DOGE and SHIB Rally as Investors Lock BTC and ETH Profits

Bitcoin Sees Four-Day Winning Streak End

Bitcoin (BTC) and ethereum (ETH) ended the Saturday session in negative territory. Investors likely locked in profits following the crypto-spot ETF-driven gains. There was no BTC or ETH-spot ETF-related news to influence investor sentiment. BTC saw a four-day winning streak come to an end.

However, the approval window for the decisions on 12 BTC-spot ETF applications remains open until November 17.

Nonetheless, BTC Futures reflect optimism toward the SEC approving one, some, or all the BTC-spot ETF applications. BTC Open Interest reportedly stood at an 18-month high of $16.5 billion on November 11 vs. $12.3 billion on October 11. An upward trend in Open Interest is a bullish BTC price signal.

DOGE Briefly Revisits $0.082 in a 4% Saturday Rally

Dogecoin (DOGE) rallied 3.98% on Saturday, ending the session at $0.0784. Significantly, DOGE revisited $0.082 for the first time since July 29.

DOGEUSD 121123 Daily Chart

On November 12, the DOGE Fear & Greed Index climbed higher, increasing from 68 to 69. Sitting in the Greed zone, the Index signals strong buying demand. However, the move toward the Extreme Greed zone could indicate a pullback on investors locking profits.

DOGE Fear & Greed Index

The number of addresses holding DOGE continued to climb higher, according to CoinMarketCap. Wallets holding 100k+ DOGE stood at 3.48k on November 11 vs. 3.32k on November 9. Significantly, wallets holding 1k to 100k DOGE stood at 181.12k on November 11 vs. 174.39k on November 9.

Whales accounted for 45.36% of all DOGE held. The ratio sent bullish signals, with whale holdings rising from 62.55 billion to 62.64 billion on November 10.

However, there was no DOGE-related news to support the Saturday gain. Meme coins were up, with investors seemingly rotating out of BTC and ETH following the crypto-spot ETF-fueled rallies. BTC and ETH ended the Saturday session in negative territory, while shiba inu (SHIB) jumped 7%.

SHIBUSD 121123 Daily Chart

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs.

A BTC break above the $37,600 resistance level would support a move to the Thursday high of $38,020. Breaking down resistance at $38,200 would open the door to a run at $40,000.

BTC-spot ETF news continues to be the focal point.

A BTC drop below the $36,400 support level would bring the $35,265 support level into play.

The 14-Daily RSI reading of 80.47 shows BTC remaining in overbought territory. Selling pressure could intensify at the $37,600 resistance level.

BTCUSD 121123 Daily Chart

Ethereum Analysis

ETH held above the 50-day and 200-day EMAs.

An ETH return to $2,100 would support a move through the Friday high of $2,137 and the $2,143 resistance level.

ETH-spot ETF-related news will remain the focal point.

However, a break below the $2,021 support level would give the bears a run at the $1,926 support level.

The 14-period Daily RSI at 72.53 shows ETH in overbought territory. Selling pressure could intensify at the $2,143 resistance level.

ETHUSD 121123 Daily Chart

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