Dogecoin has broken out of a multimonth symmetrical triangle, with a 40% weekly gain and tripled trading volumes, signaling strong bullish momentum. The breakout target is around $0.60, representing a potential 95% increase, supported by technical patterns and on-chain metrics suggesting further growth in the coming weeks. However, support levels at $0.227 and $0.215 are crucial to maintain the bullish setup, and current market conditions indicate room for additional gains.
Dogecoin has experienced a significant price surge of 16.3% in the past 24 hours, sparking speculation about a potential new all-time high. A crypto analyst, Master Kenobi, identified a bullish fractal pattern suggesting a major breakout, similar to a previous pattern that led to a 115% rally. With Dogecoin currently trading at $0.46, analysts predict it could reach $0.74, surpassing its previous high of $0.7316. The price has already increased by 230% in the past month, with further gains anticipated.
The price of Solana (SOL) has surged 40% this week, reaching a new high for 2023. Several factors have contributed to this increase, including the overall uptrend in the cryptocurrency market driven by Bitcoin ETF excitement and a growing appetite for risk. Despite concerns about the daily selling of SOL tokens by FTX bankruptcy estate, the limited impact of these sales and the weekly sale limit have transformed initial fears into investor enthusiasm. Solana's rising open interest and funding rates indicate a higher interest in leveraged long positions, suggesting a continued rally in SOL's price. However, there is a risk of a correction due to the overbought level of the relative strength indicator.
Shiba Inu's network activity reached a yearly high with nearly 36,000 SHIB addresses transacting on the network just before the SHIB price breakout. The surge in interaction with Shiba Inu tokens on the network occurred after a long accumulation and a decline in volatility. The vast majority of transactions made during the surge in network activity were in the $10-$100 range, with only 51 big deals involving SHIB during this period.
