What’s up with Dogecoin, Shiba Inu after Vitalik Buterin Promotes a Crypto?
dogecoin DOGE/USD And Shiba Inu shib/usd It rose more than 11% and 8%, respectively, on Wednesday before moving into groups of sellers, which left both cryptos nearly flat.
Shiba Inu gets a boost for shouting from Ethereum ETH/USD co-founder Vitalik Buterin on Twitter on Wednesday morning.
Buterin, who sold some of his stake in crypto to help fund scholarships for some students entering AI survival security PhD programs this year, said the Shiba Inu community made the fellowship possible.
Buterin donated some of the funds from the 50 trillion Shiba Inu tokens that were gifted to him by the developers of crypto to fund scholarships.
Buterin’s mention of the Shiba Inu was not enough to help the crypto maintain its morning gains. The crypto sector pulled back Bitcoin BTC/USD While retreating from its high-day, Dogecoin was slightly stronger than the Shiba Inu. At the time of writing, Dogecoin was trading up around 3%, while the Shiba Inu was up less than 2%.
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Dogecoin Chart: Dogecoin confirmed that it was trading in an uptrend on Wednesday, printing a high above the July 8 high of $0.073. The cryptocurrency could pull back to print higher levels above $0.057 in the coming days, which could provide a solid entry point for bullish traders who are not already in positions.
If Dogecoin closes the 24-hour trading session with a long upper wick on the daily candle, the crypto will print a shooting star candlestick, which may indicate that a lower price will hit Thursday.
If the crypto can rise above to close its high-day session, Dogecoin will print a bullish Marubozu candlestick, which could indicate that higher prices are on the horizon.
Dogecoin is facing resistance near $0.083 and below the 10-cent level, and support near $0.065 and $0.057.
Shiba Inu Chart: The Shiba Inu has been trading in a fairly consistent uptrend since June 18, with the most recent high printing low at the $0.00000107 mark and the most recent confirmed high printed at $0.0000119 on 9 July. On Wednesday, the Shiba Inu may have formed its next high, which could indicate that higher lows are likely to come in the next few days.
Like Dogecoin, the Shiba Inu is likely to print a Shooting Star candlestick at the close of the 24-hour trading session. If this happens, traders and investors can look for the crypto to print a Bullish Reversal candlestick above the most recent high low, which could indicate that the Shiba Inu will continue the trend higher.
Resistance for the Shiba Inu is located above $0.000001349 and $0.00001734 and there is downside support at $0.00000975 and $0.000000856.
SEE ALSO: DOGE Daily: ‘Dogecoin to the Moon’ Trend on Twitter as Meme Coin Spikes 7%
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