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Dogecoin (DOGE) has recently surged nearly 20% in just one day, reflecting significant interest from retail investors and an increasingly bullish sentiment around the coin.
Key Trading Signals for Dogecoin (DOGE)
The current trading patterns indicate that today’s daily candle closure will be a critical signal for Dogecoin’s next moves. Traders are advised to closely monitor price behaviour near the previous day’s high, as a false breakout could lead to a potential correction toward the $0.28 support level. DOGE is currently trading at $0.2895, and its sustainability remains under review as traders assess optimal entry and exit points.
Shiba Inu (SHIB) Follows Dogecoin’s Momentum with Strong Gains
Shiba Inu (SHIB) has also benefited from Dogecoin’s momentum, posting a 12% gain. This rise underscores the close relationship between these popular meme coins, which often experience correlated movements driven by shifts in market sentiment.
Read Also: Dogecoin Reaches New Heights with 20% Surge in Open Interest
SHIB’s Trading Range and Market Sentiment
Despite SHIB’s upward movement, the token remains within the previous day’s trading range, suggesting potential consolidation. Analysts indicate that without a new momentum driver, SHIB may continue to trade sideways within the $0.000024 to $0.000028 range. SHIB is currently priced at $0.00002615, a level market participants will watch for further direction indicators.
Outlook for Dogecoin and Shiba Inu Amid Market Shifts
DOGE and SHIB present promising opportunities and associated risks as the market unfolds. A diversified trading approach, including monitoring other altcoins, will help investors respond effectively to broader market shifts.
The post Dogecoin Leads Crypto Market Rally with Major Gains; Potential Correction Ahead appeared first on FXcrypto News.
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