There is new noise in the crypto market with contrasting developments as Dogwifhat (WIF) and Shiba Inu (SHIB) showcase opposing trends. While WIF struggles to recover from its dramatic 82% decline over the past three months, SHIB’s price hints at a potential bullish breakout.
Despite the downturn, WIF remains in the top 100 cryptocurrencies, while SHIB’s momentum builds anticipation among traders. Insights shared by prominent Twitter accounts highlight these dynamics, reflecting the evolving sentiment in the market.
What you'll learn 👉
Shiba Inu Price Hints at a Breakout
SHIB’s chart reveals a bullish ascending triangle pattern, with the price making higher lows while encountering resistance around 0.00001650-0.00001655. Currently trading at 0.00001638, SHIB has shown modest gains of 2.85% today. Analysts project a potential breakout target of 0.00000393, representing a 23.49% increase if volume supports the upward movement.
Crypto expert SHIB KNIGHT, with over 467,000 followers on X, highlighted the importance of market volume in confirming the breakout, emphasizing caution until further signals emerge.
Key support lies around 0.00001400, with resistance holding at 0.00001650-0.00001655. The consolidation phase suggests growing bullish momentum, but confirmation is awaited before traders commit to positions.
Dogwifhat Chart Analysis
WIF’s price has seen a steep bearish trend, plummeting from 4.8 to 0.837 over three months. Despite today’s 5.34% recovery, the token remains down by 82% from its peak. Consistent lower highs and lower lows indicate prolonged selling pressure, with support levels near 0.800 and 0.500 potentially cushioning further declines.
Top analyst Crypto Stream shed light on WIF’s underperformance on X, pointing out that it has lagged behind most cryptocurrencies in the same period. However, its retention in the top 100 signals some confidence in its market capitalization, even as the chart lacks signs of reversal. A breakout above 1.000, supported by volume, is essential for a recovery to take shape.
Despite the stark contrast in their broader trajectories, SHIB and WIF have shown gains today, standing out in the crypto market. WIF’s 5.34% rise marks a momentary pause in its downward trajectory, while SHIB’s 2.85% increase adds to the optimism surrounding its bullish chart pattern.
As traders navigate these dynamics, market conditions and volume remain the key variables that could influence their future movements.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
