Dogecoin’s price has witnessed sharp downward volatility, driven by a sell-the-news strategy despite several positive events. The Department of Government Efficiency website featured a Dogecoin logo. Meanwhile, asset management firm Bitwise filed a spot Dogecoin ETF application with the U.S. SEC. However, this cluster of bullish news appears to have prompted profit-taking among Dogecoin holders.
Meanwhile, Mark Cuban shared on X that Dogecoin and Shiba Inu have demonstrated meme coin success, as they have served the community in the long run. Despite this, Shiba Inu’s price has continued to trade within the descending channel. During the same period, the DTX Exchange presale continues to attract investor interest thanks to its advanced exchange protocol that features a wide range of trading options. With an expanding user base and growing community, the stage is set for DTX to bolster its 2025 outlook.
Dogecoin (DOGE) Long-Term Bullish Prospects
Dogecoin (DOGE) has witnessed significant volatility over the past six months. The leading meme coin has seen an upswing of over 186.96% during this period, highlighting strong growth metrics. In the past month, DOGE’s price has rallied by more than 15%, and it has risen modestly by 1.29% in the past week. Currently, the price of Dogecoin has been hovering between $0.30 and $0.43.
Following the crypto asset’s price declines after positive events suggests a classic sell-the-news cycle. However, such sell-offs often don’t suggest a deterioration in key fundamental factors, but traders booking profits. This scenario could trigger buy-in opportunities at these lower prices, potentially sparking a DOGE price rebound in the days ahead. Its long-term bullish prospects have attracted fresh institutional-sized capital inflows. In response, speculative traders have placed resilient positions, anticipating an early rebound in Dogecoin’s price.
According to CoinGlass data, the total value of leveraged long and short futures contract positions clustered around the current price levels. Its daily chart indicates the possibility of a rebound as buyers move to defend the critical $0.33 support level. The Bollinger Bands are narrowing, suggesting reduced volatility and consolidation often preceding sharp directional moves. DOGE token is testing its lower band at $0.35, suggesting that it’s at oversold status and has potential for upward momentum if buyers regain control. Overall, the ongoing consolidation suggests a cautiously bullish outlook with critical resistance at $0.41 and $0.33 support.
Shiba Inu (SHIB) Targets Critical Levels
Over the past few weeks, Shiba Inu (SHIB) has traded in a confined range between $0.00001827 and $0.000023640. The meme token has gained by 24.54% over the last six months, reflecting bullish sentiment in the long term. Compared to other cryptos, SHIB buyers have maintained their watchful attitude towards the meme coin. Market participants have remained optimistic because they believe more updates could drive the project forward.
Notably, Kusama stated that the Shiba Inu ecosystem is set to change in the coming month. The SHIB community has started speculating, highlighting that new developments could shape the price movements of Shiba Inu. Meanwhile, its technical indicators coincide with bullish sentiments. Its RSI has been hovering near oversold territory. Moreover, the Stochastic value is pointing to a potential undervaluation.
The MACD is negative, indicating that the bearish sentiment is waning. SHIB’s immediate resistance is at $0.00002699. If the meme coin closes above this level, it could set the set for a rally toward its second rally at $0.00003236, representing a 15% increase from the current levels. From the bearish perspective, if SHIB fails to break its immediate resistance, it could fall towards its downside support at $0.00001625. A breach of the support could steer SHIB price down to $0.00001088, recording a 10% decrease. Overall, the 10-day and 100-day simple moving averages indicate a short-term bearish trend could reverse.
DTX Exchange Immense Potential
The intersection of DeFi and TradFi is rapidly growing, and DTX Exchange is at this crossroads, intending to reshape the $10 billion global trading industry. Alongside its hybrid trading platform, DTX Exchange Phoenix Wallet is the ultimate solution for asset management. Thanks to these cutting-edge technologies, DTX Exchange is emerging as the go-to platform for anyone seeking high returns and a one-stop shop trading platform. Notably, DTX Exchange has combined the best elements of centralized and decentralized exchanges, offering traders a feel of both worlds.
It lets users trade several financial instruments, including ETFs, forex, bonds, stocks and over 120,000 crypto pairs. At the platform’s core is its novel Layer-1 blockchain VulcanX, designed to interact with traditional assets like forex commodities and stocks. It opens the door for adoption in both the blockchain ecosystem and the trading landscape. Besides this, its chain’s testanet has already been launched, with an anticipated TPS of over 200,000.
Additionally, the platform features a Phoenix Wallet enabling a secure custody solution for diverse asset classes, compatible with DeFi assets. It offers community-based features like the VIP rebate program, enabling users to earn income through crypto holdings. Up until its eighth presale stage, the DTX exchange has raised over $12.80 million and experienced a surge to $0.16, marking a 700% return for early adopters. With these impressive presale numbers and revolutionary features, industry experts expect the altcoin to become a key player in DeFi.
Analysts Believe DTX Could Replicate SHIB & DOGE’s Bullish Path
Dogecoin and Shiba Inu increased significantly in 2021 when these meme tokens grew to make crypto millionaires. Market participants are now optimistic that DTX Exchange, with its strong growth trajectory and hybrid exchange protocol, could fuel massive adoption, triggering its value to follow DOGE and SHIB’s bullish 2021 path.
Find out more information about DTX Exchange (DTX) by visiting the links below:
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