Doge is Up 12,000% Since January. Can Logarithmic Finance (LOG), And Shiba Inu (SHIB) Follow?
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Logarithmic Finance (LOG) on its way to becoming one of the best DeFi projects
Logarithmic Finance (LOG) has landed on the market as a standout token that uses a new Layer- III protocol and unlocks a world of DeFi opportunities. With intense scrutiny of its design and accessibility, (LOG) ensures seamless connectivity. This non-custodial and safe cross-chain environment offers dynamic options to raise funds on any blockchain network. (LOG) has developed proprietary software that will revolutionise DeFi, as it currently allows entrepreneurs to access funding and sell goods on the platform. An enticing tool to appeal to investors to purchase Logarithmic Finance (LOG).
Is now a good time to buy Dogecoin (DOGE)?
Dogecoin (DOGE) and Shiba Inu (SHIB) are tokens both based on memes. Both tokens were created as lighthearted alternatives compared to traditional cryptocurrencies, yet despite their nonchalant stance, they seem to be picking up steam. It is known that Bitcoin (BTC) will only ever have 21 million Bitcoins, making it scarce and highly unique. Whereas Dogecoin is intentionally created, spawning 10,000 new coins mined every minute, with an unlimited supply.
You would assume that would devalue the project due to hyperinflation protocols, as every coin is worth pennies. Yet, in 2021 (DOGE) became one of the largest cryptocurrencies by market cap – with a total value that topped $80 billion. On Wednesday, Dogecoin briefly hit an all-time high of $0.69, which is more than 12,000% since January 1.
Dogecoin (DOGE) appears to be picking up momentum as it hovers above a significant support floor, indicating that it may recover soon.
This barrier is an inflexion point and could make the (DOGE) situation go one of two ways.
Dogecoin price has seen lower lows and lower highs compared to its all-time high at $0.739 on May 7. This downtrend is a sharp move from where it was, and DOGE has come to retest the USD 0.048 support level.
This area was crucial as it gave bulls a platform to consolidate and recover their strength in early 2021, consequently leading to a 1,400% upswing in Dogecoin price in the following next two months. So a retest of this level could trigger some of the unfilled orders, leading to a minute bounce.
As investors, you should await (DOGE) to at least rally 41% to retest the $0.082 intermediate resistance barrier. Perceiving this hurdle into a support level will allow bulls to extend this run-up to $0.109. This upward journey would suggest an 85% bounce and is likely where the recovery rally will pause for the Dogecoin price.
Whilst there is a positive outlook for the Dogecoin price, a three-day candlestick close below the $0.048 support level will void the bullish thesis. Realising this development will allow bears to crash (DOGE) lower and fill the price inefficiency, aka Fair Value Gap (FVG), extending from $0.041 to $0.014. This outcome will relieve downside pressure and prepare the Dogecoin price for a healthy recovery.
Does Shiba Inu (SHIB) make a good crypto purchase?
Shiba Inu (SHIB) is one type of cryptocurrency or digital currency available only online. The price took a massive surge in 2021, multiplying many times over, but still trades for tiny fractions of a cent. All contributing factors make the SHIB token one of the world’s most popular cryptocurrencies, according to CoinMarketCap.
Logarithmic Finance (LOG)