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July 19, 2024
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Memecoin Facing the Market Heat: Dogecoin & Shiba Inu Knock the Decesive Phase-What’s Next?

The post Memecoin Facing the Market Heat: Dogecoin & Shiba Inu Knock the Decesive Phase-What’s Next? appeared first on Coinpedia Fintech News

The crypto markets are turning bearish, as are the memecoins, mainly Dogecoin & Shiba Inu. While the DOGE price has dropped below important levels, the SHIB price is closer to adding another zero to its price. Hence, considering the market conditions, the upcoming couple of hours appear to be decisive for these tokens, which may drop another 20% to 25%, marking new monthly lows. 

Dogecoin (DOGE) Price Analysis

  • Dogecoin price soared high after marking the lows at around $0.063 and reached levels around $0.103
  • Soon after, the trend reversed, and the price maintained an uncertain trend, which recently validated a bearish outlook
  • After plunging below the 0.23 FIB levels, the price continues to trade around the 50-day MA levels and rising above that may trigger a decent rebound
  • Besides, a plunge below these levels may drag the price to 0 FIB levels at $0.06, which may even form new lows very soon

Shiba Inu (SHIB) Price Analysis

  • Shiba Inu price is trading within a decisive symmetric triangle and very close to the apex of the consolidation
  • The trend appears to be extremely bearish as the RSI is heading towards the bottom and may also reach the lower support
  • Therefore, the possibility of the price slicing through the support of the triangle and marking its presence around the lower support emerge
  • However, the likelihood of a rebound at $0.0000904 appears to be high, as bulls have held these levels fairly tight in the event of an extended bearish trend.

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