Dogecoin, Shiba Inu Whales Make Big Moves: To What End?

A transaction like this suggests that the whale in question could be about to sell. This could put downward pressure on the price of DOGE. Meanwhile, another whale made another large transaction, sending 450 million DOGE to an unknown wallet.

In this case, it was uncertain if the latter whale aimed to sell or keep for the long term. Meanwhile, Dogecoin was not the only meme on the radar of whales as Shiba Inu (SHIB) was also spotted being moved around in bulk. According to Whale Alert, 579.04 trillion SHIB tokens were sent to the Binance exchange.

However, this did not appear to interrupt SHIB’s uptrend. Instead, the token price increased by 4.84% to trade at $0.000010. DOGE also rose to $0.09, thanks to a 1.71% increase within the same period.

It’s a SHIB Bull Party

From the technical perspective, SHIB sellers had become exhausted since the token fell from $0.000011 to $0.000009 on December 18. As a result, buyers took advantage of the fatigue and pushed SHIB back in the upward direction.

But it may be too soon to assume that SHIB is ready for a rally considering the Moving Average Convergence Divergence (MACD). At press time, the MACD was zero, with the 12 and 26-day EMAs inching closer to one another.

The MACD reading indicates a waning bullish bias. Hence, SHIB may consolidate between $0.000010 and $0.000011 for the short term. This was also indicated by the Bollinger Bands (BB).

SHIB/USD 4-Hour Chart (Source: TradingView)

As of this writing, the BB showed increasing volatility. But the indicator also suggested that the local top for SHIB could be $0.000011. If the cryptocurrency taps this level, then it could face resistance, and a reversal downwards could follow.

DOGE Negates Bearish Thesis

Dogecoin’s market structure was similar to Shiba Inu’s, as selling pressure had also become almost nonexistent. A look at the 4-hour chart showed that bulls may be targeting a return to $0.1 for the coin.

Although DOGE had flipped the $0.090 resistance, there is a chance that $0.095 could be another stumbling block for the upward trajectory. For DOGE to cross this path, accumulation has to be intense.

At the time of writing, the Accumulation/Distribution (A/D) indicator was 6.23 billion. This reading implies a notable increase from the point in the first week of December. However, the current state of the A/D may not be strong enough to flip $0.095.

DOGE/USD 4-Hour Chart (Source: TradingView)

This was because of the Relative Strength Index (RSI). At press time, the RSI was 50.17, suggesting a possible sideways movement for Dogecoin. Should the RSI rise above the current reading, then DOGE may have a chance at beating the $0.095 resistance and hitting $0.1.