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Per a recent statement released by the United States SEC, spot Ethereum and Bitcoin ETFs will now be able to perform in-kind redemptions for their clients. This move represents a change from the previous requirement that limited these transactions to cash only. New SEC Regulation Puts Bitcoin ETFs on the Same Standards as Gold ETPs Based
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The meme coin market is edging higher and tracking Bitcoin (BTC) after the king coin surged to $88,000 for the first time in three weeks. At press time, the total meme coin market cap had increased to $50 billion, after gaining by 3%. However, Shiba Inu price has yet to benefit from the uptrend, considering that it had dipped by 2.8% to trade at $0.0000123 at press time.
Despite this negative momentum, a top analyst predicts a 17x rally for SHIB value today after it entered a “buy zone.” If there is a surge in demand at this level, will the Shiba Inu price finally break out from the current consolidation range and rally higher? Let’s find out.
According to popular crypto analyst CryptoELITES, the Shiba Inu price is currently sitting in a strong buy zone, suggesting that a strong upward move is on the horizon. This analyst forecasts a rally of between 14x and 17x for this top meme coin.
If SHIB were to surge by 17x from its current price of $0.0000123, it would surge to $0.00021, while a 14x rally would push the meme coin to $0.00018. However, for this bullish thesis to hold, Shiba Inu price needs to defend support at the lower descending trendline.
The upward rally will be confirmed if SHIB flips resistance at the 0.618 Fibonacci level of $0.00003. After flipping this level, it will set the stage for a rally past $0.000085, after which the meme coin will be on the path to erasing one zero.
If demand rises after Shiba Inu enters this buy zone, the meme coin might face a supply squeeze, as data from Santiment shows that the amount of SHIB supply in exchanges has plummeted to record lows. The high demand and low supply support the bullish Shiba Inu price prediction, making it likely that an all-time high might be on the horizon.
Data from Coinglass shows that the Shiba Inu open interest has surged by 43% in the last two weeks. At press time, the meme coin’s open interest stood at $135M, from around $94M less than two weeks ago.
When the open interest is increasing, like it is now, it indicates that futures traders are opening new positions on Shiba Inu amid optimism that it is about to record a strong trend. This is also another factor that supports the bullish thesis around the Shiba Inu price and why a 17x rally is likely. However, the increased leverage activity around SHIB could also spike the meme coin’s volatility.
To sum up, the bullish prediction shared by a popular analyst around Shiba Inu, and the rising open interest hint towards an upcoming rally for this meme coin. However, this price rally will depend on SHIB attracting demand from buyers.
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As the Dogecoin price consolidates, there are rising possibility that it may short-squeeze in the near term. An analyst has identified a unique chart pattern and boosted his target to $1.1, up by 510% from the current level. Further, there are signs that whales have accumulated the coin slowly.
Dogecoin price today trades at $0.18, a level it has been stuck at in the past few weeks. While the coin is not showing any bullish trend on the short-term charts, an analyst believes that it is in a long-term bull run that could see it cross the psychological point at $1, and then hit $1.1 eventually.
The analyst cited the weekly chart below and drew two trendlines. The lower line connects the lower highs since October 2023. Likewise, the upper side of his chart links the key levels at $0.23 and $0.50.
He then identified the first wave between October 2022 and the highest swing in April 2024. This wave was about 290% surge. The second wave ran from its September low and its December 2024 high.
After dropping to the lower side of the giant megaphone pattern, the analyst predicts that the next pump will push it to $1.1. He expects this DOGE price prediction to push it to happen in September this year.
The bullish Dogecoin price outlook likely explains why whales have continued to accumulate it in the past few months. In an X post on May 1, Ali Martinez noted that whales had bought 100 million DOGE in the last week alone. At the current price, these coins are worth over $18 million.
A deeper dive shows that whales have been accumulating it since March 7. At the time, the number of coins held by whales with between 1 million and 10 million coins jumped from 10.3 billion to the current 10.59 billion or 290 million coins. Whale purchases is seen as a bullish signal in crypto market analysis.
The short-term DOGE price forecast is also bullish as it has slowly formed an inverse head and shoulders pattern on the eight-hour chart. Its head is at the April low of $0.1305, and it has a slanted shoulder.
The coin has also moved above the 50-period moving average, providing strong support. Therefore, the most likely Dogecoin forecast is where it surges, potentially to the next point at $0.2087, which is about 15% above the current level. Crossing that level will bring its next target at $0.2420, the highest level on March 2.
A drop below the right shoulder at $0.1513 will invalidate the bullish outlook, and point to further downside at $0.12.
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Analyst notes Pepe coin price is eyeing a 103.77% rally, targeting a new all-time high of $0.000028364 in the coming weeks. According to markets expert @LLuciano_BTC, a notable fractal pattern emerged on the one-day chart that indicates if history rhymes, the price of PEPE could rally past previous highs. The bullish structure was accompanied by a 40% surge in derivatives trading volume, which saw them reach $2.4 billion. Pepe Coin Price Eyes $0.000028364 ATH, Says Expert As per a Pepe Coin price analysis by @LLuciano_BTC, PEPE is positioned for a potential rally towards its previous all-time high of $0.00002825, a move that could spark a 103.77% breakout to a new ATH at $0.000028364. The meme token is currently trading just below a key resistance zone, consolidating within a broadening wedge. This bullish continuation pattern forms in trending markets and typically precedes sharp upward price expansions once the asset breaches the… Read More at Coingape.com
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