Amid Donald Trump's victory in the recent U.S. elections, Bitcoin has hit a new all-time high of $79,777, sparking increased market activity.
Current Market Scenario
Following Donald Trump's election win on November 5, the cryptocurrency market has seen heightened attention, particularly as Bitcoin reaches a new high. The popular meme coins Dogecoin and Shiba Inu are also impressing with double-digit gains. Chart analysis shows a similar trajectory for both, suggesting potential for further upwards momentum.
Dogecoin: Analysis and Prospects
Dogecoin shows strong momentum, having broken out of a downward channel. The price is currently above a strong support level at $0.2254, with resistance at $0.2785 and $0.3438. A leap past these levels could drive DOGE to new heights.
Shiba Inu: Analysis and Prospects
Shiba Inu shows a similar breakout from a downward channel and hovers above the support level of $0.00002035. It faces key resistance at $0.00002620 and $0.00003583. Surpassing these could lead to significant gains.
Future Outlook
The outlook for DOGE and SHIB is promising, as Bitcoin's rally typically sets the pace for altcoins. Re-election of Trump could bring positive regulatory changes to spur the crypto market. With rising interest and market discussions, meme coins might gain additional momentum.
While both Dogecoin and Shiba Inu show strong technical indicators, investors should approach them with caution due to their volatility. These assets offer quick gains but also carry substantial risks.
