The price of several digital currencies, such as Dogecoin (DOGE), Shiba Inu (SHIB), and Cardano (ADA), has risen rapidly. After weeks of sustained consolidation, these altcoins have recorded their highest price levels in the past month, setting them on many traders’ watchlists. Amid the general bullish breakout, here is a breakdown of what to expect from the price of these digital currencies moving forward.
Dogecoin and Potential Reversal Prospect
At the peak of trading, the price of DOGE soared as high as $0.1850 per CoinMarketCap data. However, the coin has seen its price fall to $0.1797 while maintaining a 4.07% uptick in 24 hours. The broader crypto market jumped today, with memecoins largely leading the rally.
For Dogecoin, the core performance metrics stayed bullish, with a trading volume of 64.24% to $2.1 billion. Over the past month, the DOGE price maintained a strong consolidation; the trading volume hardly exceeded the $1 billion mark. Despite the intensely positive retail and whale engagement, the memecoin is still locked below the $0.1800 resistance level.
The uptick in the price of Dogecoin did not come from core DOGE fundamentals. Unless this trend changes and core ecosystem updates emerge, the bullish breakout of the memecoin might be short-lived.
Shiba Inu Changing the Memecoin Outlook
Shiba Inu joined the rally, soaring as high as $0.00001388 within the 24 hours. Although the percentage gain is now relaxed, the coin has maintained its support above the $0.000013 mark. Over the past week, the coin jumped 13.62% as it looks to pare off the losses it incurred in the Year-to-Date (YTD).
Considering the market outlook, SHIB price analysis hints at a potential 512% breakout in the coming weeks. While there are conflicting whale and futures outlooks on different timeframes, the Shiba Inu ecosystem has a more promising anchor for the price.
Unlike other memecoins like Dogecoin, with Shibarium and the SHIB OS innovation, developers like Shytoshi Kusama are pushing for new use cases for the project. While there are collaborations with governments to back its evolution, time may be the major decider of how high Shiba Inu can sustain its cycle momentum.
Cardano May Take Advantage of Bitcoin Influence
Bitcoin is the clear market leader, but Cardano may see more benefits from its association in the long term. The Charles Hoskinson-led project is making an important pivot to drive Bitcoin adoption with DeFi-based staking as teased previously.
Cardano has achieved more than most Proof-of-Stake (PoS) blockchain networks in the past year. The protocol transitioned to community governance and has outperformed core rivals in percentage growth over the past year.
Cardano’s price changed hands for $0.6983 at the time of writing, up by 5.92% in the past 24 hours.
With $0.7 a local market resistance, ADA has the fundamentals to break out long-term. Per an earlier ADA price analysis, the coin could soar to $0.7658 in the short term.
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