The two-week peace truce, called by both fighting sides, has accelerated a relief rally in the crypto sphere as gas prices tanked. The meme coin compartment also caught some of this shine, with the three largest meme coins whipping up between 5 to 10% gains in 24 hours.
This includes Shiba Inu coin (SHIB) & Dogecoin (DOGE), two of the top dogs in the sector. While Shiba Inu (SHIB) resorted to the $0.00000606 resistance line, Dogecoin (DOGE) restored $0.095, both whipping up 5% gains during the Wednesday rebound campaign. Overall, the meme coin section gained 5.21%, nearly reclaiming the $35 billion mark in market cap.
Shiba Inu Burn Hike Escalates Meme Coin Rally
Right now, Dogecoin’s (DOGE) price remains consolidating in a descending triangle, according to Ali Martinez. The 4-hour chart in the seasoned analyst’s latest DOGE price analysis points to a potential 29% hike to$0.128, establishing a new quarterly high along the way. Conversely, Ali bases this bullish thesis purely on historical price data rather than sentiment.
For Shiba Inu (SHIB), much of this success is ascribed to the daily hike in Shiba Inu’s burn rate. Judging from the metrics presented on Shibburn, the Good Samaritans at the SHIB Army got rid of nearly 20 million tokens. The hottest burning activity was spotted last night around 10 PM UTC with a 2.5M SHIB burn in one go, according to the records from SHIB burning tracker.
However, for this deflationary tactic to work out properly, it needs to be matched with a market demand. The current rebound has put Shiba Inu’s 24-hour trading volume count at $147 million – a figure that seems more like a drop in the ocean compared to Dogecoin’s (DOGE) $1.8 billion during the same time frame.
Key Price Levels SHIB Holders Are Watching For
Presently, Shiba Inu coin’s global market cap stands at $3,553,138,561, sitting at the 33rd spot. For the canine meme coin to prove this rally sustainable, technicals point to $0.00000635 as a key checkpoint. With the Bollinger Bands (BOLL) expanding on multiple time-frames, Shiba Inu’s daily gains could multiply with the crypto whale support.
Big-time crypto investors, otherwise referred to as crypto whales, are actively acquiring Shiba Inu coin on Coinbase. With the Chaikin Money Flow (CMF) now spiking to 0.29, it shows that big-time crypto traders are keen on acquiring SHIB at the $0.00000600 level. This constitutes the most bullish sentiment across crypto whales in months.
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Both SHIB and DOGE pumped around 5% in the last day or two while Bitcoin recovered above $71k. A lot of traders are now watching them closely because they’re moving together.
On the charts, both coins have been squeezing inside a triangle shape (also called a symmetrical triangle). This pattern usually means the price is getting ready for a big move — either up or down — once it breaks out of the triangle lines.
SHIB is trading right around the middle blue band at $0.00000608. The upper red band (resistance) is at $0.00000620 and the lower green band (support) is at $0.00000596. The bands are starting to squeeze, which often happens right before a breakout.
Watch if SHIB can break and hold above the upper red band at $0.00000620 with good volume. If it does, the triangle breakout could be confirmed and lead to faster gains. But if it drops below the green support at $0.00000596, the move could go the other way.
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