Dogecoin DOGE/USD and Shiba Inu SHIB/USD soared up over 11% and 8%, respectively, on Wednesday before running into groups of sellers that knocked both cryptos down to near flat.
Shiba Inu received a boost on a shout out from Ethereum ETH/USD co-founder Vitalik Buterin on Twitter Wednesday morning.
Buterin, who helped to fund the scholarships of some students entering AI Existential Safety PhD programs this year through selling some of his stake in the crypto, said the Shiba Inu community made the fellowships possible.
Buterin donated some of the funds from the 50 trillion Shiba Inu tokens that were gifted to him by the crypto’s developers to fund the scholarships.
Buterin’s mention of Shiba Inu wasn’t enough to help the crypto hold its morning gains. The crypto sector pulled back due to Bitcoin BTC/USD retracing from its high-of-day, while Dogecoin held up slightly stronger than Shiba Inu. At the time of writing, Dogecoin was trading up about 3% higher, while Shiba Inu was up less than 2%.
Want direct analysis? Find me in the BZ Pro lounge! Click here for a free trial.
The Dogecoin Chart: Dogecoin confirmed it was trading in an uptrend on Wednesday by printing a higher high above the July 8 high of $0.073. The crypto will likely pull back over the coming days to print a higher low above the $0.057 level, which could provide a solid entry point for bullish traders who aren’t already in a position.
If Dogecoin closes the 24-hour trading session with a long upper wick on the daily candle, the crypto will print a shooting star candlestick, which could indicate lower prices will come on Thursday.
If the crypto can rise up to close the session near its high-of-day, Dogecoin will print a bullish Marubozu candlestick, which could indicate higher prices are on the horizon.
Dogecoin has resistance above at $0.083 and just below the 10-cent mark and support below at $0.065 and $0.057.
Like Dogecoin, Shiba Inu is likely to print a shooting star candlestick when it closes the 24-hour trading session. If that occurs, traders and investors can watch for the crypto to print a bullish reversal candlestick above the most recent higher low, which could indicate Shiba Inu will continue to trend higher.
Shiba Inu has resistance above at $0.00001349 and $0.00001734 and support below at $0.00000975 and $0.00000856.
Photo via Shutterstock.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month