- Dogecoin was in a strong uptrend, while Shiba Inu struggled to breach lower timeframe resistance levels.
- Metrics suggested that SHIB was undervalued and in a network-wide accumulation phase.
Dogecoin [DOGE] surged by 86% from the 20th to the 28th of March. Accumulation by DOGE whales was part of the reason why the meme coin retained its long-term bullish outlook.
Shiba Inu [SHIB] also rallied during the same period, but its gains measured only 38.84%. Was the sentiment behind Dogecoin more bullish?
AMBCrypto took a closer look at some on-chain metrics to understand what April could have in store for the two tokens.
Dogecoin saw a wave of selling pressure, but the bulls shrugged it off
Source: Santiment
The 30-day MVRV ratio dived into negative territory on the 19th of March. During that time, the mean coin age was trending upward. This signaled that DOGE was likely undervalued. Since then, the price rallied hard.
At press time, the MVRV ratio was at 11%. The mean coin age fell lower last week, while the dormant circulation also saw a three-month-high.
This was a sign of a large wave of selling that occurred from the 26th to the 28th of March. Dogecoin dropped from $0.225 to $0.201, but quickly rebounded.
The Weighted Sentiment soared when DOGE climbed above $0.185.
At press time, the Weighted Sentiment was more neutral. Overall, the bulls were firmly in control. Traders could wait for the 30-day MVRV to fall toward zero before buying.
Shiba Inu witnesses steady accumulation
Source: Santiment
SHIB saw its 30-day MVRV ratio fall into negative territory, just like DOGE, on the 19th of this month. The 90-day mean coin age was in a stable uptrend.
It was a sign of accumulation while prices consolidated after the early March gains.
The combination of MVRV and mean coin age signaled an ideal buying opportunity.
Also, the Weighted Sentiment has been weak in the past three weeks. It could change for the better if Shiba Inu climbs past local resistance levels.
Unlike Dogecoin, SHIB did not witness a large spike in the dormant circulation. Therefore, its selling pressure was muted. It was another factor that suggested that Shiba Inu was primed to rally higher.
Which of the two would be stand-out performers in April?
As things stand, market participants prefer Dogecoin. Shiba Inu could take a while to get going, and short-term traders prefer to bet on assets that already possess a hefty trend.
Is your portfolio green? Check out the DOGE Profit Calculator
On the other hand, SHIB presented the same buy signal that DOGE showed less than two weeks ago.
If it can beat the $0.000035 and $0.000039 levels, it could be headed for gains worth another 60%, based on AMBCrypto’s technical analysis.
