Dogecoin and Two Other Tokens Spark Meme Coin Season Hopes

Dogecoin worth should maintain the clues as to whether meme coin season returns. Between February 6 and February 15, Dogecoin rallied about 47%. During the identical interval, the overall meme coin market cap climbed by round 43%. This reveals Dogecoin continues to be shifting in keeping with the broader sector and continues to steer it.

Now, two of essentially the most carefully aligned meme cash, BONK and Shiba Inu, are already forming breakout patterns. Their subsequent transfer could rely upon whether or not Dogecoin confirms its personal bullish construction. Together, correlation, holder conduct, and worth construction recommend Dogecoin nonetheless stays the important thing sign for the meme coin cycle.

BONK and Shiba Inu Are Already Showing Breakout Structures

BONK and Shiba Inu presently have an especially high correlation with Dogecoin. Correlation measures how carefully belongings transfer collectively.

A correlation of 1 means they transfer nearly identically. Over the previous month, BONK and Dogecoin reached a correlation as high as 0.99. Shiba Inu reached about 0.97 to 0.99 on weekly and month-to-month timeframes.

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This makes their worth constructions essential early indicators.

BONK is forming an inverse head and shoulders sample on the 12-hour chart. This sample types when sellers lose energy and consumers steadily take management. The breakout degree sits close to $0.0000075. If BONK breaks above this degree, the sample tasks a transfer towards $0.000010, which might be a couple of 43% rally from the neckline.

The sample weakens with a drop below $0.0000063 and invalidates below $0.0000051.

Shiba Inu (SHIB) is forming a bullish flag sample. A bullish flag occurs when the worth pauses briefly after a rally earlier than persevering with larger. The breakout degree sits close to $0.0000069. If Shiba Inu breaks above this degree, it may rise towards $0.0000099, representing a 43% acquire.

A dip below $0.0000057 can come near invalidating the SHIB breakout idea. However, these breakouts should rely upon Dogecoin confirming its personal route.

Meme Coin Market Cap Still Follows Dogecoin’s Lead

The broader meme coin market continues to reflect Dogecoin’s motion.

Between February 6 and February 15, the meme coin market cap elevated roughly 43%. Dogecoin worth elevated barely extra, climbing 47% throughout the identical interval.

Even after the current pullback, the meme coin market cap has fallen solely about 12.5%, holding most of its features. This reveals the general cycle has weakened however not collapsed.

Dogecoin nonetheless dominates the meme coin sector with a market cap of almost $17 billion, representing over 50% of the complete meme coin market, at press time. Because of this dominance, Dogecoin typically determines whether or not meme coin rallies increase or fade.

This makes Dogecoin’s personal construction crucial sign.

Holders and Whales Are Quietly Positioning Again

On-chain knowledge reveals stronger holders are rising management whereas short-term merchants exit.

One key metric is Spent Coins Age Band. This measures what number of cash of various holding ages are being spent. When these cash transfer, it typically implies that holder cohorts are promoting. When the metric falls, it reveals holders are staying inactive and holding.

This metric dropped sharply from 461 million cash to 168 million cash, a decline of about 64%. Similar drops beforehand appeared close to native bottoms.

For instance:

• On February 10, the metric reached a neighborhood low. Dogecoin worth then rose about 22% inside 4 days.
• On January 26, one other native low appeared. Dogecoin worth rose about 6% inside two days.

Another indicator referred to as HODL Waves reveals how lengthy traders maintain their cash. Short-term holders, holding cash for one to a few months, lowered their share from 10.41% to five.70%, a drop of about 45%. This reveals speculative merchants exited.

Meanwhile, stronger holders elevated publicity. Coins held for six to 12 months elevated from 10.48% to 11.22%, a 7% enhance. This reveals rising conviction.

Whales additionally amassed. Wallets holding over one billion DOGE (the most important whales) elevated holdings from 70.56 billion to 70.84 billion cash, including roughly 280 million cash.

This shift reveals stronger arms changing weaker ones.

Dogecoin Price Pattern Now Holds the Key Meme Coin Season Signal

Despite the current 13% pullback, Dogecoin’s worth construction stays bullish. On the 12-hour chart, Dogecoin is forming a cup and deal with sample. This sample typically seems earlier than continuation rallies.

The cup shaped between late January and early February. The present pullback types the deal with. Importantly, the deal with help close to $0.103 stays intact, displaying consumers are nonetheless lively. The key breakout degree now sits close to $0.117, which can also be a down-sloping neckline resistance.

If Dogecoin breaks above $0.117, the sample tasks a transfer towards $0.180, representing roughly a 50% rally, per sample projection. Supporting this, the Smart Money Index, which tracks skilled investor exercise, stays above its sign line. This suggests bigger traders haven’t exited.

However, dangers stay. If Dogecoin falls beneath $0.098, the sample would weaken. A drop beneath $0.091 would invalidate the bullish construction.

For now, Dogecoin worth continues to carry the strongest clues for meme coin season. BONK and Shiba Inu are already getting ready breakout constructions.

But whether or not these breakouts totally develop could rely upon Dogecoin confirming its personal transfer first.

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