Altcoins have provided strong support to the recent rise in Bitcoin prices, with Solana, Ethereum, and XRP leading the altcoin rally. Market analysts believe that the top two memecoins, Shiba Inu and Dogecoin, will join the altcoin price rally.
Shiba Inu, meme coin, showing a buy signal on the technical chart
Popular cryptocurrency analyst Ali Martinez noted that the TD Sequential Indicator recently issued a buy signal on the $SHIB weekly chart.
It is worth noting that the last two bullish signals resulted in significant price increases of 118% and 71%, respectively.
Given the rarity and subtlety of these signals, closely monitoring SHIB is a crucial moment.
Over the past week, SHIB’s price has risen by nearly 8 percent, while all other top 20 altcoins posted double-digit gains.
Therefore, there is plenty of room for the Shiba Inu to catch up.
In an extraordinary event, Shiba Inu (SHIB) saw a massive surge in token inflow, increasing by 3,033 percent in just 24 hours.
Data provided by IntoTheBlock highlights the astonishing increase in the number of tokens leaving SHIB whale wallets.
This number jumped from 16.87 billion to 511.37 billion shekels overnight.
At the same time, there was a significant decrease in the daily flow of tokens to these whale wallets.
There was a decline from 4.59 trillion tokens to 262.41 billion in the same period, adding to the uncertainty surrounding this unusual activity, Coingape reported.
Dogecoin is preparing for a new uptrend
Along with the Shiba Inu, Dogecoin is also preparing for a new upward trend towards $1, according to famous cryptocurrency analyst Ali Martinez. He said:
“Dogecoin looks like it’s ready to start a new uptrend!”
On the weekly chart of $DOGE, the TD Sequential indicator has generated a buy signal.
If the price can maintain a closing level above $0.062, this could pave the way for an upward movement towards the $0.070 price level.