Top Memecoins Struggling to Recover-What’s Next for Shiba Inu (SHIB) & Dogecoin (DOGE)
The cryptocurrency market has faced a massive sell-off since Bitcoin hit a high of $108,000 a few days ago. However, the top memecoins, Dogecoin and Shiba Inu, triggered long before the BTC price crash, suggesting that market participants exited the memecoin space and entered the star tokens early. This suggests that these prices are facing significant upward pressure as other coins trigger a rally, but DOGE and SHIB prices are struggling to rise above their respective resistance levels.
Dogecoin (DOGE) Price Analysis
Dogecoin price has experienced a significant decline since the beginning of this week, following a horrific decline over the past few days. The mid-week plunge dragged BTC price below $95,000, which dragged down the entire market, including dog pricefrom a high of around $0.32 to close to $0.26. However, the bulls have managed to lift the price above $0.31, but the rebound still appears to be bearish.
The DOGE weekly chart shows that price has yet to break out to bearish implications. However, the chart and RSI appear to be forming a similar pattern, and if the bulls manage to hold support at $0.33 until the end of the week, a fresh increase could be on the way. Otherwise, the price may fall below $0.2 and face a massive sell-off. Meanwhile, ADX is currently bearish with closing levels approaching bearish and ADX has shown a bearish divergence.
As such, a bearish wave continues to plague Dogecoin price gains; however, a close above $0.35 could invalidate the bearish trajectory.
Shiba Inu (SHIB) Price Analysis
bedis, Shiba Inu price has broken below the rising wedge, causing the coin to surge by more than 30%. Prices may be heading for a healthy rebound soon, but technicals suggest otherwise. A broader correction in SHIB price is possible, which could drag the price below $0.00002 soon.
The MACD shows a decrease in buying volume and the levels are suddenly heading towards a bearish crossover. On the other hand, the Ichimoku chart is turning bullish as the bearish trend ends. Additionally, a bullish crossover between the base and conversion lines may invalidate the bearish trajectory. Therefore, SHIB price continues to remain in a decisive stage, and trading before the weekend may have a greater impact on the upcoming price trend in 2025.
