Shiba Inu escapes the downward trend as Bitcoin heads towards $100,000, Dogecoin accumulates around 18 Cents

The recent bullish trend of Bitcoin (BTC) is likely to set the stage for a six-figure price, driving increased trading activity in the memecoin space, where DOGE and SHIB are witnessing bullish activity. BTC, the leading cryptocurrency by market value, has quickly surpassed the $95,000 mark just before the press reported it, the highest level since March 2, CoinDesk data shows. This move comes three days after the price breached the Ichimoku cloud momentum indicator, signaling a bullish shift in market trend.

Supporting the constructive outlook are consecutive daily candles with long wicks ( marked by the box ), suggesting buying sentiment when prices decline and the simple moving averages (SMA) for the year and 10 days trending upward. Additionally, the daily MACD chart prints higher bars above the zero line to suggest strengthening bullish momentum. In other words, the path of least resistance is likely higher, suggesting a continued move up to $100,000, which is also the most popular call option price on Deribit. The bullish outlook risks being negated below $88,800, the previous resistance turning into support. AI's perspective on SHIB and DOGE In the context of rising Bitcoin prices, CoinDesk's AI market analysis bot has identified a breakout of SHIB, the second largest memecoin in the world, indicating increased risks in the cryptocurrency market as a whole. "The rise of Bitcoin above $92,000 has spurred an increase in memecoin trading, with SHIB breaking out of a year-long downtrend and showing bullish technical indicators," the bot said. "SHIB has demonstrated significant volatility with a price fluctuation of 15.6%, establishing strong support at 0.00001225 after hitting a bottom on April 21."

The chart shows that SHIB has broken through the trend line, indicating a bearish trend over the year and is looking to establish a foothold on the Ichimoku cloud, following the lead of BTC. This will confirm the reversal of the bullish trend. Meanwhile, DOGE, the leading cryptocurrency in the world by market value, may soon follow this trend as AI bots indicate that investor accumulation is around 18 cents. "Recent price fluctuations indicate consolidation above the level of 0.180 with decreasing volatility, suggesting accumulation before continuing [bullish trend]", the bot said. DOGE has increased by over 35% since hitting a low of 13 cents on April 7.