Shiba Inu (SHIB) Surges Overnight – Is Dogecoin (DOGE) Poised for an Even Bigger Short-Term Leap?
On February 8, the crypto market is trading in green as Bitcoin has impressively soared past the $44,000 benchmark, setting a new tone of optimism. Concurrently, Ethereum maintains its stronghold at the $2,400 level. This fervor isn’t confined to just the giants; the altcoin sector, brimming with potential, is also gearing up for a bullish February.
The total crypto market capitalization, Bitcoin aside, has escalated to a staggering $783 billion, marking a 7.5% increase in just a fortnight, hinting at possible breakout events for altcoins. In this climate of burgeoning optimism, the meme coin segment, known for its volatility, is drawing considerable attention. Dogecoin (DOGE) has experienced over a 2% rise, while its rival, Shiba Inu (SHIB), has seen an almost 4% uptick. Investors eye these modest gains of DOGE and SHIB, speculating if this is just a teaser for a major market rally.
However, amidst this bustling activity, the spotlight subtly shifts to an emerging contender: ScapesMania. In contrast to the unpredictable nature of established cryptos, the trajectory of this presale project appears more discernible. ScapesMania’s ambition is not just for the short term but spans a visionary, long-term roadmap. The combination of strategic planning and enticing tokenomics generates a buzz, leaving the market in anticipation.
Ride The Wave of Innovation with ScapesMania
The ScapesMania presale wrapped up, becoming the talk of the crypto community. The project managed to secure over $5.4M at an unprecedented rate and there’s a good probability that the token’s value will increase exponentially in the future.
The spotlight has shifted to the public sale with the Token Generation Event (TGE) coming up in March. The pool of tokens is smaller than it was before, so the chance to maximize your potential returns is quickly diminishing. Letting it slip now would be a huge waste, especially since your chance to join before the TGE is only a click away.
Your Last Chance to Boost Potential Returns Before the TGE
The team behind ScapesMania, with years of expertise, has crafted a robust post-listing marketing strategy. Buyback, burn, staking, and all the perks for holders keep attracting new adopters. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry.
Moreover, the token’s utility is impressive. It’s not another meme coin whose success relies heavily on trends and hype. ScapesMania ($MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. As a player in the $376 billion gaming industry, it leverages the market’s growth potential. Post-debut, holders can anticipate greater liquidity and easier trading.
The community’s excitement about the project is evident so far: the follower count has reached 60K+. Also, the growing interest from crypto whales with deposits of $20,000+ might expedite ScapesMania’s transition from niche to mainstream.
ScapesMania’s smart contract has received approval from prominent security-ranking firms, ensuring peace of mind for holders. Additionally, the award-winning team behind ScapesMania secured a prestigious grant from a prominent player in the blockchain industry.
Furthermore, ScapesMania is notable for putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is where ScapesManias stands out.
Make sure you don’t pass up the opportunity to leverage all discounts and potentially beat the market as the public sale unfolds. Be quick if you want to get your hands on those lucrative tokens before they’re all gone!
Public Sale ALERT – Seize Your Chance
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) is currently navigating a complex phase in its market trajectory, marked by a curious blend of heightened adoption and challenging price performance. The recent surge in the creation of new DOGE wallets, over 890,000 additions in a single week, is a testament to its growing popularity. This trend is further underscored by the rapid increase in non-zero Dogecoin (DOGE) addresses, which have soared by more than 400,000 in just two weeks, according to a report by Santiment.
But despite the bullish trend in network growth, DOGE has experienced a notable 23% decline in price, suggesting a mismatch between adoption and investor demand. This divergence is intriguing considering the recent introduction of the DRC-20 token standard on the Dogecoin (DOGE) network, which seems to have stimulated wallet creation but not necessarily investor confidence.
Dogecoin (DOGE) Technical Outlook
From a technical standpoint, DOGE is currently oscillating between its first support at $0.0702 and first resistance at $0.091.
Source: TradingView
The Exponential Moving Averages (EMA) present a mixed signal with the 10-day EMA at $0.0794 slightly below the last traded price, while the 50-day and 200-day EMAs at $0.0818 and $0.0779, respectively, are hovering around it.
The Relative Strength Index (RSI) of 48.29 indicates a neutral market sentiment, neither overbought nor oversold.
Furthermore, the Stochastic %K at 41.62 and the Average Directional Index (ADI) at a low 14.94, coupled with a near-zero MACD Level (-0.001) and Momentum (-0.0015), suggest a lack of strong directional momentum.
These indicators collectively point to a market in search of a clear direction, caught in a web of investor uncertainty and fluctuating network dynamics.
Dogecoin (DOGE) Price Forecast
Looking at the potential scenarios, the bullish case for Dogecoin (DOGE) hinges on external catalysts, such as an influential endorsement or integration – for example, a hypothetical announcement of Dogecoin payments for X by Elon Musk could provide a significant boost for DOGE to break past $0.091 and head toward $0.1033 and $0.1241.
However, the bearish outlook looms large with recent developments like a substantial 100 million DOGE transfer to the Robinhood exchange, hinting at a potential sell-off. Such large movements often precede downward price pressure, and in the absence of a strong market-wide recovery, Dogecoin (DOGE) could slide toward its immediate support and, in a more drastic downturn, retest the $0.0617 and $0.0409 thresholds.
Shiba Inu (SHIB) Price Analysis
Shiba Inu (SHIB) has recently garnered significant attention due to its dramatic recovery in the market. Surging by over 6%, SHIB is riding the wave of a broader bullish market sentiment, with its market capitalization currently standing at approximately $5.39 billion. Shiba Inu’s (SHIB) journey has been a rollercoaster of sorts, marked by a mission to break past the $0.00001 price level. This quest saw the meme coin dipping to weekly and monthly lows around $0.0000088.
Investors are feeling hopeful as SHIB’s price jump signals a potentially bullish trend in the market. The Shiba Inu (SHIB) developers’ hustle to boost the coin past its meme status by beefing up real-world uses, especially with Shibarium rolling out, is seriously spicing things up in the market.
Shiba Inu (SHIB) Technical Outlook
From a technical standpoint, SHIB is currently trading between its first support at $0.00000795 and first resistance at $0.00001044.
Source: TradingView
The 10-day EMA is at $0.00000904, slightly below the current trading level, while the 50-day EMA is at $0.00000932, hinting at a potential consolidation in the near term.
The RSI of 49.9 indicates a neutral momentum, neither overbought nor oversold. The Stochastic %K is at 32.8, suggesting that Shiba Inu (SHIB) could be in a phase of underselling.
The ADI at 22.2 shows a lack of strong trend, and the CCI at 68.1 leans towards a bullish scenario in the short term.
The MACD level is slightly bearish at -0.00000014, with a negligible momentum of -0.00000001, reflecting the coin’s recent erratic behavior.
Shiba Inu (SHIB) Price Forecast
Considering these technical indicators, the bullish scenario for SHIB would likely involve breaking past the immediate resistance of $0.00001044, aiming towards the second target at $0.00001192 and even further, towards $0.00001441. Such a move could be supported by continued positive developments in Shibarium and potential integrations like a burn portal which may enhance Shiba Inu’s (SHIB) long-term value.
On the flip side, the bearish scenario would see SHIB retracting back towards its first support level or even lower towards $0.00000694 and potentially $0.00000445. This could occur if the market sentiment shifts or if the anticipated developments in Shibarium fail to significantly impact Shiba Inu’s (SHIB) utility and market perception.
Final Thoughts
As the crypto market recovers from post-Bitcoin ETF approval volatility, Dogecoin (DOGE) and Shiba Inu (SHIB) are attracting significant interest. DOGE, amidst a surge in new wallet creations and fluctuating price performance, is navigating a complex phase marked by growing adoption but challenging investor confidence. On the other hand, SHIB’s dramatic market recovery, spurred by over a 6% rise and its developers’ efforts to enhance utility, signals a potentially bullish trend. Both DOGE and SHIB are trading within key technical levels, with their future price movements hinging on market sentiment and upcoming developments. Investors keep a keen eye on Dogecoin (DOGE) and Shiba Inu (SHIB), their unpredictable swings playing a key part in the ebb and flow of the crypto world.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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