Will SHIB and DOGE Prices Hold Momentum?
Recent market turmoil has severely affected meme coins, resulting in their total market capitalization below $70 billion. While some AltCoins and Meme Coins show a lot of price volatility, Shiba Inu & Dogecoin, in particular, has a hard time stabilizing its price. However, some experts believe that the continued merger of thresholds and Shibu prices, especially during the decline, could trigger a strong recovery.
Dogecoin and Shiba Inu gain momentum silently
According to Coinglass, Dogecoin has seen a large number of liquidations in the past 24 hours, with approximately $6.77 million in threshold positions being closed. This includes about $3.55 million sold by buyers and $3.22 million sold by sellers. Meanwhile, SHIB experienced about $137,000 in liquidation, with the total buyer’s $735,000.
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Despite these liquidations, the prices of the two meme coins remained stable, which could indicate a potential rally. Analysts believe this stability may be a pre-storm calm as large investors continue to buy terrain and doors during the recent price drop. This purchase can strengthen support levels and may lead to sharp price increases for Dogecoin and Shiba Inu.
Dogecoin price analysis
Dogecoin’s price has dropped from the $0.3 standard, suggesting that the bear has turned this level into resistance. The bears dominate the siege struggle, above the immediate resistance of $0.26. As of this writing, Doge Price is trading at $0.254, up more than 1.47% in the past 24 hours.
Sales pressure continues to dominate at levels below $0.30. However, as it forms the accumulation zone, buyers have established strong support of about $0.2. Any recovery could be hit with sales pressure with previous support, with resistance level now at $0.30. If the price continues to fall below that level, the Bears may raise the Doge/USDT pair below $0.20.
Conversely, if Dogecoin breaks down after continuous accumulation and holds $0.30 above $0.30, it may indicate that the bear is losing control. This may mean that a bottom has been established, pushing the Governor’s price to $0.34.
Shiba INU price analysis
As prices are aiming to exceed the surge in the EMA50 trendline, Shib prices are trying to recover. However, the price of wet wipes continues to face resistance. Currently, the SHIB price is $0.000015, soaring over 0.24% in the past 24 hours.
The SHIB/USDT pair is still under the downward trend line, showing huge sales pressure from bearish traders. Since short-term holders (STHs) may choose to sell their positions at this level, this price level may continue to be a significant obstacle.
However, we expect Shib price to retest its resistance at $0.00001717. If the price stays on the EMA20 trend line on the 1-hour chart, the buyer can try sending it to $0.000022.
As the relative strength index (RSI) remains below the midline of 40, it may drop to $0.000012.
