target. This level represents a formidable resistance barrier for DOGE. Drawing parallels with the recent surge of SHIB, if Dogecoin aims to emulate such a bullish trajectory, it’s imperative for it to breach this $0.10 resistance. This level isn’t just a numerical target but symbolizes a significant psychological threshold for traders and investors alike. Given the meme coin’s historical price actions and its correlation with SHIB, surpassing this resistance could pave the way for further upward momentum.
Shiba Inu (SHIB) has seen a decline of -1.39% in its price over the last 24 hours. However, it has experienced a significant price increase of 18.08% over the past week. Dogecoin (DOGE) has seen a slight increase of 1.1% in its price over the last 24 hours. The cryptocurrency, which started as a meme, has garnered a significant following and has become one of the most recognized names in the crypto space.
In summary, while Dogecoin and Shiba Inu share similarities as meme-based cryptocurrencies, they also have notable differences in terms of their underlying technology, functionality, and market capitalization. Both tokens face challenges in terms of utility and adoption, and their future performance will depend on factors such as community support, real-world use cases, and market trends. It’s important to conduct thorough research and consider these factors before making any investment decisions.
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