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SHIB and DOGE Price Analysis for February 7

Mon, 02/07/2022 - 15:22
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Denys Serhiichuk
Have the meme coins accumulated enough power to start the mid-term bullish trend?
SHIB and DOGE Price Analysis for February 7
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bulls are giving bears no chance to seize the initiative as the majority of digital assets are returning to their previous levels.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

DOGE/USD

DOGE is outperforming even some coins as the meme coin has risen by 5.89% since yesterday.

DOGE/USD chart by Trading View
DOGE/USD chart by Trading View

After DOGE broke the resistance level of $0.1506, it has successfully continued its rise against the medium trading volume. If the situation does not change, the growth may get the price of DOGE to the area of the most liquidity around $0.1731.

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Such a scenario may come true only if the daily candle fixes above the important mark of $0.16.

DOGE is trading at $0.1580 at press time.

SHIB/USD

SHIB is the biggest gainer today among the top 20 coins. The price of the meme coin has rocketed by more than 20% over the past 24 hours.

SHIB/USD chart by Trading View
SHIB/USD chart by Trading View

Yesterday's breakout confirmed the bulls' power to keep the rise of the coin going. However, SHIB failed to get to the crucial mark of $0.000030 today.

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If buyers cannot fix above this level by the end of the day, there is a chance to see sideways trading in the range of $0.000025-$0.000029 by the end of the week so bulls can gain more strength for growth.

SHIB is trading at $0.00002821 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.