Cryptocurrency Surges: Dogecoin and Shiba Inu Breakout Patterns

Dogecoin (DOGE) and Shiba Inu (SHIB), two popular cryptocurrencies, have experienced significant price surges in recent days. DOGE rose by 12%, while SHIB increased by 9%. The surge in DOGE is attributed to a breakout from a multi-week descending wedge pattern.

The charts indicate that the breakouts are bullish signals for both cryptocurrencies. For DOGE, the breakout above the upper trendline of the descending wedge pattern is a textbook bullish signal after weeks of compression. Additionally, the Chaikin Money Flow crossed back into positive territory at +0.01, indicating buying pressure and accumulation.

For SHIB, the surge is attributed to a skyrocketing burn rate, which exploded 900% in 24 hours. The Supertrend indicator has shifted from bearish to bullish, and the RSI spiked to 64.86, crossing well above the midline 50 level.