Shiba Inu Breaks Downtrend As Bitcoin Moves Towards $100K, Dogecoin Shows Gains Near 18 Cents
Omkar Godbole, AI Boost | Edited by Parikshit Mishra Updated April 25, 2025, 4:02 PM Published April 25, 2025, 1:03 PM
The recent rise in Bitcoin (BTC) has likely set the stage for a six-figure price move, which in turn has become a catalyst for increased trading activity in the memecoin space, with DOGE and SHIB showing bullish trends.
BTC, the leading cryptocurrency by market cap, briefly topped $95,000 shortly before the news, its highest level since March 2, according to CoinDesk. The move came three days after prices crossed the Ichimoku Cloud momentum indicator, signaling a bullish shift in the market.
Support for the constructive outlook comes from the consistent long-tailed daily candlesticks (boxed), which indicate a buying mentality on the downside, as well as the rising five- and ten-day simple moving averages (SMA). Moreover, the MACD histogram on the daily chart shows higher bars above the zero line, indicating increasing upside momentum.
In other words, the path of least resistance is likely to be on the higher side, pointing to a continuation of the move above $100,000, which is also the most popular call option strike on Deribit. The bullish outlook could be threatened by a drop below $88,800, a level that was previously resistance and has become support.
Amid this bullish sentiment towards Bitcoin, CoinDesk AI Market Insight bot has recorded a breakout in SHIB, the world’s second-largest meme coin, indicating an increase in risk appetite in the broader crypto market.
“Bitcoin’s rise above $92K has acted as a catalyst for increased memecoin trading, with SHIB breaking out of its current year-long downward channel and showing bullish technicals
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