Bitcoin did not drop to $12,000 as some had anticipated, nor did it undergo the expected correction at $50,000. Bitcoin almost reached its all-time high (ATH), proving those who saw the last movement as a bull trap wrong. Naturally, altcoins also experienced significant movement during this period. So, what does the current outlook for DOGE, XRP, and SHIB suggest?
Shiba Coin (SHIB) Analysis
SHIB, the second-largest meme coin by market value, has one of the largest communities. More importantly, it has been working hard to build its own ecosystem during the bear market, even if it hasn’t received enough attention. Now it’s time to reap the benefits of these efforts.
If Shibarium and other products start to attract interest with an increasing appetite for risk, it could create a multiplier effect for Shiba Coin’s price. If it only maintains the activity seen during the Shibarium testnet period, approximately 80-90 million dollars worth of SHIB will be burned monthly.
The weekly chart has reversed the downtrend, and if current levels are maintained, SHIBA Coin could start its move towards its all-time high. The key resistance level is at $0.00002996, and after overcoming the $0.00003520 barrier, the target of $0.00005889 doesn’t seem impossible. Once SHIB clears the final hurdle of $0.00008873, it could not only remove a zero from its price but also establish a new all-time high.
XRP Coin Analysis
Compared to other altcoins, it’s hard to speak of an excellent outlook for Ripple (XRP). While altcoins have gained over 50%, XRP Coin is rising weakly due to reasons like the rapidly increasing circulating supply, the ongoing collective appeal process, and the uncertainty of the potential impact of a Ripple IPO on the token.
For now, support from the parallel channel has been reclaimed, and closures above $0.67 are targeting $0.75 and $0.93.
DOGE Price Analysis
In a single weekly candle, the DOGE price broke through the parallel channel. The price, which lingered at this barrier for a long time, was making very weak movements. Although there is a possibility of a price correction for BTC due to upcoming macroeconomic data, if DOGE can maintain the $0.105 level, it could continue its path even after a potential correction.
For now, the downtrend has reversed, and the focus is on the $0.214 target. If BTC remains strong, an extension of the rally to $0.26 and $0.33 seems possible.
