SHIB, Dogecoin and Bitcoin Hit Yearly Highs in Price Synergy

• Top dog memecoins Shiba Inu & Dogecoin record yearly high BTC correlation.
• Pro crypto trader spots a triangular configuration on DOGE’s technical charts.
• Dogecoin sharks & whales are on the move with $1.19bn DOGE trading volume.

The two top dog memecurrencies Dogecoin (DOGE) & Shiba Inu (SHIB) have been battling it out this Uptober with similar gains of 10.5% and 8%, respectively. In the shadow of Bitcoin’s monumental rally to retest the $35,000 price range, DOGE reached $0.074 on October 26th, 2023.

On the other hand, Shiba Inu’s (SHIB) monthly high of $0.00000808 also came amidst $BTC’s surprising bull run. The sudden price behaviour change is evident in the on-chain metrics, pointing to 0.91 SHIB price correlation with the king crypto BTC. Nevertheless, the northward resistance barrier rejected SHIB back below $0.000008 after a swift market correction.

At press time, #18 spotted Shiba Inu (SHIB) is changing hands at $0.00000783 with a slender 0.9% drop in the last 24 hours, according to CoinGecko. $SHIB fixated on the confluent support level for a week, but still holds a 15.2% profit in the last two weeks.

Can DOGE Break The Descending Triangle?

Dogecoin, the largest Proof of Work (PoW) blockchain besides the king crypto Bitcoin, has been often trusted by crypto enthusiasts for a similar, but cheaper structure of payments on-chain. After Ethereum (ETH) switched to Proof of Stake (PoS), DOGE took the reins as the second largest PoW, successfully onboarding a part of former Ether miners.

However, the current extremely high DOGE vs. BTC price correlation of 0.95 was not always the case – the top dog memecoin $DOGE had been trading in a descending triangle for over two years since hitting the all-time high of $0.731 on May 8th, 2021. Now at a steep decline of 90.69% from the previous ATH, Dogecoin’s outlook for trend inversion grows stronger.

In order to test a trend reversal opportunity, professional crypto trader Ali Martinez used the Triple 9s, a triangle geometrical figure more formally known as the TD Sequential. This crypto price reversal and trend exhaustion tool pinpointed a favourable entry point around $0.069, marking the bottom of this estimation at $0.049.

Finally, the graph indicates that a bull rally up to 1525% is on the cards if #10 Dogecoin (DOGE) proves resilient above the bottom oscillator of the 9-fold TD Sequential for 10 months. At press time, $DOGE is changing hands at $0.0677, facing a stiff market correction with a 6.3% weekly downturn for the canine coin.