Dogecoin (DOGE) and Shiba Inu (SHIB) extended their weekly gains on Thursday, rising more than 7% and 5% respectively so far this week. Both meme coins are showing signs of easing bearish momentum on key indicators, suggesting room for further upside if current trends continue.
Dogecoin holders accumulate as bullish sentiment builds
On-chain data from Santiment highlights increased whale accumulation of Dogecoin during recent dips. Wallets holding between 100,000 and 1 million DOGE, along with those holding 10 to 100 million, have collectively added around 450 million tokens since September 19. By contrast, wallets in the 1 to 10 million DOGE range shed 300 million tokens over the same period, suggesting capitulation by some traders and opportunistic buying by larger holders.
In derivatives markets, Dogecoin’s long-to-short ratio on Coinglass stood at 1.05 on Thursday, close to monthly highs. A ratio above one reflects stronger bullish bets, reinforcing the view that traders expect further price gains.
Dogecoin price forecast: testing key resistance
Dogecoin price found firm support at the 200-day Exponential Moving Average (EMA) around $0.220 on September 25, coinciding with the 50% Fibonacci retracement at $0.225. Since then, DOGE has rallied nearly 12%, reaching $0.252 at the time of writing. A daily close above resistance at $0.256 could open the way for a move toward $0.311.
Momentum indicators point to strengthening bullish sentiment. The Relative Strength Index (RSI) has climbed to 54, above the neutral 50 threshold, while the Moving Average Convergence Divergence (MACD) is approaching a bullish crossover. Both signal that bearish pressure is fading. On the downside, failure to sustain current levels could trigger a pullback toward the 200-day EMA at $0.220.
Shiba inu derivatives data confirm bullish bias
Shiba Inu’s derivatives market also shows improving sentiment. Coinglass data indicates the OI-Weighted Funding Rate turned positive on Wednesday, reading 0.0102% on Thursday. A positive rate implies that traders are paying a premium to hold long positions, historically aligning with price rallies. Meanwhile, SHIB’s long-to-short ratio hit 1.20, its highest level in over a month, reinforcing bullish bias.
Shiba inu price forecast: supported above $0.0000115
SHIB price found support near $0.0000115 earlier this week and has since rebounded nearly 5%, trading around $0.0000125 on Thursday. A continued advance could push the token toward the 200-day EMA at $0.0000136.
Momentum indicators confirm fading downside pressure, with the RSI back above 50 and the MACD lines nearing a bullish crossover. If SHIB fails to hold current levels, however, a retest of support at $0.0000115 remains possible.
