Bitcoin is nearing $100,000 after hitting $95,000, igniting significant trading activity in memecoins. Shiba Inu has broken out of a downtrend while Dogecoin sees growing accumulation at around 18 cents. Analysts express optimism for further price gains amid positive momentum indicators in BTC and SHIB.
Bitcoin (BTC) is on the verge of breaking the $100,000 mark, recently hitting $95,000, the highest point since March. This bullish surge in BTC has sparked increased trading in the memecoin arena, with both Shiba Inu (SHIB) and Dogecoin (DOGE) showing promising signs, according to insights from CoinDesk. Chiefly, SHIB has jumped out of its year-to-date downtrend while DOGE is witnessing investor interest, hovering around 18 cents.
The price jump for BTC comes after it moved above the Ichimoku cloud momentum indicator, indicating a bullish trend. CoinDesk’s metrics reveal a continued optimistic outlook, partially backed by indicators such as long-tailed candles suggesting a buy-the-dip strategy among traders. Furthermore, moving averages are still trending upwards, and the momentum shown in the daily MACD histogram hints at a growing upward force in the market.
Experts are eyeing the next significant level at $100,000, which happens to be a preferred strike price for options traders on platforms like Deribit. However, a reversal could occur if BTC drops below $88,800, which had previously acted as resistance.
Turning to the memecoin sector, SHIB, known as the second-largest meme cryptocurrency, is showing a break towards bullish territory as indicated by AI market analysis. According to the CoinDesk bot, the rise of BTC above $92,000 has prompted a trading uptick in SHIB, which has demonstrated notable volatility. Post a low in late April, SHIB secured support at 0.00001225.
The recent data suggests SHIB is breaking above its defined trendline, which marks the downtrend seen throughout the year. This move could potentially confirm a shift in trend, indicating that its price might rise further along with BTC.
Meanwhile, Dogecoin (DOGE) is also under the spotlight, with indications that investors are accumulating the coin as it stabilises around 18 cents. The bot’s analysis reflects that DOGE’s recent price behaviour shows it consolidating above 0.180 while demonstrating reduced volatility, which could signify readiness for a bullish move. Notably, DOGE has surged more than 35% since plummeting below 13 cents just weeks ago.
