The upcoming Ethereum Merger has induced a significant bullish momentum in the entire crypto space. Bitcoin price has surged beyond $22,000 while the ETH price is approaching $1750 levels. Many other altcoins like Solana (SOL), Polkadot (DOT), Avalanche(AVAX), etc have jumped notably. Conversely, the popular meme coins, Dogecoin (DOGE) & Shiba INU (SHIB) continue to trade around the break-even prices.
The Dogecoin price continues to trade within a huge bearish triangle with depleted buying volume in the longer time frame. While in the short term, the asset has been displaying acute strength after a fine rebound from the lows at around $0.0575. The 13% jump indicates the coiling market sentiments ahead of the Ethereum Merger.
The DOGE price is maintaining its trade within an ascending triangle which is considered bullish. The price is testing the upper resistance for the past couple of days and has been constantly failing to slice through these levels. However, the price is expected to break above the stagnant trend and reach the August highs at $0.0708 initially.
If the Ethereum Merger makes a huge success, the positive market sentiments may escalate the price beyond $0.08 which may further head towards $0.0926. Else a drop towards $0.0510 may be imminent.
Shiba INU(SHIB) Price
After sustaining heavily above the local support at $0.00001214, the SHIB price surged but failed to surpass the $0.000014 levels. A huge drain in the volume has left the asset consolidated within a very narrow range. The narrow trend may be continued for some more time before the price breaks out of consolidation.
The SHIB price is heavily consolidating within the above-mentioned levels and presently flashing fewer chances of a breakout. The price is expected to coil up only if the asset raises above the immediate resistance and settles above the trend line. Therefore, the upcoming event of the Ethereum Merger is expected to induce significant volatility that may assist the price to reach the desired levels.