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The altcoin market has provided strong support to the recent rally in Bitcoin (BTC) led by Solana (SOL), Ethereum (ETH), and XRP (XRP). Market analyst Ali Martinez suggests that the two biggest memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB), could soon join the altcoin rally.
Shiba Inu Shows Buying Signal on Technical Chart
Experienced crypto analyst Ali Martinez points out that the TD Sequential Indicator recently gave a buying signal on the weekly price chart of SHIB. Previous buying signals from the same indicator resulted in significant increases of 118% and 71% in the price of the memecoin. This rarity and confirmation of the signals indicate that investors should closely monitor SHIB.
Last week, while Shiba Inu’s price increased by about 8%, almost all other altcoins in the top 20 list experienced double-digit gains. Therefore, there is a significant gap for SHIB to catch up with others.
Furthermore, there has been a remarkable increase in SHIB outflows from large wallet addresses. In the past 24 hours, there has been an astonishing increase of 3,033% in outflows from these wallet addresses. Data provided by IntoTheBlock reveals a significant increase in the number of tokens leaving wallet addresses holding a large amount of SHIB. The figure has risen from 16.87 billion tokens to 511.37 billion tokens overnight. At the same time, there has been a significant decrease in daily token inflows to these whale wallet addresses. During the same time period, SHIB outflows from these addresses decreased from 4.59 trillion tokens to 262.41 billion tokens.
Dogecoin Prepares for a New Uptrend
Martinez reported that Dogecoin, along with Shiba Inu, is preparing for a new uptrend that could take its price to $1. In his bullish analysis of the memecoin, the analyst said, “Dogecoin appears ready for the start of a new uptrend.”
Similar to SHIB, the TD Sequential Indicator has given a buying signal on the weekly price chart of DOGE. If the price continues to stay above $0.062, it will pave the way for an upward movement towards $0.070.
