Bullish Reversal Under The Cards?
Cross-border markets saw a strong bearish move, with major cryptocurrencies recording double-digit losses. Furthermore, the memecoin category was the most affected, with the segment’s valuation declining by 11.48%. Since then, both Dogecoin and Shiba Inu have ranked among the top losers.
Given the current market conditions, investors are concerned with questions such as “Is now the right time to invest in meme coins?” and “Will Dogecoin recover?” In this article, we bring the latest market sentiment, price analysis, and possible price targets.
Dogecoin (DOGE)
DOGE coin price experienced a strong bearish reversal above the important resistance level at $0.3850. This caused it to drop 10.83% in 24 hours, with a trading volume of $5.458 billion. However, with a market capitalization of over $51 billion, it remains in seventh place.
The Relative Strength Index (RSI) is showing a sharp decline and its average trendline is experiencing negative convergence. However, the DOGE token price is hinting at mixed price action as the 50-day EMA acts as support.
If bulls regain momentum, Dogecoin price will retest the $0.385 resistance this week. Conversely, if the bears drag the bulls, the meme token could drop to a low of $0.325.
Want to know the long-term price outlook for the largest meme coin by market cap? Read CoinPedia’s Dogecoin Price Prediction Explore the possibilities!
Shiba Inu(SHIB)
SHIB price retraced approximately 10% in 24 hours, with trading volume at $814.28 million. Although the Shiba Inu meme coin is up 2.86% in seven days, it has fluctuated less than 1% this year.
Moving Average Convergence Divergence (MACD) records a continued decline in the green histogram with a strong bearish convergence. Additionally, the SMA indicator is also showing similar price action, suggesting a negative outlook.
Assuming a trend reversal occurs, in this case, the Shiba Inu Coin price will move towards its overhead resistance at $0.00003080. Conversely, intensifying bearish behavior may pull the price towards $0.0000170 lows.
Wondering if now is the best time to invest in SHIB memecoin? read our Shiba Inu Price Prediction Learn about possible long-term prospects!
FAQ
The cryptocurrency space has experienced a significant correction amid ongoing uncertainty in cross-border financial markets.
Given historical market sentiment, DOGE price has a positive long-term outlook, making it a potential investment.
With its current circulating supply, it is unlikely that the meme coin will achieve this milestone.
