Cardano, Dogecoin and Shiba Inu post significant gains as traders eye ‘long-term breakout’

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Cardano, Dogecoin and Shiba Inu recorded significant gains, posting a positive 24-hour change of 10.78%, 14.77% and 12.26%, respectively, to outperform the top 20.

Cardano’s ADA remained up 24.79% last week and is now trading at $0.53. Cardano’s Input Output has become a new member of the American Chamber of Commerce (AmCham) Mongolia, which is a positive development. This decision was also acknowledged by the founder of Cardano, Charles Hoskinson.

As noted, the Cardano DeFi ecosystem also enjoyed inflows in the previous week.

The most popular cryptocurrencies Dogecoin (DOGE) and Shiba Inu (SHIB) both saw increases over the past week, climbing 23.41% and 27% respectively. Dogecoin is also looking forward to the upcoming release of Dogecoin Core Update 1.14.6.

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As shared by Dogecoin developer Michi Lumin, Dogecoin Core version 1.14.6 may be launching soon. The update hopes to include significant security updates and network efficiency changes. Dogecoin also faced buying pressure from whales, ranking as one of the top 10 assets bought by whales in the past 24 hours, per WhalesStats The data.

The Shiba Inu price anticipates the growth of an ever-growing community. The number of Shiba Inu owners continues to grow, currently at 1,209,427, according to data from WhaleStats. Shiba Inu also ranks as the largest token holder for the top 100 ETH whales, which now hodl $563,163,878 from SHIB. The top 100 Shiba Inu Whales also increased their average SHIB balance by almost 31%.

Traders eye ‘long-term breakout’

According to an on-chain analytics company Saniment, “Traders Shift Tone, Smell Long-Term Breakout After Dominant Bitcoin Tuesday.” Bitcoin price hit intraday highs of $23,855 on July 20, setting the stage for the third consecutive day of price increases.

This may apply to alternative cryptocurrencies, or “altcoins”, which have maintained a close correlation to the price of Bitcoin.

Additionally, the Crypto Greed & Fear Index, which measures investor sentiment, moved from “extreme fear” to “fear” and rose to 31, the highest since April, showing improved sentiment.

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