Cardano, Dogecoin, Shiba Inu post significant gains as traders envision ‘long term breakout’
Cardano, Dogecoin and Shiba Inu have posted significant gains, posting positive 24-hour changes of 10.78%, 14.77% and 12.26% respectively to outperform the top 20.
Cardano’s ADA is up 24.79% last week and is now trading at $0.53. Cardano’s Input Output American Chamber of Commerce (MCHAM) Mongolia has become a new member, which is a positive development. The move was also recognized by the founder of Cardano, Charles Hoskinson,
https://t.co/rdJLGMrlml . excited to join
— Charles Hoskinson (@IOHK_Charles) 20 July 2022
As mentioned, the Cardano DeFi ecosystem also enjoyed an influx last week.
Top meme cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB) both experienced growth of 23.41% and 27% respectively over the past week. Dogecoin is also looking forward to the upcoming release of Dogecoin Core Update 1.14.6.
As shared by Dogecoin developer Michi Lumin, Dogecoin Core release 1.14.6 may launch soon. The update is expected to include important security updates and changes to network efficiency. Dogecoin also faced pressure from whales, which is one of the top 10 assets bought by whales in the past 24 hours. whalestats Information
The price of Shiba Inu is expected to increase in the ever-growing community. The number of Shiba Inu holders continues to grow, currently at 1,209,427 per WhaleStats data. The Shiba Inu also ranks as the largest token holding for the top 100 ETH whales, who are now “hodling” with $563,163,878 worth of SHIB. The top 100 Shiba Inu whales also increased their average SHIB balance by about 31%.
Traders hypothesize a “long-term breakout”
According to the on-chain analytics firm sentimentTraders are changing their tune and smelling a long-term breakout following a major bitcoin Tuesday breakout. The price of bitcoin hit a high of $23,855 on July 20, setting the stage for a third day in a row.
This may apply to alternative cryptocurrencies, or “altcoins”, that have maintained a close relationship to the price of bitcoin.
Furthermore, the Crypto Greed and Fear Index, which measures investor sentiment, changed from “extreme fear” to “fear” and rose to 31, showing the highest sentiment since April.